Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 13, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | PATHFINDER BANCORP, INC. | |
Entity Central Index Key | 0001609065 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell 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 Quarterly Report | true | |
Document Transition Report | false | |
Title of each class | Common Stock, $0.01 par value | |
Trading Symbol | PBHC | |
Name of each exchange on which registered | NASDAQ | |
Voting Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock Shares Outstanding | 4,562,301 | |
Nonvoting Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock Shares Outstanding | 1,380,283 |
Consolidated Statements of Cond
Consolidated Statements of Condition (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
ASSETS: | ||
Cash and due from banks (including restricted balances of $1,600 and $1,600, respectively) | $ 13,006 | $ 14,906 |
Interest-earning deposits (including restricted balances of $0 and $0, respectively) | 28,148 | 28,558 |
Total cash and cash equivalents | 41,154 | 43,464 |
Available-for-sale securities, at fair value | 157,559 | 128,261 |
Held-to-maturity securities, at amortized cost (fair value of $165,997 and $174,935, respectively) | 162,432 | 171,224 |
Marketable equity securities, at fair value | 2,133 | 1,850 |
Federal Home Loan Bank stock, at cost | 4,487 | 4,390 |
Loans | 834,239 | 823,969 |
Loans held-for-sale | 713 | 1,526 |
Less: Allowance for loan losses | 14,603 | 12,777 |
Loans receivable, net | 820,349 | 812,718 |
Premises and equipment, net | 22,195 | 22,264 |
Operating lease right-of-use assets | 2,172 | 2,240 |
Accrued interest receivable | 4,539 | 4,549 |
Intangible assets, net | 125 | 133 |
Goodwill | 4,536 | 4,536 |
Bank owned life insurance | 23,117 | 17,864 |
Other assets | 14,893 | 13,950 |
Total assets | 1,259,691 | 1,227,443 |
Deposits: | ||
Interest-bearing | 848,010 | 833,850 |
Noninterest-bearing | 183,660 | 162,057 |
Total deposits | 1,031,670 | 995,907 |
Short-term borrowings | 2,000 | 4,020 |
Long-term borrowings | 81,734 | 78,030 |
Subordinated loans | 29,482 | 39,400 |
Accrued interest payable | 145 | 193 |
Operating lease liabilities | 2,467 | 2,525 |
Other liabilities | 8,661 | 9,646 |
Total liabilities | 1,156,159 | 1,129,721 |
Shareholders' equity: | ||
Preferred stock, par value $0.01 per share; no liquidation preference; 10,000,000 shares authorized; 0 and 1,380,283 shares issued and outstanding, respectively | 14 | |
Additional paid in capital | 50,451 | 50,024 |
Retained earnings | 54,545 | 50,284 |
Accumulated other comprehensive loss | (1,235) | (2,236) |
Unearned ESOP | (585) | (675) |
Total Pathfinder Bancorp, Inc. shareholders' equity | 103,235 | 97,456 |
Noncontrolling interest | 297 | 266 |
Total equity | 103,532 | 97,722 |
Total liabilities and shareholders' equity | 1,259,691 | 1,227,443 |
Voting Common Stock [Member] | ||
Shareholders' equity: | ||
Common stock | 45 | $ 45 |
Nonvoting Common Stock [Member] | ||
Shareholders' equity: | ||
Common stock | 14 | |
Total equity | $ 14 |
Consolidated Statements of Co_2
Consolidated Statements of Condition (Unaudited) (Parenthetical) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
ASSETS: | ||
Cash and due from banks including restricted cash | $ 1,600,000 | $ 1,600,000 |
Restricted Cash | 0 | 0 |
Held-to-maturity securities at fair value | $ 165,997,000 | $ 174,935,000 |
Shareholders' equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, liquidation preference | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 1,380,283 |
Preferred stock, shares outstanding (in shares) | 0 | 1,380,283 |
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) | 4,562,301 | 4,531,383 |
Common stock, shares outstanding (in shares) | 4,562,301 | 4,531,383 |
Nonvoting 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) | 0 | 0 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Interest and dividend income: | ||||
Loans, including fees | $ 9,784,000 | $ 8,832,000 | $ 18,631,000 | $ 18,074,000 |
Debt securities: | ||||
Taxable | 2,152,000 | 1,549,000 | 4,128,000 | 3,241,000 |
Tax-exempt | 42,000 | 52,000 | 71,000 | 59,000 |
Dividends | 87,000 | 64,000 | 174,000 | 134,000 |
Federal funds sold and interest earning deposits | 1,000 | 17,000 | 4,000 | 49,000 |
Total interest and dividend income | 12,066,000 | 10,514,000 | 23,008,000 | 21,557,000 |
Interest expense: | ||||
Interest on deposits | 1,144,000 | 2,204,000 | 2,671,000 | 4,760,000 |
Interest on short-term borrowings | 3,000 | 39,000 | 6,000 | 96,000 |
Interest on long-term borrowings | 296,000 | 439,000 | 591,000 | 884,000 |
Interest on subordinated loans | 408,000 | 192,000 | 965,000 | 398,000 |
Total interest expense | 1,851,000 | 2,874,000 | 4,233,000 | 6,138,000 |
Net interest income | 10,215,000 | 7,640,000 | 18,775,000 | 15,419,000 |
Provision for loan losses | 929,000 | 1,146,000 | 1,957,000 | 2,213,000 |
Net interest income after provision for loan losses | 9,286,000 | 6,494,000 | 16,818,000 | 13,206,000 |
Noninterest income: | ||||
Earnings and gain on bank owned life insurance | 129,000 | 106,000 | 254,000 | 222,000 |
Net gains on sales and redemptions of investment securities | 51,000 | 1,023,000 | 51,000 | 1,049,000 |
Gains (losses) on marketable equity securities | 49,000 | (722,000) | 283,000 | (916,000) |
Net gains on sales of loans and foreclosed real estate | 39,000 | 97,000 | 159,000 | 769,000 |
Net gains on sale of premises and equipment | 201,000 | |||
Insurance agency revenue | 234,000 | 185,000 | 514,000 | 522,000 |
Total noninterest income | 1,434,000 | 1,531,000 | 3,279,000 | 3,279,000 |
Noninterest expense: | ||||
Salaries and employee benefits | 3,501,000 | 2,972,000 | 6,842,000 | 6,219,000 |
Building and occupancy | 870,000 | 707,000 | 1,663,000 | 1,461,000 |
Data processing | 654,000 | 552,000 | 1,330,000 | 1,152,000 |
Professional and other services | 451,000 | 301,000 | 868,000 | 617,000 |
Advertising | 259,000 | 261,000 | 505,000 | 437,000 |
FDIC assessments | 232,000 | 150,000 | 430,000 | 339,000 |
Audits and exams | 177,000 | 125,000 | 379,000 | 250,000 |
Insurance agency expense | 194,000 | 212,000 | 400,000 | 404,000 |
Community service activities | 34,000 | 12,000 | 122,000 | 119,000 |
Foreclosed real estate expenses | 16,000 | 5,000 | 22,000 | 35,000 |
Other expenses | 457,000 | 461,000 | 920,000 | 970,000 |
Total noninterest expense | 6,845,000 | 5,758,000 | 13,481,000 | 12,003,000 |
Income before income taxes | 3,875,000 | 2,267,000 | 6,616,000 | 4,482,000 |
Provision for income taxes | 851,000 | 439,000 | 1,400,000 | 894,000 |
Net income attributable to noncontrolling interest and Pathfinder Bancorp, Inc. | 3,024,000 | 1,828,000 | 5,216,000 | 3,588,000 |
Net income (loss) attributable to noncontrolling interest | 15,000 | (13,000) | 53,000 | 57,000 |
Net income attributable to Pathfinder Bancorp Inc. | $ 3,009,000 | $ 1,841,000 | $ 5,163,000 | $ 3,531,000 |
Dividends per common share (Voting and Series A Non-Voting) | $ 0.07 | $ 0.06 | $ 0.14 | $ 0.12 |
Voting Common Stock [Member] | ||||
Noninterest expense: | ||||
Earnings per common share- basic | 0.50 | 0.31 | 0.87 | 0.60 |
Earnings per common share - diluted | 0.50 | 0.31 | 0.87 | 0.60 |
Dividends per common share (Voting and Series A Non-Voting) | 314 | 626 | ||
Series A Non voting [Member] | ||||
Noninterest expense: | ||||
Earnings per common share- basic | 0.51 | 0.87 | ||
Earnings per common share - diluted | 0.51 | 0.87 | ||
Voting and Series A Non-Voting [Member] | ||||
Noninterest expense: | ||||
Dividends per common share (Voting and Series A Non-Voting) | $ 0.07 | $ 0.06 | $ 0.14 | $ 0.12 |
Service Charges on Deposit Accounts [Member] | ||||
Noninterest income: | ||||
Noninterest income | $ 357,000 | $ 303,000 | $ 689,000 | $ 659,000 |
Loan Servicing Fees [Member] | ||||
Noninterest income: | ||||
Noninterest income | 11,000 | 79,000 | 101,000 | 128,000 |
Debit Card Interchange Fees [Member] | ||||
Noninterest income: | ||||
Noninterest income | 241,000 | 205,000 | 462,000 | 368,000 |
Other Charges, Commissions & Fees [Member] | ||||
Noninterest income: | ||||
Noninterest income | $ 323,000 | $ 255,000 | $ 565,000 | $ 478,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Consolidated Statements of Comprehensive Income [Abstract] | |||||
Net Income | $ 3,024 | $ 1,828 | $ 5,216 | $ 3,588 | |
Retirement Plans: | |||||
Retirement plan net losses recognized in plan expenses | 26 | 59 | 53 | 117 | |
Unrealized holding gains (losses) on available-for-sale securities: | |||||
Unrealized holding gains (losses) arising during the period | 597 | 4,393 | 963 | 760 | |
Reclassification adjustment for net gains included in net income | (873) | (899) | |||
Net unrealized gains (losses) on available-for-sale securities | 597 | 3,520 | 963 | (139) | |
Derivatives and hedging activities: | |||||
Unrealized holding gains (losses) arising during the period | 93 | (184) | 327 | (1,528) | |
Net unrealized gains (losses) on derivatives and hedging activities | 93 | (184) | 327 | (1,528) | |
Accretion of net unrealized loss on securities transferred to held-to-maturity | [1] | 6 | 10 | 13 | 19 |
Other comprehensive income (loss), before tax | 722 | 3,405 | 1,356 | (1,531) | |
Tax effect | (189) | (715) | (355) | 321 | |
Other comprehensive income (loss) , net of tax | 533 | 2,690 | 1,001 | (1,210) | |
Comprehensive income | 3,557 | 4,518 | 6,217 | 2,378 | |
Comprehensive income (loss), attributable to noncontrolling interest | 15 | (13) | 53 | 57 | |
Comprehensive income attributable to Pathfinder Bancorp, Inc. | 3,542 | 4,531 | 6,164 | 2,321 | |
Tax Effect Allocated to Each Component of Other Comprehensive Income (Loss) | |||||
Retirement plan net losses recognized in plan expenses | (7) | (12) | (15) | (24) | |
Unrealized holding gains (losses) on available-for-sale securities arising during the period | (156) | (923) | (251) | (160) | |
Reclassification adjustment for net gains included in net income | 183 | 189 | |||
Unrealized gains (losses) on derivatives and hedging arising during the period | (24) | 39 | (85) | 321 | |
Accretion of net unrealized loss on securities transferred to held-to-maturity | [1] | (2) | (2) | (4) | (5) |
Income tax effect related to other comprehensive income (loss) | $ (189) | $ (715) | $ (355) | $ 321 | |
[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 (Unaudited) - 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] | |
Balance at Dec. 31, 2019 | $ 90,669 | $ 12 | $ 47 | $ 49,362 | $ 44,839 | $ (2,971) | $ (855) | $ 235 | ||
Net income | 3,588 | 3,531 | 57 | |||||||
Reevaluation of deferred tax asset valuation allowance | [1] | (206) | (206) | |||||||
Other comprehensive (loss) income, net of tax | (1,210) | (1,210) | ||||||||
ESOP shares earned | 142 | 52 | 90 | |||||||
Stock based compensation | 139 | 139 | ||||||||
Stock options exercised | 195 | 1 | 194 | |||||||
Common stock dividends declared | (557) | (557) | ||||||||
Preferred stock dividends declared | (138) | (138) | ||||||||
Warrant dividends declared | (15) | (15) | ||||||||
Balance at Jun. 30, 2020 | 92,607 | 12 | 48 | 49,747 | 47,660 | (4,387) | (765) | 292 | ||
Balance at Mar. 31, 2020 | 88,311 | 12 | 47 | 49,659 | 46,174 | (7,077) | (809) | 305 | ||
Net income | 1,828 | 1,841 | (13) | |||||||
Other comprehensive (loss) income, net of tax | 2,690 | 2,690 | ||||||||
ESOP shares earned | 59 | 15 | 44 | |||||||
Stock based compensation | 73 | 73 | ||||||||
Stock options exercised | 1 | 1 | ||||||||
Common stock dividends declared | (279) | (279) | ||||||||
Preferred stock dividends declared | (69) | (69) | ||||||||
Warrant dividends declared | (7) | (7) | ||||||||
Balance at Jun. 30, 2020 | 92,607 | 12 | 48 | 49,747 | 47,660 | (4,387) | (765) | 292 | ||
Balance at Dec. 31, 2020 | 97,722 | 14 | 45 | 50,024 | 50,284 | (2,236) | (675) | 266 | ||
Net income | 5,216 | 5,163 | 53 | |||||||
Conversion of Preferred stock to Non-Voting common stock | (14) | $ 14 | ||||||||
Other comprehensive (loss) income, net of tax | 1,001 | 1,001 | ||||||||
ESOP shares earned | 174 | 84 | 90 | |||||||
Stock based compensation | 148 | 148 | ||||||||
Stock options exercised | 162 | 162 | ||||||||
Common stock dividends declared | (626) | (626) | ||||||||
Non-Voting common stock dividends declared | (97) | (97) | ||||||||
Preferred stock dividends declared | (97) | (97) | ||||||||
Warrant dividends declared | (17) | (17) | ||||||||
Cumulative effect of affiliate capital allocation | 33 | (65) | 32 | |||||||
Distributions from affiliates | (54) | (54) | ||||||||
Balance at Jun. 30, 2021 | 103,532 | 45 | 50,451 | 54,545 | (1,235) | (585) | 297 | 14 | ||
Balance at Mar. 31, 2021 | 100,243 | 14 | 45 | 50,258 | 52,020 | (1,768) | (630) | 304 | ||
Net income | 3,024 | 3,009 | 15 | |||||||
Conversion of Preferred stock to Non-Voting common stock | $ (14) | 14 | ||||||||
Other comprehensive (loss) income, net of tax | 533 | 533 | ||||||||
ESOP shares earned | 92 | 47 | 45 | |||||||
Stock based compensation | 55 | 55 | ||||||||
Stock options exercised | 58 | 58 | ||||||||
Common stock dividends declared | (314) | (314) | ||||||||
Non-Voting common stock dividends declared | (97) | (97) | ||||||||
Warrant dividends declared | (8) | (8) | ||||||||
Cumulative effect of affiliate capital allocation | 33 | (65) | 32 | |||||||
Distributions from affiliates | (54) | (54) | ||||||||
Balance at Jun. 30, 2021 | $ 103,532 | $ 45 | $ 50,451 | $ 54,545 | $ (1,235) | $ (585) | $ 297 | $ 14 | ||
[1] | In the first quarter of 2020, consistent with policy, management reviewed all facts and circumstances related to its deferred taxes and determined that based on the expected filings of future New York State tax returns, the valuation allowance created in 2019 was no longer needed. Therefore management elected to eliminate its New York State net deferred tax asset valuation allowance during the quarter ended March 31, 2020. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement Of Stockholders Equity [Abstract] | ||||
ESOP shares earned (in shares) | 6,110 | 6,110 | 12,221 | 12,221 |
Restricted stock awards/units (in shares) | 13,436 | 13,437 | 13,436 | 13,437 |
Dividends per common share (Voting and Series A Non-Voting) | $ 0.07 | $ 0.06 | $ 0.14 | $ 0.12 |
Dividends per non voting common share | 0.07 | 0.07 | ||
Dividends per preferred share | 0.06 | 0.07 | 0.12 | |
Dividends per warrant | $ 0.07 | $ 0.06 | $ 0.14 | $ 0.12 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
OPERATING ACTIVITIES | ||
Net income attributable to Pathfinder Bancorp, Inc. | $ 5,163,000 | $ 3,531,000 |
Adjustments to reconcile net income to net cash flows from operating activities: | ||
Provision for loan losses | 1,957,000 | 2,213,000 |
Amortization of operating leases | 10,000 | 11,000 |
Proceeds from sales of loans | 4,634,000 | 40,498,000 |
Originations of loans held-for-sale | (3,662,000) | (3,790,000) |
Realized losses (gains) on sales, redemptions and calls of: | ||
Real estate acquired through foreclosure | 0 | 4,000 |
Loans | (159,000) | (773,000) |
Available-for-sale investment securities | 0 | (1,014,000) |
Held-to-maturity investment securities | (51,000) | (35,000) |
Premises and equipment | (201,000) | 0 |
Marketable equity securities | (283,000) | 916,000 |
Depreciation | 909,000 | 824,000 |
Amortization of mortgage servicing rights | (5,000) | (298,000) |
Amortization of deferred loan costs | 983,000 | 137,000 |
Amortization of deferred financing from subordinated debt | 82,000 | 17,000 |
Earnings on bank owned life insurance | (254,000) | (222,000) |
Net amortization of premiums and discounts on investment securities | 1,310,000 | 637,000 |
Amortization of intangible assets | 8,000 | 8,000 |
Stock based compensation and ESOP expense | 322,000 | 281,000 |
Net change in accrued interest receivable | 10,000 | (1,261,000) |
Payment of executive deferred compensation and SERP contracts, expensed in prior periods | (571,000) | 0 |
Net change in other assets and liabilities | (1,617,000) | (1,363,000) |
Net cash flows from operating activities | 8,585,000 | 40,321,000 |
INVESTING ACTIVITIES | ||
Purchase of investment securities available-for-sale | (72,642,000) | (79,052,000) |
Purchase of investment securities held-to-maturity | (23,248,000) | (39,552,000) |
Purchase of Federal Home Loan Bank stock | (3,562,000) | (1,176,000) |
Proceeds from redemption of Federal Home Loan Bank stock | 3,465,000 | 1,919,000 |
Proceeds from maturities and principal reductions of investment securities available-for-sale | 42,083,000 | 47,457,000 |
Proceeds from maturities and principal reductions of investment securities held-to-maturity | 30,753,000 | 19,523,000 |
Proceeds from sales, redemptions and calls of: | ||
Available-for-sale investment securities | 500,000 | 24,768,000 |
Held-to-maturity investment securities | 1,112,000 | 1,589,000 |
Real estate acquired through foreclosure | 0 | 116,000 |
Purchase of bank owned life insurance | (5,000,000) | 0 |
Net change in loans | (10,571,000) | (61,017,000) |
Purchase of premises and equipment | (870,000) | (436,000) |
Proceeds from sale of premises and equipment | 231,000 | 0 |
Net cash flows from investing activities | (37,749,000) | (85,861,000) |
FINANCING ACTIVITIES | ||
Net change in demand deposits, NOW accounts, savings accounts, money management deposit accounts, MMDA accounts and escrow deposits | 65,864,000 | 100,069,000 |
Net change in time deposits | (3,188,000) | (39,454,000) |
Net change in brokered deposits | (26,913,000) | 28,085,000 |
Net change in short-term borrowings | (2,020,000) | (14,980,000) |
Payments on long-term borrowings | (3,391,000) | (18,060,000) |
Proceeds from long-term borrowings | 7,095,000 | 15,312,000 |
Payments on sub-debt borrowings | (10,000,000) | |
Proceeds from exercise of stock options | 162,000 | 195,000 |
Cash dividends paid to common shareholders | (589,000) | (567,000) |
Cash dividends paid to preferred shareholders | (180,000) | (139,000) |
Cash dividends paid on warrants | (17,000) | (15,000) |
Change in noncontrolling interest, net | 31,000 | 57,000 |
Net cash flows from financing activities | 26,854,000 | 70,503,000 |
Change in cash and cash equivalents | (2,310,000) | 24,963,000 |
Cash and cash equivalents at beginning of period | 43,464,000 | 20,160,000 |
Cash and cash equivalents at end of period | 41,154,000 | 45,123,000 |
CASH PAID DURING THE PERIOD FOR: | ||
Interest | 4,282,000 | 6,259,000 |
Income taxes | 755,000 | 550,000 |
NON-CASH INVESTING ACTIVITY | ||
Real estate acquired in exchange for loans | 58,000 | |
RESTRICTED CASH | ||
Collateral deposits for hedge position included in cash and due from banks | $ 1,600,000 | $ 1,600,000 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | Note 1: Basis of Presentation The accompanying unaudited consolidated financial statements of Pathfinder Bancorp, Inc., (the “Company”), Pathfinder Bank (the “Bank”) and its other wholly owned subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information, the instructions for Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes necessary for a complete presentation of consolidated financial condition, results of operations and cash flows in conformity with generally accepted accounting principles. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair presentation, have been included. Certain amounts in the 2020 consolidated financial statements may have been reclassified to conform to the current period presentation. These reclassifications had no effect on net income or comprehensive income as previously reported. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2021 or any other interim period. The Company's consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States and follow practices within the banking industry. Application of these principles requires management to make estimates, assumptions, and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates, assumptions, and judgments are based on information available as of the date of the consolidated financial statements; accordingly, as this information changes, the consolidated financial statements could reflect different estimates, assumptions, and judgments. Certain accounting policies inherently have a greater reliance on the use of estimates, assumptions, and judgments, and as such have a greater possibility of producing results that could be materially different than originally reported. Estimates, assumptions, and judgments are necessary when assets and liabilities are required to be recorded at fair value or when an asset or liability needs to be recorded contingent upon a future event. Carrying assets and liabilities at fair value inherently results in more financial statement volatility. The fair values and information used to record valuation adjustments for certain assets and liabilities are based on quoted market prices or are provided by unaffiliated third-party sources, when available. When third party information is not available, valuation adjustments are estimated in good faith by management. Although the Company owns, through its subsidiary Pathfinder Risk Management Company, Inc., 51% of the membership interest in FitzGibbons Agency, LLC (“Agency”), the Company is required to consolidate 100% of the Agency 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. |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2021 | |
New Accounting Pronouncements And Changes In Accounting Principles [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 generally accepted accounting principles (“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 the accounting standards that are not currently effective, but could have an impact on the Company's consolidated financial statements upon adoption. Standards Adopted as of June 30, 2021 Standard Description Required Date of Implementation Effect on Consolidated Financial Statements Compensation (ASU 2018-14: Compensation - Retirement Benefits - Defined Benefit Plans - General [Subtopic 715 – 20]: Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans) The FASB is issuing the amendments in this ASU as part of the disclosure framework project. The amendments in this ASU modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The following disclosure requirements are removed from Subtopic 715-20: 1. The amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year. 2. The amount and timing of plan assets expected to be returned to the employer. 3. Related party disclosures about the amount of future annual benefits covered by insurance and annuity contracts and significant transactions between the employer or related parties and the plan. 4. The effects of a one-percentage-point change in assumed health care cost trend rates on the (a) aggregate of the service and interest cost components of net periodic benefit costs and (b) benefit obligation for postretirement health care benefits. The following disclosure requirements are added to Subtopic 715-20: 1. The weighted-average interest crediting rates for cash balance plans and other plans with promised interest crediting rates. 2. An explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. The amendments in this ASU also clarify the disclosure requirements in paragraph 715-20-50-3, which state that the following information for defined benefit pension plans should be disclosed: 1. The projected benefit obligation (PBO) and fair value of plan assets for plans with PBOs in excess of plan assets. 2. The accumulated benefit obligation (ABO) and fair value of plan assets for plans with ABOs in excess of plan assets. The amendments in this ASU are effective for fiscal years ending after December 15, 2020, for public business entities and for fiscal years ending after December 15, 2021, for all other entities. Early adoption is permitted for all entities. The adoption of this ASU had no material impact to the Company's consolidated statements of condition or income. Standard Description Required Date of Implementation Effect on Consolidated Financial Statements Investments (ASU 2020-01- Equity Securities [Topic 321], Investments—Equity Method and Joint Ventures [Topic 323], and Derivatives and Hedging [Topic 815]—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815) The amendments in this Update clarify the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. The amendments clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. The amendments clarify that for the purpose of applying paragraph 815-10-15-141(a) an entity should not consider whether, upon the settlement of the forward contract or exercise of the purchased option, individually or with existing investments, the underlying securities would be accounted for under the equity method in Topic 323 or the fair value option in accordance with the financial instruments guidance in Topic 825. An entity also would evaluate the remaining characteristics in paragraph 815-10-15-141 to determine the accounting for those forward contracts and purchased options. The amendments in this ASU are effective for fiscal years ending after December 15, 2020, for public business entities and for fiscal years ending after December 15, 2021, for all other entities. Early adoption is permitted for all entities. The adoption of this ASU had no material impact to the Company's consolidated statements of condition or income. Standard Description Required Date of Implementation Effect on Consolidated Financial Statements Income Taxes (ASU 2019-12- Simplifying the Accounting for Income Taxes) The FASB Board is issuing this Update as part of its initiative to reduce complexity in accounting standards (the Simplification Initiative). The amendments in this Update simplify the accounting for income taxes by removing the following exceptions, among others not considered to be applicable to the Company: 1. Exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items (for example, discontinued operations or other comprehensive income) 2. Exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The amendments in this Update also simplify the accounting for income taxes by doing the following: 1. Requiring that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax. 2. Requiring that an entity evaluate when a step up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should be considered a separate transaction. 3. Specifying that an entity is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements. However, an entity may elect to do so (on an entity-by-entity basis) for a legal entity that is both not subject to tax and disregarded by the taxing authority. 4. Requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. 5. Making minor Codification improvements for income taxes related to employee stock ownership plans and investments in qualified affordable housing projects accounted for using the equity method. The amendments in this ASU are effective for fiscal years ending after December 15, 2020, for public business entities and for fiscal years ending after December 15, 2021, for all other entities. Early adoption of the amendments is permitted, including adoption in any interim period for (1) public business entities for periods for which financial statements have not yet been issued and (2) all other entities for periods for which financial statements have not yet been made available for issuance. An entity that elects to early adopt the amendments in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. Additionally, an entity that elects early adoption must adopt all the amendments in the same period. The adoption of this ASU had no material impact to the Company's consolidated statements of condition or income. Standard Description Required Date of Implementation Effect on Consolidated Financial Statements Reference Rate Reform (ASU 2020-04- Facilitation of the Effects of Reference Rate Reform on Financial Reporting) The amendments provide optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments (1) apply to contract modifications that replace a reference rate affected by reference rate reform, (2) provide exceptions to existing guidance related to changes to the critical terms of a hedging relationship due to reference rate reform (3) provide optional expedients for fair value hedging relationships, cash flow hedging relationships, and net investment hedging relationships, and (4) provide a onetime election to sell, transfer, or both sell and transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform and that are classified as held to maturity before January 1, 2020. The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022. The adoption of this ASU had no material impact to the Company's consolidated statements of condition or income. Standards Not Yet Adopted as of June 30, 2021 Standard Description Required Date of Implementation 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 current incurred loss model for determining the allowance for credit losses. The 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 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 similar to how it is determined under existing guidance. January 1, 2023 (early adoption was permitted as of January 1, 2019) The Company is assessing the new guidance to determine what modifications to existing credit estimation processes may be required. The new guidance is complex and management is still evaluating the preliminary output from models that have been developed during this evaluative phase. In addition, future levels of allowances will also reflect new requirements to include estimated credit losses on investment securities classified as held-to-maturity, if any. The Company has formed an Implementation Committee, whose membership includes representatives of senior management, to develop plans that will encompass: (1) internal methodology changes (2) data collection and management activities, (3) internal communication requirements, and (4) estimation of the projected impact of this guidance. It has been generally assumed that the conversion from the incurred loss model, required under current GAAP, to the current expected credit loss (CECL) methodology (as required upon implementation of this Update) will, more likely than not, result in increases to the allowances for credit losses at many financial institutions. However, the amount of any change in the allowance for credit losses resulting from the new guidance will ultimately be impacted by the provisions of this guidance as well as by the loan and debt security portfolios composition and asset quality at the adoption date, and economic conditions and forecasts at the time of adoption. The amendments in this Update should be applied on a modified retrospective basis by means of a cumulative-effect adjustment to the opening retained earnings balance in the statement of financial position as of the date that an entity adopted the amendments in Update 2016-13. The cumulative impact of the economic effects of the COVID-19 pandemic on the changes to the allowance for loan losses, that will be required upon the implementation of the CECL methodology, cannot be estimated at this time. Standard Description Required Date of Implementation 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 Financial Instruments—Overall Fair Value Measurement—Overall See comments above related to ASU 2016-13. See comments above related to ASU 2016-13. Standard Description Required Date of Implementation 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) Financial Instruments—Credit Losses 1. Expected Recoveries for Purchased Financial Assets with Credit Deterioration (PCDs): The amendments clarify that the allowance for credit losses for PCD assets should include in the allowance for credit losses expected recoveries of amounts previously written off and expected to be written off by the entity and should not exceed the aggregate of amounts of the amortized cost basis previously written off and expected to be written off by an entity. In addition, the amendments clarify that when a method other than a discounted cash flow method is used to estimate expected credit losses, expected recoveries should not include any amounts that result in an acceleration of the noncredit discount. An entity may include increases in expected cash flows after acquisition. 2. Transition Relief for Troubled Debt Restructurings (TDRs): The amendments provide transition relief by permitting entities an accounting policy election to adjust the effective interest rate on existing TDRs using prepayment assumptions on the date of adoption of Topic 326 rather than the prepayment assumptions in effect immediately before the restructuring. 3. Disclosures Related to Accrued Interest Receivables: The amendments extend the disclosure relief for accrued interest receivable balances to additional relevant disclosures involving amortized cost basis. 4. Financial Assets Secured by Collateral Maintenance Provisions: The amendments clarify that an entity should assess whether it reasonably expects the borrower will be able to continually replenish collateral securing the financial asset to apply the practical expedient. The amendments clarify that an entity applying the practical expedient should estimate expected credit losses for any difference between the amount of the amortized cost basis that is greater than the fair value of the collateral securing the financial asset (that is, the unsecured portion of the amortized cost basis). An entity may determine that the expectation of nonpayment for the amount of the amortized cost basis equal to the fair value of the collateral securing the financial asset is zero. 5. Conforming Amendment to Subtopic 805-20: The amendment to Subtopic 805-20, Business Combinations—Identifiable Assets and Liabilities, and Any Noncontrolling Interest January 1, 2023 (early adoption was permitted as of January 1, 2019). 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 is assessing the new guidance to determine what modifications to existing credit estimation processes may be required. The new guidance is complex and management is still evaluating the preliminary output from models that have been developed during this evaluative phase. In addition, future levels of allowances will also reflect new requirements to include estimated credit losses on investment securities classified as held-to-maturity, if any. The Company has formed an Implementation Committee, whose membership includes representatives of senior management, to develop plans that will encompass: (1) internal methodology changes (2) data collection and management activities, (3) internal communication requirements, and (4) estimation of the projected impact of this guidance. It has been generally assumed that the conversion from the incurred loss model, required under current GAAP, to the CECL methodology will, more likely than not, result in increases to the allowances for credit losses at many financial institutions. However, the amount of any change in the allowance for credit losses resulting from the new guidance will ultimately be impacted by the provisions of this guidance as well as by the loan and debt security portfolios composition and asset quality at the adoption date, and economic conditions and forecasts at the time of adoption. The amendments in this Update should be applied on a modified retrospective basis by means of a cumulative-effect adjustment to the opening retained earnings balance in the statement of financial position as of the date that an entity adopted the amendments in Update 2016-13. Standard Description Required Date of Implementation Effect on Consolidated Financial Statements Earnings Per Share, Debt Modifications and Extinguishments, Stock Compensation, and Derivatives and Hedging- Contacts in Entity's own Equity (ASU 2011-04) The amendments in this Update affect all entities that issue freestanding written call options that are classified in equity. Specifically, the amendments affect those entities when a freestanding equity-classified written call option is modified or exchanged and remains equity classified after the modification or exchange. The amendments that relate to the recognition and measurement of EPS for certain modifications or exchanges of freestanding equity-classified written call options affect entities that present EPS in accordance with the guidance in Topic 260, Earnings Per Share. The amendments in this Update do not apply to modifications or exchanges of financial instruments that are within the scope of another Topic. That is, accounting for those instruments continues to be subject to the requirements in other Topics. The amendments in this Update do not affect a holder‘s accounting for freestanding call options. The amendments in this Update are effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. An entity should apply the amendments prospectively to modifications or exchanges occurring on or after the effective date of the amendments. Early adoption is permitted for all entities, including adoption in an interim period. If an entity elects to early adopt the amendments in this Update in an interim period, the guidance should be applied as of the beginning of the fiscal year that includes that interim period. The adoption of this ASU is expected to have no material impact to the Company's consolidated statements of condition or income as the Company does not have any freestanding equities with a written call option. Standard Description Required Date of Implementation Effect on Consolidated Financial Statements Leases- Topic 842 ( ASU 2021-05) The amendments in this Update affect lessors with lease contracts that (1) have variable lease payments that do not depend on a reference index or a rate and (2) would have resulted in the recognition of a selling loss at lease commencement if classified as sales-type or direct financing. The amendment requires that a lessor determine whether a lease should be classified as a sales-type lease or a direct financing lease at lease commencement on the basis of specified classification criteria (see paragraphs 842-10-25-2 through 25-3). Under ASC 842, a lessor is not permitted to estimate most variable payments and must exclude variable payments that are not estimated and do not depend on a reference index or a rate from the lease receivable. Subsequently, those excluded variable payments are recognized entirely as lease income when the changes in facts and circumstances on which those variable payments are based occur. Consequently, the net investment in the lease for a sales-type lease or a direct financing lease with variable payments of a certain magnitude that do not depend on a reference index or a rate may be less than the carrying amount of the underlying asset derecognized at lease commencement. As a result, the lessor recognizes a selling loss at lease commencement (hereinafter referred to as a day-one loss) even if the lessor expects the arrangement to be profitable overall. The amendments in this Update address stakeholders' concerns by amending the lease classification requirements for lessors to align them with practice under ASC 840. Lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if both of the following criteria are met: (1) The lease would have been classified as a sales-type lease or a direct financing lease in accordance with the classification criteria in paragraphs 842-10-25-2 through 25-3 and (2) The lessor would have otherwise recognized a day-one loss. When a lease is classified as operating, the lessor does not recognize a net investment in the lease, does not derecognize the underlying asset, and, therefore, does not recognize a selling profit or loss. The leased asset continues to be subject to the measurement and impairment requirements under other applicable GAAP before and after the lease transaction. The amendments in this Update amend Topic 842, which has different effective dates for public business entities and most entities other than public business entities. The amendments are effective for fiscal years beginning after December 15, 2021, for all entities, and interim periods within those fiscal years for public business entities and interim periods within fiscal years beginning after December 15, 2022, for all other entities. The adoption of this ASU is currently not expected to have a material impact to the Company's consolidated statements of condition or income. |
Earnings per Common Share
Earnings per Common Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Note 3: Earnings per Common 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 voting 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 three and six months ended June 30, 2021 and were 256,145 and $128,073 for the three and six months ended June 30, 2020, respectively. The following table sets forth the calculation of basic and diluted earnings per share . Three months ended Six months ended June 30, June 30, (In thousands, except per share data) 2021 2020 2021 2020 Net income attributable to Pathfinder Bancorp, Inc. $ 3,009 $ 1,841 $ 5,163 $ 3,531 Convertible preferred stock dividends 83 69 180 138 Series A Non-Voting Common Stock dividends 14 - 14 - Warrant dividends 9 7 17 15 Undistributed earnings allocated to participating securities 653 322 1,093 612 Net income available to common shareholders- Voting $ 2,250 $ 1,443 $ 3,859 $ 2,766 Net income attributable to Pathfinder Bancorp, Inc. $ 3,009 $ - $ 5,163 $ - Convertible preferred stock dividends 83 - 180 - Voting Common Stock dividends 314 - 626 - Warrant dividends 8 - 17 - Undistributed earnings allocated to participating securities 2,504 - 4,254 - Net income available to common shareholders- Series A Non-Voting $ 100 $ - $ 86 $ - Basic weighted average common shares outstanding- Voting 4,464 4,639 4,453 4,623 Basic weighted average common shares outstanding- Series A Non-Voting 197 - 99 - Diluted weighted average common shares outstanding- Voting 4,464 4,639 4,453 4,623 Diluted weighted average common shares outstanding- Series A Non-Voting 197 - 99 - Basic earnings per common share- Voting $ 0.50 $ 0.31 $ 0.87 $ 0.60 Basic earnings per common share- Series A Non-Voting $ 0.51 $ - $ 0.87 $ - Diluted earnings per common share- Voting $ 0.50 $ 0.31 $ 0.87 $ 0.60 Diluted earnings per common share- Series A Non-Voting $ 0.51 $ - $ 0.87 $ - Supplemental information: June 30, 2021 December 31, 2020 June 30, 2020 Voting Common Stock shares outstanding at period end 4,562 4,531 4,754 Series A Non-Voting Common Stock shares outstanding at period end 1,380 - - Series B Convertible Preferred Stock shares outstanding at period end - 1,380 1,155 Total shares of all classes of stock outstanding at period end 5,942 5,911 5,909 |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2021 | |
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: June 30, 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 $ 18,261 $ 18 $ (25 ) $ 18,254 State and political subdivisions 22,548 1,203 - 23,751 Corporate 12,830 486 (41 ) 13,275 Asset backed securities 14,279 30 (15 ) 14,294 Residential mortgage-backed - US agency 22,765 406 - 23,171 Collateralized mortgage obligations - US agency 27,311 105 (427 ) 26,989 Collateralized mortgage obligations - Private label 37,263 401 (45 ) 37,619 Total 155,257 2,649 (553 ) 157,353 Equity investment securities: Common stock - financial services industry 206 - - 206 Total 206 - - 206 Total available-for-sale $ 155,463 $ 2,649 $ (553 ) $ 157,559 Held-to-Maturity Portfolio Debt investment securities: US Treasury, agencies and GSEs $ - $ - $ - $ - State and political subdivisions 16,912 489 (149 ) 17,252 Corporate 44,673 1,406 (50 ) 46,029 Asset backed securities 13,959 186 (92 ) 14,053 Residential mortgage-backed - US agency 10,714 408 - 11,122 Collateralized mortgage obligations - US agency 13,312 580 (4 ) 13,888 Collateralized mortgage obligations - Private label 62,862 902 (111 ) 63,653 Total held-to-maturity $ 162,432 $ 3,971 $ (406 ) $ 165,997 December 31, 2020 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 $ 6,428 $ 12 $ (24 ) $ 6,416 State and political subdivisions 23,235 538 (20 ) 23,753 Corporate 12,393 275 - 12,668 Asset backed securities 8,572 39 (4 ) 8,607 Residential mortgage-backed - US agency 24,856 355 - 25,211 Collateralized mortgage obligations - US agency 26,776 149 (461 ) 26,464 Collateralized mortgage obligations - Private label 24,662 384 (110 ) 24,936 Total 126,922 1,752 (619 ) 128,055 Equity investment securities: Common stock - financial services industry 206 - - 206 Total 206 - - 206 Total available-for-sale $ 127,128 $ 1,752 $ (619 ) $ 128,261 Held-to-Maturity Portfolio Debt investment securities: US Treasury, agencies and GSEs $ 1,000 $ 2 $ - $ 1,002 State and political subdivisions 16,482 527 (58 ) 16,951 Corporate 36,441 1,101 (7 ) 37,535 Asset backed securities 18,414 217 (176 ) 18,455 Residential mortgage-backed - US agency 11,807 475 - 12,282 Collateralized mortgage obligations - US agency 24,482 850 (1 ) 25,331 Collateralized mortgage obligations - Private label 62,598 902 (121 ) 63,379 Total held-to-maturity $ 171,224 $ 4,074 $ (363 ) $ 174,935 The amortized cost and estimated fair value of debt investments at June 30, 2021 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 $ 14,841 $ 15,147 $ - $ - Due after one year through five years 4,669 4,787 14,553 15,231 Due after five years through ten years 14,946 14,969 39,601 40,605 Due after ten years 33,462 34,671 21,390 21,498 Sub-total 67,918 69,574 75,544 77,334 Residential mortgage-backed - US agency 22,765 23,171 10,714 11,122 Collateralized mortgage obligations - US agency 27,311 26,989 13,312 13,888 Collateralized mortgage obligations - Private label 37,263 37,619 62,862 63,653 Totals $ 155,257 $ 157,353 $ 162,432 $ 165,997 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, are as follows: June 30, 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 GSEs 1 $ (3 ) $ 1,975 1 $ (22 ) $ 4,957 2 $ (25 ) $ 6,932 State and political subdivisions - - - - - - - - - Corporate 1 (41 ) 713 - - - 1 (41 ) 713 Asset backed securities 1 (4 ) 3,000 2 (11 ) 2,062 3 (15 ) 5,062 Residential mortgage-backed - US agency - - - - - - - - - Collateralized mortgage obligations - US agency 3 (151 ) 8,713 3 (276 ) 6,957 6 (427 ) 15,670 Collateralized mortgage obligations - Private label 3 (40 ) 4,676 1 (5 ) 953 4 (45 ) 5,629 Totals 9 $ (239 ) $ 19,077 7 $ (314 ) $ 14,929 16 $ (553 ) $ 34,006 Held-to-Maturity Portfolio State and political subdivisions 4 $ (149 ) $ 5,315 - $ - $ - 4 $ (149 ) $ 5,315 Corporate 8 (50 ) 7,311 - - - 8 (50 ) 7,311 Asset backed securities - - - 2 (92 ) 2,104 2 (92 ) 2,104 Residential mortgage-backed - US agency - - - - - - - - - Collateralized mortgage obligations - US agency 1 (4 ) 1,293 - - - 1 (4 ) 1,293 Collateralized mortgage obligations - Private label 2 (110 ) 4,000 1 (1 ) 532 3 (111 ) 4,532 Totals 15 $ (313 ) $ 17,919 3 $ (93 ) $ 2,636 18 $ (406 ) $ 20,555 December 31, 2020 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 - $ - $ - 1 $ (24 ) $ 4,954 1 $ (24 ) $ 4,954 State and political subdivisions 1 (20 ) 2,521 - - - 1 (20 ) 2,521 Corporate - - - - - - - - - Asset backed securities 2 (2 ) 2,487 1 (2 ) 80 3 (4 ) 2,567 Residential mortgage-backed - US agency - - - - - - - - - Collateralized mortgage obligations - US agency 2 (45 ) 6,974 2 (416 ) 5,683 4 (461 ) 12,657 Collateralized mortgage obligations - Private label 3 (78 ) 8,071 4 (32 ) 2,574 7 (110 ) 10,645 Totals 8 $ (145 ) $ 20,053 8 $ (474 ) $ 13,291 16 $ (619 ) $ 33,344 Held-to-Maturity Portfolio US Treasury, agencies and GSE's - $ - $ - - $ - $ - - $ - $ - State and political subdivisions 3 (58 ) 7,063 - - - 3 (58 ) 7,063 Corporate 4 (7 ) 3,775 - - - 4 (7 ) 3,775 Asset backed securities 4 (36 ) 4,209 3 (140 ) 4,683 7 (176 ) 8,892 Residential mortgage-backed - US agency - - - - - - - - - Collateralized mortgage obligations - US agency 1 (1 ) 1,496 - - - 1 (1 ) 1,496 Collateralized mortgage obligations - Private label 4 (115 ) 6,442 1 (6 ) 780 5 (121 ) 7,222 Totals 16 $ (217 ) $ 22,985 4 $ (146 ) $ 5,463 20 $ (363 ) $ 28,448 Excluding the effects of changes in the characteristics of individual debt securities that potentially give rise to other-than-temporary impairment (“OTTI”), as described below, the fair market value of a debt security as of a particular measurement date is highly dependent upon prevailing market and economic environmental factors at the measurement date relative to the prevailing market and economic environmental factors present at the time the debt security was acquired. The most significant market and environmental factors include, but are not limited to (1) the general level of interest rates, (2) the relationship between shorter-term interest rates and longer-term interest rates (referred to as the “slope” of the interest rate yield curve), (3) general bond market liquidity, (4) the recent and expected near-term volume of new issuances of similar debt securities, and (5) changes in the market values of individual loan collateral underlying mortgage-backed debt securities. Changes in interest rates affect the fair market values of debt securities by influencing the discount rate applied to the securities’ future expected cash flows. The higher the discount rate, the lower the resultant security price. Conversely, the lower the discount rate, the higher the resultant security price. In addition, the cumulative amount and timing of undiscounted cash flows of debt securities may be also affected by changes in interest rates. For any given level of movement in the general market and economic environmental factors described above, the magnitude of any particular debt security’s price changes will also depend heavily upon security-specific factors such as (1) the duration of the security, (2) imbedded optionality contractually granted to the issuer of the security with respect to principal prepayments, and (3) changes in the level of market premiums demanded by investors for securities with imbedded credit risk (where applicable). 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. Management does not believe any individual unrealized loss in securities within the portfolio as of June 30, 2021 represents OTTI. At June 30, 2021, the Bank had the following securities, in a loss position for 12 months or more relative to their amortized historical cost, which were deemed to have no credit impairment, thus, the disclosed unrealized losses relate directly to changes in interest rates subsequent to the acquisition of the individual securities. The Company does not intend to sell these securities, nor is it more likely than not that the Company will be required to sell these securities prior to the recovery of the amortized cost. Of the total of ten securities in an unrealized loss position for 12 months or more at June 30, 2021, four securities, representing 67.9% of the unamortized cost of the total securities in an unrealized loss position for 12 months or more, are issued by United States agencies or Government Sponsored Enterprises (GSEs) and consist of mortgage-backed securities, collateralized mortgage obligations and direct agency financings. These positions in U.S. government agency and GSEs are deemed to have no credit impairment, thus, the disclosed unrealized losses relate primarily to changes in prepayment assumptions related to significantly lower general interest rates resulting from the economic effects of the pandemic. In addition to these four securities, the Company held the following six non-government or GSE-issued/backed securities that were in an unrealized loss position for 12 or more months at June 30, 2021: • One • One • One • One • One • One . All other securities with market values less than their amortized historical costs for twelve or more months are issued by United States agencies or government sponsored enterprises and consist of mortgage-backed securities, collateralized mortgage obligations and direct agency financings. These positions in US government agency and government-sponsored enterprises are deemed to have no credit impairment, thus, the disclosed unrealized losses relate directly to changes in interest rates subsequent to the acquisition of the individual securities. The Company does not intend to sell these securities, nor is it more likely than not that the Company will be required to sell these securities prior to the recovery of the amortized cost. In determining whether OTTI has occurred for equity securities, the Company considers the applicable factors described above and the length of time the equity security’s fair value has been below the carrying amount. The Company had no equity investment securities that were impaired at June 30, 2021 or December 31, 2020. Gross realized gains (losses) on sales and redemptions of securities for the indicated periods are detailed below: For the three months For the six months ended June 30, ended June 30, (In thousands) 2021 2020 2021 2020 Realized gains on investments $ 51 $ 917 $ 58 $ 950 Realized losses on investments - (9 ) (7 ) (16 ) $ 51 $ 908 $ 51 $ 934 As of June 30, 2021 and December 31, 2020, securities with a fair value of $109.5 million and $96.4 million, respectively, were pledged to collateralize certain municipal deposit relationships. As of the same dates, securities with a fair value of $11.9 million and $13.2 million, respectively, 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, only minimal exposure exists to sub-prime or other high-risk residential mortgages. With limited exceptions in the Company’s investment portfolio involving the most senior tranches of securitized bonds, the Company is not in the practice of investing in, or originating, these types of investments or loans. |
Pension and Postretirement Bene
Pension and Postretirement Benefits | 6 Months Ended |
Jun. 30, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension and Postretirement Benefits | Note 5: Pension and Postretirement Benefits The Company has a noncontributory defined benefit pension plan covering most 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 are 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 composition of net periodic pension plan and postretirement plan costs for the indicated periods is as follows: Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits For the three months ended June 30, For the six months ended June 30, (In thousands) 2021 2020 2021 2020 2021 2020 2021 2020 Service cost $ - $ - $ - $ - $ - $ - $ - $ - Interest cost 111 117 2 3 221 233 6 8 Expected return on plan assets (287 ) (274 ) - - (573 ) (547 ) - - Amortization of prior service credits - - (1 ) (1 ) - - (2 ) (2 ) Amortization of net losses 25 57 2 3 50 114 4 5 Net periodic benefit plan (benefit) cost $ (151 ) $ (100 ) $ 3 $ 5 $ (302 ) $ (200 ) $ 8 $ 11 The Company will evaluate the need for further contributions to the defined benefit pension plan during 2021. The prepaid pension asset is recorded in other assets on the statement of condition as of June 30, 2021 and December 31, 2020. |
Loans
Loans | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Loans | Note 6: Loans Major classifications of loans at the indicated dates are as follows: June 30, December 31, (In thousands) 2021 2020 Residential mortgage loans: 1-4 family first-lien residential mortgages $ 226,896 $ 227,185 Construction 8,133 6,681 Loans held-for-sale 713 1,526 Total residential mortgage loans 235,742 235,392 Commercial loans: Real estate 291,678 286,271 Lines of credit 60,097 49,103 Other commercial and industrial 74,416 78,629 Paycheck Protection Program loans 53,611 60,643 Tax exempt loans 6,554 7,166 Total commercial loans 486,356 481,812 Consumer loans: Home equity and junior liens 34,649 38,624 Other consumer 80,269 70,905 Total consumer loans 114,918 109,529 Total loans 837,016 826,733 Net deferred loan fees (2,064 ) (1,238 ) Less allowance for loan losses 14,603 12,777 Loans receivable, net $ 820,349 $ 812,718 Although the Bank may sometimes purchase or fund loan participation interests outside of its primary market areas, the Bank generally originates residential mortgage, commercial, and consumer loans largely to customers throughout Oswego and Onondaga counties. Although the Bank has a diversified loan portfolio, a substantial portion of its borrowers’ abilities to honor their loan contracts is dependent upon the counties’ employment and economic conditions. The Bank acquires diversified pools of loans, originated by unrelated third parties, as part of the Company’s overall balance sheet management strategies. These acquisitions occurred in ten separate transactions commencing in 2019 and continuing through 2021, including two separate transactions during the six months ended June 30, 2021. The following table sets forth certain information related to these loan transactions: June 30, December 31, (In thousands, except number of loans) 2021 2020 Purchased residential real estate loans Original Balance $ 4,300 $ 4,300 Current Balance $ 4,200 $ 4,300 Unamortized Premium (Discount) $ 265 $ 273 Percent Owned 100 % 100 % Number of Loans 51 51 Maturity range 17-24 years 17-25 years Cumulative net charge-offs $ - $ - Purchased other commercial and industrial loans Original Balance $ 6,800 $ 6,800 Current Balance $ 4,800 $ 5,500 Unamortized Premium (Discount) $ - $ - Percent Owned 100 % 100 % Number of Loans 37 39 Maturity range 4-8 years 5-9 years Cumulative net charge-offs $ - $ - Purchased home equity lines of credit: Original Balance $ 21,900 $ 21,900 Current Balance $ 10,900 $ 13,900 Unamortized Premium (Discount) $ 274 $ 309 Percent Owned 100 % 100 % Number of Loans 226 275 Maturity range 3-28 years 3-29 years Cumulative net charge-offs $ - $ - Purchased automobile loans: Original Balance $ 50,400 $ 50,400 Current Balance $ 12,500 $ 17,000 Unamortized Premium (Discount) $ 457 $ 602 Percent Owned 90 % 90 % Number of Loans 1,041 1,257 Maturity range 0-5 years 0-6 years Cumulative net charge-offs $ 231 $ 230 Purchased unsecured consumer loan pool 1: Original Balance $ 5,400 $ 5,400 Current Balance $ 3,000 $ 3,600 Unamortized Premium (Discount) $ - $ - Percent Owned 100 % 100 % Number of Loans 70 76 Maturity range 3-5 years 3-6 years Cumulative net charge-offs $ - $ - June 30, December 31, (In thousands, except number of loans) 2021 2020 Purchased unsecured consumer loan pool 2: Original Balance $ 26,600 $ 26,600 Current Balance $ 10,400 $ 15,400 Unamortized Premium (Discount) $ 45 $ 63 Percent Owned 59 % 59 % Number of Loans 1,878 2,246 Maturity range 1-3 years 2-4 years Cumulative net charge-offs $ - $ - Purchased unsecured consumer loan pool 3: Original Balance $ 10,300 $ 10,300 Current Balance $ 3,600 $ 5,500 Unamortized Premium (Discount) $ 101 $ 138 Percent Owned 100 % 100 % Number of Loans 2,127 2,958 Maturity range 0-6 years 0-6 years Cumulative net charge-offs $ 6 $ - Purchased secured consumer loan pool 1: Original Balance $ 14,500 $ 14,500 Current Balance $ 13,800 $ 14,500 Unamortized Premium (Discount) $ (1,943 ) $ (2,124 ) Percent Owned 68 % 68 % Number of Loans 599 619 Maturity range 25 years 25 years Cumulative net charge-offs $ - $ - Purchased secured consumer loan pool 2: Original Balance $ 24,400 $ - Current Balance $ 21,700 $ - Unamortized Premium (Discount) $ (633 ) $ - Percent Owned 100 % 0 % Number of Loans 797 - Maturity range 10-24 years - Cumulative net charge-offs $ - $ - Purchased commercial line of credit: Original Balance $ 11,600 $ - Current Balance $ 4,100 $ - Unamortized Premium (Discount) $ 32 $ - Percent Owned 12 % 0 % Number of Loans 1 - Maturity range 3 years - Cumulative net charge-offs $ - $ - As of June 30, 2021 and December 31, 2020, residential mortgage loans with a carrying value of $120.4 million and $115.6 million, respectively, have been pledged by the Company to the Federal Home Loan Bank of New York (“FHLBNY”) under a blanket collateral agreement to secure the Company’s line of credit and term borrowings. Loan Origination / Risk Management The Company’s lending policies and procedures are presented in Note 5 to the audited consolidated financial statements included in the 2020 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 30, 2021 and have not changed. To develop and document a systematic methodology for determining the allowance for loan losses, the Company has divided the loan portfolio into three portfolio segments, each with different risk characteristics but with similar methodologies for assessing risk. Each portfolio segment is broken down into loan classes where appropriate. Loan classes contain unique measurement attributes, risk characteristics, and methods for monitoring and assessing risk that are necessary to develop the allowance for loan losses. Unique characteristics such as borrower type, loan type, collateral type, and risk characteristics define each class. The following table illustrates the portfolio segments and classes for the Company’s loan portfolio: Portfolio Segment Class Residential Mortgage Loans 1-4 family first-lien residential mortgages Construction Commercial Loans Real estate Lines of credit Other commercial and industrial Tax exempt loans Consumer Loans Home equity and junior liens Other consumer The following tables present the classes of the loan portfolio, not including net deferred loan costs, summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company's internal risk rating system as of the dates indicated: As of June 30, 2021 Special (In thousands) Pass Mention Substandard Doubtful Total Residential mortgage loans: 1-4 family first-lien residential mortgages $ 222,785 $ 661 $ 2,724 $ 726 $ 226,896 Construction 8,133 - - - 8,133 Loans held-for-sale 713 - - - 713 Total residential mortgage loans 231,631 661 2,724 726 235,742 Commercial loans: Real estate 267,369 13,523 10,198 588 291,678 Lines of credit 51,881 4,981 3,107 128 60,097 Other commercial and industrial 62,711 3,860 6,810 1,035 74,416 Paycheck Protection Program loans 53,611 - - - 53,611 Tax exempt loans 6,554 - - - 6,554 Total commercial loans 442,126 22,364 20,115 1,751 486,356 Consumer loans: Home equity and junior liens 33,632 108 647 262 34,649 Other consumer 79,876 86 220 87 80,269 Total consumer loans 113,508 194 867 349 114,918 Total loans $ 787,265 $ 23,219 $ 23,706 $ 2,826 $ 837,016 As of December 31, 2020 Special (In thousands) Pass Mention Substandard Doubtful Total Residential mortgage loans: 1-4 family first-lien residential mortgages $ 222,386 $ 1,151 $ 3,196 $ 452 $ 227,185 Construction 6,681 - - - 6,681 Loans held-for-sale 1,526 - - - 1,526 Total residential mortgage loans 230,593 1,151 3,196 452 235,392 Commercial loans: Real estate 267,736 9,541 8,615 379 286,271 Lines of credit 40,733 5,132 3,154 84 49,103 Other commercial and industrial 65,441 4,770 8,153 265 78,629 Paycheck Protection Program loans 60,643 - - - 60,643 Tax exempt loans 7,166 - - - 7,166 Total commercial loans 441,719 19,443 19,922 728 481,812 Consumer loans: Home equity and junior liens 37,926 54 411 233 38,624 Other consumer 70,502 104 218 81 70,905 Total consumer loans 108,428 158 629 314 109,529 Total loans $ 780,740 $ 20,752 $ 23,747 $ 1,494 $ 826,733 Management has reviewed its loan portfolio and determined that, to the best of its knowledge, no material exposure exists to sub-prime or other high-risk residential mortgages. The Company is not in the practice of originating these types of loans. 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 currently 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, as of June 30, 2021 and December 31, 2020, are detailed in the following tables: As of June 30, 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 $ 771 $ 205 $ 871 $ 1,847 $ 225,049 $ 226,896 Construction - - - - 8,133 8,133 Loans held-for-sale - - - - 713 713 Total residential mortgage loans 771 205 871 1,847 233,895 235,742 Commercial loans: Real estate 3,331 390 3,160 6,881 284,797 291,678 Lines of credit 572 1,654 172 2,398 57,699 60,097 Other commercial and industrial 2,749 3,008 1,257 7,014 67,402 74,416 Paycheck Protection Program loans - - - - 53,611 53,611 Tax exempt loans - - - - 6,554 6,554 Total commercial loans 6,652 5,052 4,589 16,293 470,063 486,356 Consumer loans: Home equity and junior liens 156 - 291 447 34,202 34,649 Other consumer 535 235 419 1,189 79,080 80,269 Total consumer loans 691 235 710 1,636 113,282 114,918 Total loans $ 8,114 $ 5,492 $ 6,170 $ 19,776 $ 817,240 $ 837,016 As of December 31, 2020 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 $ 1,250 $ 570 $ 1,098 $ 2,918 $ 224,267 $ 227,185 Construction - - - - 6,681 6,681 Loans held-for-sale - - - - 1,526 1,526 Total residential mortgage loans 1,250 570 1,098 2,918 232,474 235,392 Commercial loans: Real estate 480 913 2,511 3,904 282,367 286,271 Lines of credit 734 1,870 194 2,798 46,305 49,103 Other commercial and industrial 441 1,717 1,691 3,849 74,780 78,629 Paycheck Protection Program loans 170 - - 170 60,473 60,643 Tax exempt loans - - - - 7,166 7,166 Total commercial loans 1,825 4,500 4,396 10,721 471,091 481,812 Consumer loans: Home equity and junior liens 248 78 473 799 37,825 38,624 Other consumer 443 252 187 882 70,023 70,905 Total consumer loans 691 330 660 1,681 107,848 109,529 Total loans $ 3,766 $ 5,400 $ 6,154 $ 15,320 $ 811,413 $ 826,733 Nonaccrual loans, segregated by class of loan, were as follows: June 30, December 31, (In thousands) 2021 2020 Residential mortgage loans: 1-4 family first-lien residential mortgages $ 2,881 $ 2,608 2,881 2,608 Commercial loans: Real estate 4,829 11,286 Lines of credit 172 194 Other commercial and industrial 6,802 6,498 11,803 17,978 Consumer loans: Home equity and junior liens 839 473 Other consumer 471 274 Total consumer loans 1,310 747 Total nonaccrual loans $ 15,994 $ 21,333 The following table summarizes nonaccrual loans by category and status at June 30, 2021: Loan Type Collateral Type Number of Loans Loan Balance Average Loan Balance Weighted LTV at Origination/ Modification Status Secured residential mortgage: Real Estate 33 $ 2,881 $ 87 88 % Under active resolution management by the Bank. Secured commercial real estate: Private Museum 1 1,385 1,385 79 % The Bank is working on a modification with the borrower. The borrower has substantial deposits with the Bank. Recreational 1 1,234 1,234 50 % The loan is currently classified as a Troubled Debt Restructuring (TDR). Next payment is due August 1, 2021. All Others 14 2,210 158 79 % Under active resolution management by the Bank. Commercial lines of credit 4 172 43 N/A Under active resolution management by the Bank. Commercial and industrial: Real Estate 1 4,485 4,485 41 % The Bank modified the loan and the next payment is due August 1, 2021. Repayment is expected from operations, pledges and collateral value. All Others 11 2,317 211 N/A Under active resolution management by the Bank. Consumer loans 31 1,310 42 N/A Under active resolution management by the Bank. 96 $ 15,994 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. The pre-modification outstanding recorded investment is the principal loan balance less the provision for loan losses before the loan was modified as a TDR. The 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 Company had no loans that were modified as TDRs for the three months ended June 30, 2021. The table below details loans that had been modified as TDRs for the six months ended June 30, 2021. For the three months ended June 30, 2021 (In thousands) Number of loans Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Additional provision for loan losses Commercial loans 2 $ 961 $ 967 $ 6 Residential real estate loans 2 $ 389 $ 389 $ 12 Home equity and junior liens 1 $ 200 $ 504 $ 219 The loans evaluated for impairment for the six months ended June 30, 2021 have been classified as TDRs due to economic concessions granted, which consisted of a 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 Company had no loans that were modified as TDRs for the three months ended June 30, 2020. The Company had no loans that were modified as TDRs for the six months ended June 30, 2020. 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 were modified as TDRs during the twelve months prior to June 30, 2021, which had subsequently defaulted during the six months ended June 30, 2021. The Company had no loans that were modified as TDRs during the twelve months prior to June 30, 2020, which had subsequently defaulted during the six months ended June 30, 2020. 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, impairment is recognized as a component of the provision for loan losses, by 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 loan information by portfolio class at the indicated dates : June 30, 2021 December 31, 2020 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 $ 1,006 $ 1,006 $ - $ 665 $ 665 $ - Commercial real estate 4,841 4,929 - 11,053 11,136 - Commercial lines of credit 100 100 - - - - Other commercial and industrial 4,881 4,881 - 5,114 5,132 - Home equity and junior liens 72 72 - 75 75 - Other consumer 79 79 - 81 81 - With an allowance recorded: 1-4 family first-lien residential mortgages 493 493 80 1,182 1,182 205 Commercial real estate 2,105 2,105 222 1,729 1,729 231 Commercial lines of credit 904 904 904 925 925 925 Other commercial and industrial 2,385 2,385 1,852 1,864 1,864 1,278 Home equity and junior liens 506 506 223 142 142 142 Other consumer - - - - - - Total: 1-4 family first-lien residential mortgages 1,499 1,499 80 1,847 1,847 205 Commercial real estate 6,946 7,034 222 12,782 12,865 231 Commercial lines of credit 1,004 1,004 904 925 925 925 Other commercial and industrial 7,266 7,266 1,852 6,978 6,996 1,278 Home equity and junior liens 578 578 223 217 217 142 Other consumer 79 79 - 81 81 - Totals $ 17,372 $ 17,460 $ 3,281 $ 22,830 $ 22,931 $ 2,781 The following table presents the average recorded investment in impaired loans for the periods indicated: For the three months ended For the six months ended June 30, June 30, (In thousands) 2021 2020 2021 2020 1-4 family first-lien residential mortgages $ 1,503 $ 1,601 $ 1,618 $ 1,604 Commercial real estate 10,234 4,544 11,083 4,511 Commercial lines of credit 982 180 963 181 Other commercial and industrial 6,990 972 6,986 959 Home equity and junior liens 578 219 458 219 Other consumer 86 88 84 89 Total $ 20,373 $ 7,604 $ 21,192 $ 7,563 The following table presents the cash basis interest income recognized on impaired loans for the periods indicated: For the three months ended For the six months ended June 30, June 30, (In thousands) 2021 2020 2021 2020 1-4 family first-lien residential mortgages $ 16 $ 15 $ 32 $ 27 Commercial real estate 44 38 109 69 Commercial lines of credit 15 3 25 5 Other commercial and industrial 49 6 74 22 Home equity and junior liens 5 1 6 4 Other consumer 1 2 3 3 Total $ 130 $ 65 $ 249 $ 130 |
Allowance for Loan Losses
Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2021 | |
Allowance For Loan Losses [Abstract] | |
Allowance for Loan Losses | Note 7: Allowance for Loan Losses Management extensively reviews recent trends in historical losses, qualitative factors, including concentrations of loans to related borrowers and concentrations of loans by collateral type, and specific reserve needs on loans individually evaluated for impairment in its determination of the adequacy of the allowance for loan losses. We recorded $929,000 in provision for loan losses for the three month period ended June 30, 2021, as compared to $1.1 million for the three month period ended June 30, 2020. For the first six months of 2021, we recorded $2.0 million in provision for loan losses as compared to $2.2 million in the same prior year six month period. . Summarized in the tables below are changes in the allowance for loan losses for the indicated periods and information pertaining to the allocation of the allowance for loan losses, balances of the allowance for loan losses, loans receivable based in individual, and collective impairment evaluation by loan portfolio class. 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. For the three months ended June 30, 2021 1-4 family first-lien Residential Other Paycheck residential construction Commercial Commercial commercial Protection (In thousands) mortgage mortgage real estate lines of credit and industrial Program Allowance for loan losses: Beginning Balance $ 975 $ - $ 5,721 $ 1,916 $ 3,016 $ - Charge-offs (20 ) - (6 ) - - - Recoveries - - - 62 - - Provisions (80 ) - 405 (168 ) 432 - Ending balance $ 875 $ - $ 6,120 $ 1,810 $ 3,448 $ - Ending balance: related to loans individually evaluated for impairment $ 80 $ - $ 222 $ 904 $ 1,852 $ - Ending balance: related to loans collectively evaluated for impairment $ 795 $ - $ 5,898 $ 906 $ 1,596 $ - Loans receivables: Ending balance $ 226,896 $ 8,133 $ 291,678 $ 60,097 $ 74,416 $ 53,611 Ending balance: individually evaluated for impairment $ 1,499 $ - $ 6,946 $ 1,004 $ 7,266 $ - Ending balance: collectively evaluated for impairment $ 225,397 $ 8,133 $ 284,732 $ 59,093 $ 67,150 $ 53,611 Home Other Tax exempt and junior liens Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 1 $ 827 $ 1,237 $ - $ 13,693 Charge-offs - - (76 ) - (102 ) Recoveries - - 21 - 83 Provisions - (22 ) 68 294 929 Ending balance $ 1 $ 805 $ 1,250 $ 294 $ 14,603 Ending balance: related to loans individually evaluated for impairment $ - $ 223 $ - $ - $ 3,281 Ending balance: related to loans collectively evaluated for impairment $ 1 $ 582 $ 1,250 $ 294 $ 11,322 Loans receivables: Ending balance $ 6,554 $ 34,649 $ 80,269 $ 713 $ 837,016 Ending balance: individually evaluated for impairment $ - $ 578 $ 79 $ - $ 17,372 Ending balance: collectively evaluated for impairment $ 6,554 $ 34,071 $ 80,190 $ 713 $ 819,644 For the six months ended June 30, 2021 1-4 family first-lien Residential Other Paycheck residential construction Commercial Commercial commercial Protection (In thousands) mortgage mortgage real estate lines of credit and industrial Program Allowance for loan losses: Beginning Balance $ 931 $ - $ 4,776 $ 1,670 $ 2,992 $ - Charge-offs (20 ) - (6 ) - (100 ) - Recoveries - - - 63 - - Provisions (36 ) - 1,350 77 556 - Ending balance $ 875 $ - $ 6,120 $ 1,810 $ 3,448 $ - Home equity Other Tax exempt and junior liens consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 1 $ 739 $ 1,123 $ 545 $ 12,777 Charge-offs - - (119 ) - (245 ) Recoveries - - 51 - 114 Provisions - 66 195 (251 ) 1,957 Ending balance $ 1 $ 805 $ 1,250 $ 294 $ 14,603 For the three months ended June 30, 2020 1-4 family first-lien Residential Other Paycheck residential construction Commercial Commercial commercial Protection (In thousands) mortgage mortgage real estate lines of credit and industrial Program Allowance for loan losses: Beginning Balance $ 731 $ - $ 4,243 $ 1,218 $ 1,758 $ - Charge-offs (99 ) - - (48 ) (9 ) - Recoveries - - - - - - Provisions 124 - 15 38 317 - Ending balance $ 756 $ - $ 4,258 $ 1,208 $ 2,066 $ - Ending balance: related to loans individually evaluated for impairment $ 153 $ - $ 64 $ 98 $ 563 $ - Ending balance: related to loans collectively evaluated for impairment $ 603 $ - $ 4,194 $ 1,110 $ 1,503 $ - Loans receivables: Ending balance $ 212,741 $ 3,678 $ 260,824 $ 53,509 $ 83,167 $ 73,774 Ending balance: individually evaluated for impairment $ 1,598 $ - $ 4,661 $ 178 $ 1,062 $ - Ending balance: collectively evaluated for impairment $ 211,143 $ 3,678 $ 256,163 $ 53,331 $ 82,105 $ 73,774 Home Other Tax exempt and junior liens Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 1 $ 611 $ 846 $ 198 9,606 Charge-offs - - (52 ) - (208 ) Recoveries - - 9 - 9 Provisions - 33 252 367 1,146 Ending balance $ 1 $ 644 $ 1,055 $ 565 $ 10,553 Ending balance: related to loans individually evaluated for impairment $ - $ 142 $ - $ - $ 1,020 Ending balance: related to loans collectively evaluated for impairment $ 1 $ 502 $ 1,055 $ 565 $ 9,533 Loans receivables: Ending balance $ 7,644 $ 42,587 $ 69,915 $ - $ 807,839 Ending balance: individually evaluated for impairment $ - $ 219 $ 85 $ - $ 7,803 Ending balance: collectively evaluated for impairment $ 7,644 $ 42,368 $ 69,830 $ - $ 800,036 For the six months ended June 30, 2020 1-4 family first-lien Residential Other Paycheck residential construction Commercial Commercial commercial Protection (In thousands) mortgage mortgage real estate lines of credit and industrial Program Allowance for loan losses: Beginning Balance $ 580 $ - $ 4,010 $ 1,195 $ 1,645 $ - Charge-offs (125 ) - - (48 ) (9 ) - Recoveries 1 - - 2 - - Provisions (credits) 300 - 248 59 430 - Ending balance $ 756 $ - $ 4,258 $ 1,208 $ 2,066 $ - Home equity Other Tax exempt and junior liens consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 1 $ 553 $ 413 $ 272 $ 8,669 Charge-offs - (28 ) (185 ) - (395 ) Recoveries - 29 34 - 66 Provisions (credits) - 90 793 293 2,213 Ending balance $ 1 $ 644 $ 1,055 $ 565 $ 10,553 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: June 30, 2021 1-4 family first-lien Residential Other residential construction Commercial Commercial commercial (In thousands) mortgage mortgage real estate lines of credit and industrial Specifically reserved $ 80 $ - $ 222 $ 904 $ 1,852 Historical loss rate 85 - 1 33 38 Qualitative factors 710 - 5,897 873 1,558 Total $ 875 $ - $ 6,120 $ 1,810 $ 3,448 Home equity Other Tax exempt and junior liens consumer Unallocated Total Specifically reserved $ - $ 223 $ - $ - $ 3,281 Historical loss rate - 325 992 - 1,474 Qualitative factors 1 257 258 - 9,554 Other - - - 294 294 Total $ 1 $ 805 $ 1,250 $ 294 $ 14,603 June 30, 2020 1-4 family first-lien Residential Other residential construction Commercial Commercial commercial (In thousands) mortgage mortgage real estate lines of credit and industrial Specifically reserved $ 153 $ - $ 64 $ 98 $ 563 Historical loss rate 71 - 99 152 61 Qualitative factors 532 - 4,095 958 1,442 Total $ 756 $ - $ 4,258 $ 1,208 $ 2,066 Home equity Other Tax exempt and junior liens consumer Unallocated Total Specifically reserved $ - $ 142 $ - $ - $ 1,020 Historical loss rate - 211 805 - 1,399 Qualitative factors 1 291 250 - 7,569 Other - - - 565 565 Total $ 1 $ 644 $ 1,055 $ 565 $ 10,553 |
Foreclosed Real Estate
Foreclosed Real Estate | 6 Months Ended |
Jun. 30, 2021 | |
Real Estate Owned Disclosure Of Detailed Components [Abstract] | |
Foreclosed Real Estate | Note 8: Foreclosed Real Estate The Company is required to disclose the carrying amount of foreclosed residential real estate properties held as a result of obtaining physical possession of the property at each reporting period. The Company had no foreclosed residential real estate at June 30, 2021 and December 31, 2020. At June 30, 2021 and December 31, 2020, the Company reported $891,000 and $182,000, respectively . |
Guarantees
Guarantees | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Guarantees | Note 9: Guarantees The Company does not issue any guarantees that would require liability recognition or disclosure, other than its standby letters of credit. Generally, all letters of credit, when issued have expiration dates within one year. The credit risks involved in issuing letters of credit are 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. The Company had $2.6 million |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 10: Fair Value Measurements 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 available-for-sale and marketable equity securities 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 Company holds one corporate investment security, categorized based on its net asset value (NAV), with an amortized historical cost of $2.6 million and a fair market value of $2.8 million as of June 30, 2021. This security has a valuation that is determined using published net asset values (NAV) derived by analyses of the security’s underlying assets. This security is comprised primarily of broadly-diversified real estate properties whose fair values are determined by appraisals and other discounted cash flow evaluation methods on an infrequent basis. While this security is redeemable at least annually through tender offers made by its respective issuer, the liquidation value of the security may be below its 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 this security will be redeemed by its respective issuers on indeterminate future dates as a consequence of the ultimate liquidation strategies employed by the management of this investment. The Company holds two equity security investment s , with an aggregate value of $ 2.1 million at June 30, 2021, valued utilizing readily available market pricing (Level 1) observed from active trading on major national stock exchanges. 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. Foreclosed real estate: Fair values for foreclosed real estate are initially recorded based on market value evaluations by third parties, less costs to sell (“initial cost basis”). Any write-downs required when the related loan receivable is exchanged for the underlying real estate collateral at the time of transfer to foreclosed real estate are charged to the allowance for loan losses. Values are derived from appraisals, similar to impaired loans, of underlying collateral or discounted cash flow analysis. Subsequent to foreclosure, valuations are updated periodically and assets are marked to current fair value, not to exceed the initial cost basis. In the determination of fair value subsequent to foreclosure, management also considers other factors or recent developments, such as, changes in absorption rates and market conditions from the time of valuation and anticipated sales values considering management’s plans for disposition. Either change could result in adjustment to lower the property value estimates indicated in the appraisals. These measurements are classified as Level 3 within the fair value hierarchy. The following tables summarize assets measured at fair value on a recurring basis as of the indicated dates, segregated by the level of valuation inputs within the hierarchy utilized to measure fair value: June 30, 2021 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Available-for-Sale Portfolio Debt investment securities: US Treasury, agencies and GSEs $ - $ 18,254 $ - $ 18,254 State and political subdivisions - 23,751 - 23,751 Corporate - 10,450 - 10,450 Asset backed securities - 14,294 - 14,294 Residential mortgage-backed - US agency - 23,171 - 23,171 Collateralized mortgage obligations - US agency - 26,989 - 26,989 Collateralized mortgage obligations - Private label - 37,619 - 37,619 Total 154,528 154,528 Corporate measured at NAV - - - 2,825 Total available-for-sale securities $ - $ 154,528 $ - $ 157,353 Marketable equity securities $ 2,133 $ - $ - $ 2,133 Interest rate swap derivative fair value hedges $ - $ 878 $ - $ 878 Interest rate swap derivative cash flow hedges $ - $ (981 ) $ - $ (981 ) December 31, 2020 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Available-for-Sale Portfolio Debt investment securities: US Treasury, agencies and GSEs $ - $ 6,416 $ - $ 6,416 State and political subdivisions - 23,753 - 23,753 Corporate - 9,943 - 9,943 Asset backed securities - 8,607 - 8,607 Residential mortgage-backed - US agency - 25,211 - 25,211 Collateralized mortgage obligations - US agency - 26,464 - 26,464 Collateralized mortgage obligations - Private label - 24,936 - 24,936 Total - 125,330 - 125,330 Corporate measured at NAV - - - 2,725 Total available-for-sale securities $ - $ 125,330 $ - $ 128,055 Marketable equity securities $ 1,850 $ - $ - $ 1,850 Interest rate swap derivative fair value hedge 136 136 Interest rate swap derivative fair value hedge $ - $ (1,308 ) $ - $ (1,308 ) Pathfinder Bank had the following assets measured at fair value on a nonrecurring basis as of June 30, 2021 and December 31, 2020: June 30, 2021 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ - $ - $ 2,560 $ 2,560 December 31, 2020 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ - $ - $ 14,701 $ 14,701 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 at the indicated dates. Quantitative Information about Level 3 Fair Value Measurements Valuation Unobservable Range Techniques Input (Weighted Avg.) At June 30, 2021 Impaired loans Appraisal of collateral Appraisal Adjustments 5% - 25% (16%) (Sales Approach) Costs to Sell 7% - 14% (5%) Discounted Cash Flow Quantitative Information about Level 3 Fair Value Measurements Valuation Unobservable Range Techniques Input (Weighted Avg.) At December 31, 2020 Impaired loans Appraisal of collateral Appraisal Adjustments 5% - 25% (18%) (Sales Approach) Costs to Sell 7% - 13% (12%) Discounted Cash Flow There have been no transfers of assets into or out of any fair value measurement level during the three or six months ended June 30, 2021. 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 “bullet” 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 loans – 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 the indicated dates are presented in the following table: June 30, 2021 December 31, 2020 Fair Value Carrying Estimated Carrying Estimated (In thousands) Hierarchy Amounts Fair Values Amounts Fair Values Financial assets: Cash and cash equivalents 1 $ 41,154 $ 41,154 $ 43,464 $ 43,464 Investment securities - available-for-sale 2 154,528 154,528 125,330 125,330 Investment securities - available-for-sale NAV 2,825 2,825 2,725 2,725 Investment securities - marketable equity 1 2,133 2,133 1,850 1,850 Investment securities - held-to-maturity 2 162,432 165,997 171,224 174,935 Federal Home Loan Bank stock 2 4,487 4,487 4,390 4,390 Net loans 3 820,349 824,686 812,718 816,626 Accrued interest receivable 1 4,539 4,539 4,549 4,549 Interest rate swap derivative fair value hedges 2 878 878 191 191 Financial liabilities: Demand Deposits, Savings, NOW and MMDA 1 $ 668,156 $ 668,156 $ 598,683 $ 598,683 Time Deposits 2 363,514 364,192 397,224 398,863 Borrowings 2 83,734 84,710 82,050 84,065 Subordinated loans 2 29,482 31,184 39,400 39,416 Accrued interest payable 1 145 145 193 193 Interest rate swap derivative fair value hedges 2 - - 55 55 Interest rate swap derivative cash flow hedges 2 981 981 1,308 1,308 |
Interest Rate Derivative
Interest Rate Derivative | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Interest Rate Derivatives | Note 11: Interest Rate Derivatives 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 June 30, 2021. Interest rate hedging agreements are recorded at fair value as other assets or liabilities. The Company had no derivative contracts not designated as hedging agreements at June 30, 2021 or December 31, 2020. 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 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. 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 balance sheet 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 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. 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 amounts from a counterparty in exchange for the Company making fixed 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 Statement of Condition at fair value. The Company’s accounting treatment for these derivative instruments is based on the instruments 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 June 30, 2021 and December 31, 2021: (In thousands) Carrying Amount of the Hedged Assets at June 30, 2021 Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets at June 30, 2021 Carrying Amount of the Hedged Assets at December 31, 2020 Cumulative Amount of Fair Value Hedging Adjustment Included in The Carrying Amount of the Hedged Assets at December 31, 2020 Line item on the balance sheet in which the hedged item is included: Loans receivable (1) $ - $ - $ 12,944 $ 53 Available-for-sale securities (2) $ 16,369 $ (831 ) $ 17,055 $ (191 ) Loans receivable (3) $ 21,690 $ (47 ) $ - $ - (1) These amounts include the amortized historical cost basis of a specific loan pool designated as the underlying asset for the hedging relationship in which the hedged item is the underlying asset's amortized cost (last layer) projected to be remaining at the end of the contractual term of the hedging instrument. The hedging instrument matured in April of 2021 and is no longer a component of the Company's Consolidated Statement of Condition at June 30, 2021. The amount of the designated hedged item was $9.2 million and the fair value of the hedging instrument resulted in a net liability position of $55,000, recorded by the Company in other liabilities at December 31, 2020. The Company’s participation in the fair value hedge had an immaterial effect on recorded interest income for the three and six months ended June 30, 2021 and 2020. (2) These amounts represent the amortized cost basis of specifically identified municipal securities designated as the underlying assets for the hedging relationship. The notional amount of the designated hedged item was $16.3 million at both June 30, 2021 and December 31, 2020. At June 30, 2021, the fair value of the derivative resulted in a net asset position of $831,000, recorded by the Company in other assets. At December 31, 2020, the fair value of the derivative resulted in a net asset position of $191,000 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 three and six months ended June 30, 2021 and 2020 (3) These amounts include the amortized cost of a specific loan pool designated as the underlying asset for the hedging relationship in which the hedged item is the underlying asset's amortized cost (last layer) projected to be remaining at the end of the contractual term of the hedging instrument. The amount of the designated hedged item was $12.2 million at June 30, 2021. The Company did not have this derivative agreement in place at December 31, 2020. At June 30, 2021, the fair value of the derivative resulted in a net asset position of $47,000, 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 three and six months ended June 30, 2021 and 2020 The following table shows the pre-tax losses of the Company’s derivatives designated as cash flow hedges in other comprehensive income at June 30, 2021 and December 31, 2021: (In thousands) June 30, 2021 December 31, 2020 Cash flow hedges: Total unamortized premium $ 178 $ 204 Fair market value adjustment interest rate cap (166 ) (197 ) Total unamortized cap 12 7 Fair market value adjustment interest rate swap (815 ) (1,111 ) Total loss in comprehensive income $ (981 ) $ (1,308 ) The amounts of hedge ineffectiveness, recognized during the three and six months ended June 30, 2021 and 2020 for cash flow hedges were not material to the Company’s consolidated results of operations. 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. The Company manages its potential credit exposure on interest rate swap transactions by entering into bilateral credit support agreements with each contractual counterparty. These agreements require collateralization of credit exposures beyond specified minimum threshold amounts. At June 30, 2021, the Company posted cash, held in an interest-bearing refundable escrow arrangement, in the amount of $1.6 million in order to satisfy collateral requirements associated with its hedging contracts. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2021 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 12: 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 tables below. For the three months ended June 30, 2021 (In thousands) Retirement Plans Unrealized Gains and Losses on Available-for- Sale Securities Unrealized Losses on Derivatives and Hedging Activities Unrealized Loss on Securities Transferred to Held-to-Maturity Total Beginning balance $ (2,074 ) $ 1,108 $ (793 ) $ (9 ) $ (1,768 ) Other comprehensive income before reclassifications - 441 69 4 514 Amounts reclassified from AOCI 19 - - - 19 Ending balance $ (2,055 ) $ 1,549 $ (724 ) $ (5 ) $ (1,235 ) For the three months ended June 30, 2020 (In thousands) Retirement Plans Unrealized Gains and Losses on Available-for- Sale Securities Unrealized Losses on Derivatives and Hedging Activities Unrealized Loss on Securities Transferred to Held-to-Maturity Total Beginning balance $ (2,859 ) $ (3,121 ) $ (1,062 ) $ (35 ) $ (7,077 ) Reevaluation of deferred tax asset valuation allowance (1) - - - - - Other comprehensive income before reclassifications - 3,470 (145 ) 8 3,333 Amounts reclassified from AOCI 47 (690 ) - - (643 ) Ending balance $ (2,812 ) $ (341 ) $ (1,207 ) $ (27 ) $ (4,387 ) For the six months ended June 30, 2021 (In thousands) Retirement Plans Unrealized Gains and Losses on Available-for- Sale Securities Unrealized Losses on Derivatives and Hedging Activities Unrealized Loss on Securities Transferred to Held-to-Maturity Total Beginning balance $ (2,093 ) $ 837 $ (966 ) $ (14 ) $ (2,236 ) Other comprehensive income before reclassifications - 712 242 9 963 Amounts reclassified from AOCI 38 - - - 38 Ending balance $ (2,055 ) $ 1,549 $ (724 ) $ (5 ) $ (1,235 ) For the six months ended June 30, 2020 (In thousands) Retirement Plans Unrealized Gains and Losses on Available-for- Sale Securities Unrealized Losses on Derivatives and Hedging Activities Unrealized Loss on Securities Transferred to Held-to-Maturity Total Beginning balance $ (2,717 ) $ (216 ) $ - $ (38 ) $ (2,971 ) Reevaluation of deferred tax asset valuation allowance (1) (188 ) (15 ) - (3 ) (206 ) Other comprehensive income before reclassifications - 600 (1,207 ) 14 (593 ) Amounts reclassified from AOCI 93 (710 ) - - (617 ) Ending balance $ (2,812 ) $ (341 ) $ (1,207 ) $ (27 ) $ (4,387 ) (1) In the first quarter of 2020, consistent with policy, management reviewed all facts and circumstances related to its deferred taxes and determined that based on the expected filings of future New York State tax returns, the valuation allowance created in 2019 was no longer needed. Therefore, management elected to eliminate its New York State net deferred tax asset valuation allowance during the quarter ended March 31, 2020. The following table presents the amounts reclassified out of each component of AOCI for the indicated period: Amount Reclassified Amount Reclassified from AOCI (1) from AOCI (1) (Unaudited) (Unaudited) (In thousands) For the three months ended For the six months ended Details about AOCI (1) Affected Line Item in the Statement of Income June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Retirement plan items Retirement plan net losses recognized in plan expenses (2) Salaries and employee benefits $ (26 ) $ (59 ) $ (53 ) $ (117 ) Tax effect Provision for income taxes 7 12 15 24 Net Income $ (19 ) $ (47 ) $ (38 ) $ (93 ) Available-for-sale securities Realized gain on sale of securities Net gains on sales and redemptions of investment securities $ - $ 873 $ - $ 899 Tax effect Provision for income taxes - (183 ) - (189 ) Net Income $ - $ 690 $ - $ 710 (1) Amounts in parentheses indicates debits in net income. (2) These items are included in net periodic pension cost. See Note 5 for additional information. |
Noninterest Income
Noninterest Income | 6 Months Ended |
Jun. 30, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Noninterest Income | Note 13: Noninterest Income The Company has included the following table regarding the Company’s noninterest income for the periods presented. For the three months For the six months ended June 30, ended June 30, (In thousands) 2021 2020 2021 2020 Service fees Insufficient funds fees $ 208 $ 148 $ 398 $ 423 Deposit related fees 96 117 194 172 ATM fees 53 38 97 64 Total service fees 357 303 689 659 Fee Income Insurance commissions 232 184 511 519 Investment services revenue 163 81 246 149 ATM fees surcharge 59 56 110 109 Banking house rents collected 62 71 125 142 Total fee income 516 392 992 919 Card income Debit card interchange fees 241 205 462 368 Merchant card fees 15 15 31 31 Total card income 256 220 493 399 Mortgage fee income and realized gain on sale of loans and foreclosed real estate Loan servicing fees 11 79 101 128 Net gains on sales of loans and foreclosed real estate 39 97 159 769 Total mortgage fee income and realized gain on sale of loans and foreclosed real estate 50 176 260 897 Total 1,179 1,091 2,434 2,874 Earnings and gain on bank owned life insurance 129 106 254 222 Net gains on sales and redemptions of investment securities 51 1,023 51 1,049 Gains/(losses) on marketable equity securities 49 (722 ) 283 (916 ) Net gains on sale of premises and equipment - - 201 - Other miscellaneous income 26 33 56 50 Total noninterest income $ 1,434 $ 1,531 $ 3,279 $ 3,279 The following is a discussion of key revenues within the scope of the new revenue guidance: • Service fees – 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 the card networks. Interchange fees are based on purchase volumes and 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 Small Business Administration (“SBA”) loans, and sales of foreclosed real estate, and is earned as the transaction occurs. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | Note 14: 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 two years up to 29 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 the lease expense are as follows: For the three months ended For the six months ended (In thousands) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Operating lease cost $ 57 $ 60 $ 113 $ 121 Finance lease cost 21 20 41 40 For the three months ended For the six months ended (In thousands) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Cash paid for amount included in the measurement of lease liabilities: Operating cash flows from operating leases $ 51 $ 55 $ 103 $ 111 Operating cash flows from finance leases 21 20 41 40 Financing cash flows from finance leases 18 17 36 35 Supplemental balance sheet information related to leases was as follows: (In thousands, except lease term and discount rate) June 30, 2021 December 31, 2020 Operating Leases: Operating lease right-of-use assets $ 2,172 $ 2,240 Operating lease liabilities $ 2,467 $ 2,525 Finance Leases: Financial Liability $ 592 $ 587 Weighted Average Remaining Lease Term: Operating Leases 18.79 years 19.08 years Finance Leases 27.92 years 28.42 years Weighted Average Discount Rate: Operating Leases 3.72 % 3.73 % Finance Leases 13.75 % 13.75 % Maturities of lease liabilities were as follows: Twelve Months Ending June 30, (In thousands) 2022 $ 95 2023 104 2024 114 2025 122 2026 130 Thereafter 2,494 Total minimum lease payments $ 3,059 The Company owns certain properties that it leases to unaffiliated third parties at market rates. Lease rental income was $62,000 and $71,000 for the three months ended June 30, 2021 and 2020, respectively. Lease rental income was $125,000 and $142,000 for the six months ended June 30, 2021 and 2020, respectively. All lease agreements, in which the Company is the lessor, are accounted for as operating leases. |
COVID-19
COVID-19 | 6 Months Ended |
Jun. 30, 2021 | |
Extraordinary And Unusual Items [Abstract] | |
COVID-19 | Note 15: COVID-19 The World Health Organization (the “WHO) declared COVID-19 a global pandemic on March 11, 2020. In the United States, by the end of March 2020, the rapid spread of the COVID-19 virus invoked various Federal and New York State authorities to make emergency declarations and issue executive orders to limit the spread of the disease. Measures included severe restrictions on international and domestic travel, limitations on public gatherings, implementation of social distancing and sanitization protocols, school closings, orders to shelter in place and mandates to close all non-essential businesses to the public. To varying degrees, these very substantial mandated curtailments of social and economic activity had been progressively relaxed in the United States during the first and second quarters of 2021. This relaxation of the social and economic restrictions followed the increasingly wide-spread availability of vaccines that were first made available to the most vulnerable population segments in late 2020. These vaccines are generally considered to be effective in reducing the severity of the infection, if contracted, and in slowing the rate of spread of the coronavirus. As a result of the initial and continuing outbreak, and governmental responses thereto, the spread of the coronavirus has caused us to modify our business practices, including employee travel, employee work locations, and cancellation of physical participation in meetings, events and conferences. During the most restrictive periods during the pandemic, the Company had many of its employees working remotely and significantly reduced physical customer contact with employees and other customers until the second quarter of 2021, when New York State relaxed the majority of its safety mandates. On June 30, 2021, t he Bank’s offices and branches were fully accessible to the public. We will take further actions, focused on safety, as may be required in the future by government authorities or that we determine to be in the best interests of our employees, customers and business partners. Concerns about the spread of the disease and its anticipated negative impact on economic activity severely disrupted both domestic and international financial markets, prompting the world’s central banks to inject significant amounts of monetary stimulus into their respective economies. In the United States, the Federal Reserve System’s Federal Open Market Committee swiftly cut the target Federal Funds rate to a range of 0% to 0.25%, where it remains as of the date of this filing. The reductions in the Fed funds target rate included a 50 basis point reduction in the target federal funds rate on March 3, 2020 and an additional 100 basis point reduction on March 15, 2020. In addition, the Federal Reserve initiated various market support programs to ease the stress on financial markets. This significant reduction in short-term interest rates has reduced, and will continue to reduce, the Bank’s cost of funds and interest earning-asset yields, as long as these central bank monetary policies remain in effect. The long-term effects of the current interest rate environment, resulting from government and central bank responses to the pandemic, on the Bank’s net interest margin cannot be predicted with certainty at this time. However, it is likely that a prolonged period of the current monetary policy will result in the reduction of the Company’s net interest margin in future periods, primarily as a result of declines in interest earning-asset yields over time. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), signed into law on March 27, 2020, provided financial assistance in various forms to both businesses and consumers, including the establishment and funding of the Paycheck Protection Program (“PPP”). In addition, the CARES Act also created many directives affecting the operations of financial services providers, such as the Company, including a forbearance program for federally-backed mortgage loans and protections for borrowers from negative credit reporting due to loan accommodations related to the national emergency. The banking regulatory agencies likewise issued guidance encouraging financial institutions to work prudently with borrowers who were, or may be, unable to meet their contractual payment obligations because of the effects of COVID-19. The Company has worked to assist its business and consumer customers affected by COVID-19. While the CARES Act is widely-considered to have been beneficial to the economic recovery and supportive of the Company’s business activities, the long-term effect of this legislation on the operations of the Company cannot be determined with certainty at this time. On December 27, 2020, following passage by the United States Congress, President Donald J. Trump signed into law the Consolidated Appropriations Act, 2021 which included the Coronavirus Response and Relief Supplemental Appropriations Act (“CRRSAA”). The intent of this legislation was to provide another round of Economic Impact Payments to eligible individuals and families, renew the PPP to support small businesses and their employees, ensure needed access to unemployment benefits for Americans who had lost their jobs due to COVID-19, and provide additional funding for schools, vaccine distribution, and other important sectors of the economy. While CRRSSA is widely considered to have been beneficial to the economic recovery and supportive of the Company’s business activities, the long-term effect of this legislation on the operations of the Company cannot be determined with certainty at this time. On March 11, 2021, President Joseph R. Biden signed into law the American Rescue Plan Act of 2021. The intent of this legislation was to provide additional new funding for rural hospitals and health care providers for COVID-19 relief, to increase federal subsidies for COBRA coverage, and make changes to the Medicare wage index. The legislation also included provisions to bolster the nation’s COVID-19 health care response with additional resources for vaccines, treatment, personal protective equipment (PPE), testing, contact tracing and workforce development. In addition, non-health care specific provisions provide financial support for families and small businesses, and both extended and expanded support for housing, child care, food and the education system. While The American Rescue Plan Act of 2021 is expected to benefit the economic recovery and be supportive of the Company’s business activities, the effect of this legislation on the operations of the Company cannot be determined with certainty at this time. As of the date of this filing, a new variant of the coronavirus, generally referred to as the “Delta” variant, has emerged in the United States and remains a significant concern in some regions and potentially, throughout the country. This variant is believed to be significantly more contagious than earlier variants of the coronavirus. Certain previously-relaxed social distancing and safety protocols have been reinstated in some areas of the country and it is possible that such protocols will be reinstated broadly in the future. The economic effects of these varying protocol reinstatement actions on the Company’s operations cannot be determined with certainty at this time. During the most restrictive periods of the pandemic, t he Bank granted loan payment deferrals to the substantial majority of commercial and consumer customers who had made requests for such accommodations. These deferrals were granted following individual discussions with each borrower and were generally for periods of 90 or 180 days at the outset. Following discussions with certain borrowers, additional loan payment deferral periods of up to 90 days were granted following the expiration of the initial 90- to 180-day deferral periods. Typically, scheduled interest payments placed into deferred status have been added to future scheduled payments and are expected to be collected in total at the origin al maturity date of the loan. As of June 30 , 2021, the Bank had no loans on active pandemic-related deferral. |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 . Three months ended Six months ended June 30, June 30, (In thousands, except per share data) 2021 2020 2021 2020 Net income attributable to Pathfinder Bancorp, Inc. $ 3,009 $ 1,841 $ 5,163 $ 3,531 Convertible preferred stock dividends 83 69 180 138 Series A Non-Voting Common Stock dividends 14 - 14 - Warrant dividends 9 7 17 15 Undistributed earnings allocated to participating securities 653 322 1,093 612 Net income available to common shareholders- Voting $ 2,250 $ 1,443 $ 3,859 $ 2,766 Net income attributable to Pathfinder Bancorp, Inc. $ 3,009 $ - $ 5,163 $ - Convertible preferred stock dividends 83 - 180 - Voting Common Stock dividends 314 - 626 - Warrant dividends 8 - 17 - Undistributed earnings allocated to participating securities 2,504 - 4,254 - Net income available to common shareholders- Series A Non-Voting $ 100 $ - $ 86 $ - Basic weighted average common shares outstanding- Voting 4,464 4,639 4,453 4,623 Basic weighted average common shares outstanding- Series A Non-Voting 197 - 99 - Diluted weighted average common shares outstanding- Voting 4,464 4,639 4,453 4,623 Diluted weighted average common shares outstanding- Series A Non-Voting 197 - 99 - Basic earnings per common share- Voting $ 0.50 $ 0.31 $ 0.87 $ 0.60 Basic earnings per common share- Series A Non-Voting $ 0.51 $ - $ 0.87 $ - Diluted earnings per common share- Voting $ 0.50 $ 0.31 $ 0.87 $ 0.60 Diluted earnings per common share- Series A Non-Voting $ 0.51 $ - $ 0.87 $ - Supplemental information: June 30, 2021 December 31, 2020 June 30, 2020 Voting Common Stock shares outstanding at period end 4,562 4,531 4,754 Series A Non-Voting Common Stock shares outstanding at period end 1,380 - - Series B Convertible Preferred Stock shares outstanding at period end - 1,380 1,155 Total shares of all classes of stock outstanding at period end 5,942 5,911 5,909 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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: June 30, 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 $ 18,261 $ 18 $ (25 ) $ 18,254 State and political subdivisions 22,548 1,203 - 23,751 Corporate 12,830 486 (41 ) 13,275 Asset backed securities 14,279 30 (15 ) 14,294 Residential mortgage-backed - US agency 22,765 406 - 23,171 Collateralized mortgage obligations - US agency 27,311 105 (427 ) 26,989 Collateralized mortgage obligations - Private label 37,263 401 (45 ) 37,619 Total 155,257 2,649 (553 ) 157,353 Equity investment securities: Common stock - financial services industry 206 - - 206 Total 206 - - 206 Total available-for-sale $ 155,463 $ 2,649 $ (553 ) $ 157,559 Held-to-Maturity Portfolio Debt investment securities: US Treasury, agencies and GSEs $ - $ - $ - $ - State and political subdivisions 16,912 489 (149 ) 17,252 Corporate 44,673 1,406 (50 ) 46,029 Asset backed securities 13,959 186 (92 ) 14,053 Residential mortgage-backed - US agency 10,714 408 - 11,122 Collateralized mortgage obligations - US agency 13,312 580 (4 ) 13,888 Collateralized mortgage obligations - Private label 62,862 902 (111 ) 63,653 Total held-to-maturity $ 162,432 $ 3,971 $ (406 ) $ 165,997 December 31, 2020 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 $ 6,428 $ 12 $ (24 ) $ 6,416 State and political subdivisions 23,235 538 (20 ) 23,753 Corporate 12,393 275 - 12,668 Asset backed securities 8,572 39 (4 ) 8,607 Residential mortgage-backed - US agency 24,856 355 - 25,211 Collateralized mortgage obligations - US agency 26,776 149 (461 ) 26,464 Collateralized mortgage obligations - Private label 24,662 384 (110 ) 24,936 Total 126,922 1,752 (619 ) 128,055 Equity investment securities: Common stock - financial services industry 206 - - 206 Total 206 - - 206 Total available-for-sale $ 127,128 $ 1,752 $ (619 ) $ 128,261 Held-to-Maturity Portfolio Debt investment securities: US Treasury, agencies and GSEs $ 1,000 $ 2 $ - $ 1,002 State and political subdivisions 16,482 527 (58 ) 16,951 Corporate 36,441 1,101 (7 ) 37,535 Asset backed securities 18,414 217 (176 ) 18,455 Residential mortgage-backed - US agency 11,807 475 - 12,282 Collateralized mortgage obligations - US agency 24,482 850 (1 ) 25,331 Collateralized mortgage obligations - Private label 62,598 902 (121 ) 63,379 Total held-to-maturity $ 171,224 $ 4,074 $ (363 ) $ 174,935 |
Amortized Cost and Estimated Fair Value of Debt Investments by Contractual Maturity | The amortized cost and estimated fair value of debt investments at June 30, 2021 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 $ 14,841 $ 15,147 $ - $ - Due after one year through five years 4,669 4,787 14,553 15,231 Due after five years through ten years 14,946 14,969 39,601 40,605 Due after ten years 33,462 34,671 21,390 21,498 Sub-total 67,918 69,574 75,544 77,334 Residential mortgage-backed - US agency 22,765 23,171 10,714 11,122 Collateralized mortgage obligations - US agency 27,311 26,989 13,312 13,888 Collateralized mortgage obligations - Private label 37,263 37,619 62,862 63,653 Totals $ 155,257 $ 157,353 $ 162,432 $ 165,997 |
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, are as follows: June 30, 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 GSEs 1 $ (3 ) $ 1,975 1 $ (22 ) $ 4,957 2 $ (25 ) $ 6,932 State and political subdivisions - - - - - - - - - Corporate 1 (41 ) 713 - - - 1 (41 ) 713 Asset backed securities 1 (4 ) 3,000 2 (11 ) 2,062 3 (15 ) 5,062 Residential mortgage-backed - US agency - - - - - - - - - Collateralized mortgage obligations - US agency 3 (151 ) 8,713 3 (276 ) 6,957 6 (427 ) 15,670 Collateralized mortgage obligations - Private label 3 (40 ) 4,676 1 (5 ) 953 4 (45 ) 5,629 Totals 9 $ (239 ) $ 19,077 7 $ (314 ) $ 14,929 16 $ (553 ) $ 34,006 Held-to-Maturity Portfolio State and political subdivisions 4 $ (149 ) $ 5,315 - $ - $ - 4 $ (149 ) $ 5,315 Corporate 8 (50 ) 7,311 - - - 8 (50 ) 7,311 Asset backed securities - - - 2 (92 ) 2,104 2 (92 ) 2,104 Residential mortgage-backed - US agency - - - - - - - - - Collateralized mortgage obligations - US agency 1 (4 ) 1,293 - - - 1 (4 ) 1,293 Collateralized mortgage obligations - Private label 2 (110 ) 4,000 1 (1 ) 532 3 (111 ) 4,532 Totals 15 $ (313 ) $ 17,919 3 $ (93 ) $ 2,636 18 $ (406 ) $ 20,555 December 31, 2020 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 - $ - $ - 1 $ (24 ) $ 4,954 1 $ (24 ) $ 4,954 State and political subdivisions 1 (20 ) 2,521 - - - 1 (20 ) 2,521 Corporate - - - - - - - - - Asset backed securities 2 (2 ) 2,487 1 (2 ) 80 3 (4 ) 2,567 Residential mortgage-backed - US agency - - - - - - - - - Collateralized mortgage obligations - US agency 2 (45 ) 6,974 2 (416 ) 5,683 4 (461 ) 12,657 Collateralized mortgage obligations - Private label 3 (78 ) 8,071 4 (32 ) 2,574 7 (110 ) 10,645 Totals 8 $ (145 ) $ 20,053 8 $ (474 ) $ 13,291 16 $ (619 ) $ 33,344 Held-to-Maturity Portfolio US Treasury, agencies and GSE's - $ - $ - - $ - $ - - $ - $ - State and political subdivisions 3 (58 ) 7,063 - - - 3 (58 ) 7,063 Corporate 4 (7 ) 3,775 - - - 4 (7 ) 3,775 Asset backed securities 4 (36 ) 4,209 3 (140 ) 4,683 7 (176 ) 8,892 Residential mortgage-backed - US agency - - - - - - - - - Collateralized mortgage obligations - US agency 1 (1 ) 1,496 - - - 1 (1 ) 1,496 Collateralized mortgage obligations - Private label 4 (115 ) 6,442 1 (6 ) 780 5 (121 ) 7,222 Totals 16 $ (217 ) $ 22,985 4 $ (146 ) $ 5,463 20 $ (363 ) $ 28,448 |
Gross Realized Gains (Losses) on Sales and Redemptions of Securities | Gross realized gains (losses) on sales and redemptions of securities for the indicated periods are detailed below: For the three months For the six months ended June 30, ended June 30, (In thousands) 2021 2020 2021 2020 Realized gains on investments $ 51 $ 917 $ 58 $ 950 Realized losses on investments - (9 ) (7 ) (16 ) $ 51 $ 908 $ 51 $ 934 |
Pension and Postretirement Be_2
Pension and Postretirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Composition of Net Periodic Pension and Postretirement Plan Costs | The composition of net periodic pension plan and postretirement plan costs for the indicated periods is as follows: Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits For the three months ended June 30, For the six months ended June 30, (In thousands) 2021 2020 2021 2020 2021 2020 2021 2020 Service cost $ - $ - $ - $ - $ - $ - $ - $ - Interest cost 111 117 2 3 221 233 6 8 Expected return on plan assets (287 ) (274 ) - - (573 ) (547 ) - - Amortization of prior service credits - - (1 ) (1 ) - - (2 ) (2 ) Amortization of net losses 25 57 2 3 50 114 4 5 Net periodic benefit plan (benefit) cost $ (151 ) $ (100 ) $ 3 $ 5 $ (302 ) $ (200 ) $ 8 $ 11 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Major Classification of Loans | Major classifications of loans at the indicated dates are as follows: June 30, December 31, (In thousands) 2021 2020 Residential mortgage loans: 1-4 family first-lien residential mortgages $ 226,896 $ 227,185 Construction 8,133 6,681 Loans held-for-sale 713 1,526 Total residential mortgage loans 235,742 235,392 Commercial loans: Real estate 291,678 286,271 Lines of credit 60,097 49,103 Other commercial and industrial 74,416 78,629 Paycheck Protection Program loans 53,611 60,643 Tax exempt loans 6,554 7,166 Total commercial loans 486,356 481,812 Consumer loans: Home equity and junior liens 34,649 38,624 Other consumer 80,269 70,905 Total consumer loans 114,918 109,529 Total loans 837,016 826,733 Net deferred loan fees (2,064 ) (1,238 ) Less allowance for loan losses 14,603 12,777 Loans receivable, net $ 820,349 $ 812,718 |
Summary of Purchased Loans Pools | The following table sets forth certain information related to these loan transactions: |
Summary of Classes of Loan Portfolio | The following tables present the classes of the loan portfolio, not including net deferred loan costs, summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company's internal risk rating system as of the dates indicated: As of June 30, 2021 Special (In thousands) Pass Mention Substandard Doubtful Total Residential mortgage loans: 1-4 family first-lien residential mortgages $ 222,785 $ 661 $ 2,724 $ 726 $ 226,896 Construction 8,133 - - - 8,133 Loans held-for-sale 713 - - - 713 Total residential mortgage loans 231,631 661 2,724 726 235,742 Commercial loans: Real estate 267,369 13,523 10,198 588 291,678 Lines of credit 51,881 4,981 3,107 128 60,097 Other commercial and industrial 62,711 3,860 6,810 1,035 74,416 Paycheck Protection Program loans 53,611 - - - 53,611 Tax exempt loans 6,554 - - - 6,554 Total commercial loans 442,126 22,364 20,115 1,751 486,356 Consumer loans: Home equity and junior liens 33,632 108 647 262 34,649 Other consumer 79,876 86 220 87 80,269 Total consumer loans 113,508 194 867 349 114,918 Total loans $ 787,265 $ 23,219 $ 23,706 $ 2,826 $ 837,016 As of December 31, 2020 Special (In thousands) Pass Mention Substandard Doubtful Total Residential mortgage loans: 1-4 family first-lien residential mortgages $ 222,386 $ 1,151 $ 3,196 $ 452 $ 227,185 Construction 6,681 - - - 6,681 Loans held-for-sale 1,526 - - - 1,526 Total residential mortgage loans 230,593 1,151 3,196 452 235,392 Commercial loans: Real estate 267,736 9,541 8,615 379 286,271 Lines of credit 40,733 5,132 3,154 84 49,103 Other commercial and industrial 65,441 4,770 8,153 265 78,629 Paycheck Protection Program loans 60,643 - - - 60,643 Tax exempt loans 7,166 - - - 7,166 Total commercial loans 441,719 19,443 19,922 728 481,812 Consumer loans: Home equity and junior liens 37,926 54 411 233 38,624 Other consumer 70,502 104 218 81 70,905 Total consumer loans 108,428 158 629 314 109,529 Total loans $ 780,740 $ 20,752 $ 23,747 $ 1,494 $ 826,733 |
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, as of June 30, 2021 and December 31, 2020, are detailed in the following tables: As of June 30, 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 $ 771 $ 205 $ 871 $ 1,847 $ 225,049 $ 226,896 Construction - - - - 8,133 8,133 Loans held-for-sale - - - - 713 713 Total residential mortgage loans 771 205 871 1,847 233,895 235,742 Commercial loans: Real estate 3,331 390 3,160 6,881 284,797 291,678 Lines of credit 572 1,654 172 2,398 57,699 60,097 Other commercial and industrial 2,749 3,008 1,257 7,014 67,402 74,416 Paycheck Protection Program loans - - - - 53,611 53,611 Tax exempt loans - - - - 6,554 6,554 Total commercial loans 6,652 5,052 4,589 16,293 470,063 486,356 Consumer loans: Home equity and junior liens 156 - 291 447 34,202 34,649 Other consumer 535 235 419 1,189 79,080 80,269 Total consumer loans 691 235 710 1,636 113,282 114,918 Total loans $ 8,114 $ 5,492 $ 6,170 $ 19,776 $ 817,240 $ 837,016 As of December 31, 2020 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 $ 1,250 $ 570 $ 1,098 $ 2,918 $ 224,267 $ 227,185 Construction - - - - 6,681 6,681 Loans held-for-sale - - - - 1,526 1,526 Total residential mortgage loans 1,250 570 1,098 2,918 232,474 235,392 Commercial loans: Real estate 480 913 2,511 3,904 282,367 286,271 Lines of credit 734 1,870 194 2,798 46,305 49,103 Other commercial and industrial 441 1,717 1,691 3,849 74,780 78,629 Paycheck Protection Program loans 170 - - 170 60,473 60,643 Tax exempt loans - - - - 7,166 7,166 Total commercial loans 1,825 4,500 4,396 10,721 471,091 481,812 Consumer loans: Home equity and junior liens 248 78 473 799 37,825 38,624 Other consumer 443 252 187 882 70,023 70,905 Total consumer loans 691 330 660 1,681 107,848 109,529 Total loans $ 3,766 $ 5,400 $ 6,154 $ 15,320 $ 811,413 $ 826,733 |
Nonaccrual Loans Segregated by Class of Loan | Nonaccrual loans, segregated by class of loan, were as follows: June 30, December 31, (In thousands) 2021 2020 Residential mortgage loans: 1-4 family first-lien residential mortgages $ 2,881 $ 2,608 2,881 2,608 Commercial loans: Real estate 4,829 11,286 Lines of credit 172 194 Other commercial and industrial 6,802 6,498 11,803 17,978 Consumer loans: Home equity and junior liens 839 473 Other consumer 471 274 Total consumer loans 1,310 747 Total nonaccrual loans $ 15,994 $ 21,333 |
Nonaccrual Loans by Category and Status | The following table summarizes nonaccrual loans by category and status at June 30, 2021: Loan Type Collateral Type Number of Loans Loan Balance Average Loan Balance Weighted LTV at Origination/ Modification Status Secured residential mortgage: Real Estate 33 $ 2,881 $ 87 88 % Under active resolution management by the Bank. Secured commercial real estate: Private Museum 1 1,385 1,385 79 % The Bank is working on a modification with the borrower. The borrower has substantial deposits with the Bank. Recreational 1 1,234 1,234 50 % The loan is currently classified as a Troubled Debt Restructuring (TDR). Next payment is due August 1, 2021. All Others 14 2,210 158 79 % Under active resolution management by the Bank. Commercial lines of credit 4 172 43 N/A Under active resolution management by the Bank. Commercial and industrial: Real Estate 1 4,485 4,485 41 % The Bank modified the loan and the next payment is due August 1, 2021. Repayment is expected from operations, pledges and collateral value. All Others 11 2,317 211 N/A Under active resolution management by the Bank. Consumer loans 31 1,310 42 N/A Under active resolution management by the Bank. 96 $ 15,994 |
Troubled Debt Restructurings on Financing Receivables | The table below details loans that had been modified as TDRs for the six months ended June 30, 2021. For the three months ended June 30, 2021 (In thousands) Number of loans Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Additional provision for loan losses Commercial loans 2 $ 961 $ 967 $ 6 Residential real estate loans 2 $ 389 $ 389 $ 12 Home equity and junior liens 1 $ 200 $ 504 $ 219 |
Summary of Impaired Loan Information by Portfolio Class | The following table summarizes impaired loan information by portfolio class at the indicated dates : June 30, 2021 December 31, 2020 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 $ 1,006 $ 1,006 $ - $ 665 $ 665 $ - Commercial real estate 4,841 4,929 - 11,053 11,136 - Commercial lines of credit 100 100 - - - - Other commercial and industrial 4,881 4,881 - 5,114 5,132 - Home equity and junior liens 72 72 - 75 75 - Other consumer 79 79 - 81 81 - With an allowance recorded: 1-4 family first-lien residential mortgages 493 493 80 1,182 1,182 205 Commercial real estate 2,105 2,105 222 1,729 1,729 231 Commercial lines of credit 904 904 904 925 925 925 Other commercial and industrial 2,385 2,385 1,852 1,864 1,864 1,278 Home equity and junior liens 506 506 223 142 142 142 Other consumer - - - - - - Total: 1-4 family first-lien residential mortgages 1,499 1,499 80 1,847 1,847 205 Commercial real estate 6,946 7,034 222 12,782 12,865 231 Commercial lines of credit 1,004 1,004 904 925 925 925 Other commercial and industrial 7,266 7,266 1,852 6,978 6,996 1,278 Home equity and junior liens 578 578 223 217 217 142 Other consumer 79 79 - 81 81 - Totals $ 17,372 $ 17,460 $ 3,281 $ 22,830 $ 22,931 $ 2,781 |
Average Recorded Investment In Impaired Loans | The following table presents the average recorded investment in impaired loans for the periods indicated: For the three months ended For the six months ended June 30, June 30, (In thousands) 2021 2020 2021 2020 1-4 family first-lien residential mortgages $ 1,503 $ 1,601 $ 1,618 $ 1,604 Commercial real estate 10,234 4,544 11,083 4,511 Commercial lines of credit 982 180 963 181 Other commercial and industrial 6,990 972 6,986 959 Home equity and junior liens 578 219 458 219 Other consumer 86 88 84 89 Total $ 20,373 $ 7,604 $ 21,192 $ 7,563 |
Cash Basis Interest Income Recognized On Impaired Loans | The following table presents the cash basis interest income recognized on impaired loans for the periods indicated: For the three months ended For the six months ended June 30, June 30, (In thousands) 2021 2020 2021 2020 1-4 family first-lien residential mortgages $ 16 $ 15 $ 32 $ 27 Commercial real estate 44 38 109 69 Commercial lines of credit 15 3 25 5 Other commercial and industrial 49 6 74 22 Home equity and junior liens 5 1 6 4 Other consumer 1 2 3 3 Total $ 130 $ 65 $ 249 $ 130 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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. For the three months ended June 30, 2021 1-4 family first-lien Residential Other Paycheck residential construction Commercial Commercial commercial Protection (In thousands) mortgage mortgage real estate lines of credit and industrial Program Allowance for loan losses: Beginning Balance $ 975 $ - $ 5,721 $ 1,916 $ 3,016 $ - Charge-offs (20 ) - (6 ) - - - Recoveries - - - 62 - - Provisions (80 ) - 405 (168 ) 432 - Ending balance $ 875 $ - $ 6,120 $ 1,810 $ 3,448 $ - Ending balance: related to loans individually evaluated for impairment $ 80 $ - $ 222 $ 904 $ 1,852 $ - Ending balance: related to loans collectively evaluated for impairment $ 795 $ - $ 5,898 $ 906 $ 1,596 $ - Loans receivables: Ending balance $ 226,896 $ 8,133 $ 291,678 $ 60,097 $ 74,416 $ 53,611 Ending balance: individually evaluated for impairment $ 1,499 $ - $ 6,946 $ 1,004 $ 7,266 $ - Ending balance: collectively evaluated for impairment $ 225,397 $ 8,133 $ 284,732 $ 59,093 $ 67,150 $ 53,611 Home Other Tax exempt and junior liens Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 1 $ 827 $ 1,237 $ - $ 13,693 Charge-offs - - (76 ) - (102 ) Recoveries - - 21 - 83 Provisions - (22 ) 68 294 929 Ending balance $ 1 $ 805 $ 1,250 $ 294 $ 14,603 Ending balance: related to loans individually evaluated for impairment $ - $ 223 $ - $ - $ 3,281 Ending balance: related to loans collectively evaluated for impairment $ 1 $ 582 $ 1,250 $ 294 $ 11,322 Loans receivables: Ending balance $ 6,554 $ 34,649 $ 80,269 $ 713 $ 837,016 Ending balance: individually evaluated for impairment $ - $ 578 $ 79 $ - $ 17,372 Ending balance: collectively evaluated for impairment $ 6,554 $ 34,071 $ 80,190 $ 713 $ 819,644 For the six months ended June 30, 2021 1-4 family first-lien Residential Other Paycheck residential construction Commercial Commercial commercial Protection (In thousands) mortgage mortgage real estate lines of credit and industrial Program Allowance for loan losses: Beginning Balance $ 931 $ - $ 4,776 $ 1,670 $ 2,992 $ - Charge-offs (20 ) - (6 ) - (100 ) - Recoveries - - - 63 - - Provisions (36 ) - 1,350 77 556 - Ending balance $ 875 $ - $ 6,120 $ 1,810 $ 3,448 $ - Home equity Other Tax exempt and junior liens consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 1 $ 739 $ 1,123 $ 545 $ 12,777 Charge-offs - - (119 ) - (245 ) Recoveries - - 51 - 114 Provisions - 66 195 (251 ) 1,957 Ending balance $ 1 $ 805 $ 1,250 $ 294 $ 14,603 For the three months ended June 30, 2020 1-4 family first-lien Residential Other Paycheck residential construction Commercial Commercial commercial Protection (In thousands) mortgage mortgage real estate lines of credit and industrial Program Allowance for loan losses: Beginning Balance $ 731 $ - $ 4,243 $ 1,218 $ 1,758 $ - Charge-offs (99 ) - - (48 ) (9 ) - Recoveries - - - - - - Provisions 124 - 15 38 317 - Ending balance $ 756 $ - $ 4,258 $ 1,208 $ 2,066 $ - Ending balance: related to loans individually evaluated for impairment $ 153 $ - $ 64 $ 98 $ 563 $ - Ending balance: related to loans collectively evaluated for impairment $ 603 $ - $ 4,194 $ 1,110 $ 1,503 $ - Loans receivables: Ending balance $ 212,741 $ 3,678 $ 260,824 $ 53,509 $ 83,167 $ 73,774 Ending balance: individually evaluated for impairment $ 1,598 $ - $ 4,661 $ 178 $ 1,062 $ - Ending balance: collectively evaluated for impairment $ 211,143 $ 3,678 $ 256,163 $ 53,331 $ 82,105 $ 73,774 Home Other Tax exempt and junior liens Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 1 $ 611 $ 846 $ 198 9,606 Charge-offs - - (52 ) - (208 ) Recoveries - - 9 - 9 Provisions - 33 252 367 1,146 Ending balance $ 1 $ 644 $ 1,055 $ 565 $ 10,553 Ending balance: related to loans individually evaluated for impairment $ - $ 142 $ - $ - $ 1,020 Ending balance: related to loans collectively evaluated for impairment $ 1 $ 502 $ 1,055 $ 565 $ 9,533 Loans receivables: Ending balance $ 7,644 $ 42,587 $ 69,915 $ - $ 807,839 Ending balance: individually evaluated for impairment $ - $ 219 $ 85 $ - $ 7,803 Ending balance: collectively evaluated for impairment $ 7,644 $ 42,368 $ 69,830 $ - $ 800,036 For the six months ended June 30, 2020 1-4 family first-lien Residential Other Paycheck residential construction Commercial Commercial commercial Protection (In thousands) mortgage mortgage real estate lines of credit and industrial Program Allowance for loan losses: Beginning Balance $ 580 $ - $ 4,010 $ 1,195 $ 1,645 $ - Charge-offs (125 ) - - (48 ) (9 ) - Recoveries 1 - - 2 - - Provisions (credits) 300 - 248 59 430 - Ending balance $ 756 $ - $ 4,258 $ 1,208 $ 2,066 $ - Home equity Other Tax exempt and junior liens consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 1 $ 553 $ 413 $ 272 $ 8,669 Charge-offs - (28 ) (185 ) - (395 ) Recoveries - 29 34 - 66 Provisions (credits) - 90 793 293 2,213 Ending balance $ 1 $ 644 $ 1,055 $ 565 $ 10,553 |
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: June 30, 2021 1-4 family first-lien Residential Other residential construction Commercial Commercial commercial (In thousands) mortgage mortgage real estate lines of credit and industrial Specifically reserved $ 80 $ - $ 222 $ 904 $ 1,852 Historical loss rate 85 - 1 33 38 Qualitative factors 710 - 5,897 873 1,558 Total $ 875 $ - $ 6,120 $ 1,810 $ 3,448 Home equity Other Tax exempt and junior liens consumer Unallocated Total Specifically reserved $ - $ 223 $ - $ - $ 3,281 Historical loss rate - 325 992 - 1,474 Qualitative factors 1 257 258 - 9,554 Other - - - 294 294 Total $ 1 $ 805 $ 1,250 $ 294 $ 14,603 June 30, 2020 1-4 family first-lien Residential Other residential construction Commercial Commercial commercial (In thousands) mortgage mortgage real estate lines of credit and industrial Specifically reserved $ 153 $ - $ 64 $ 98 $ 563 Historical loss rate 71 - 99 152 61 Qualitative factors 532 - 4,095 958 1,442 Total $ 756 $ - $ 4,258 $ 1,208 $ 2,066 Home equity Other Tax exempt and junior liens consumer Unallocated Total Specifically reserved $ - $ 142 $ - $ - $ 1,020 Historical loss rate - 211 805 - 1,399 Qualitative factors 1 291 250 - 7,569 Other - - - 565 565 Total $ 1 $ 644 $ 1,055 $ 565 $ 10,553 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 the indicated dates, segregated by the level of valuation inputs within the hierarchy utilized to measure fair value: June 30, 2021 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Available-for-Sale Portfolio Debt investment securities: US Treasury, agencies and GSEs $ - $ 18,254 $ - $ 18,254 State and political subdivisions - 23,751 - 23,751 Corporate - 10,450 - 10,450 Asset backed securities - 14,294 - 14,294 Residential mortgage-backed - US agency - 23,171 - 23,171 Collateralized mortgage obligations - US agency - 26,989 - 26,989 Collateralized mortgage obligations - Private label - 37,619 - 37,619 Total 154,528 154,528 Corporate measured at NAV - - - 2,825 Total available-for-sale securities $ - $ 154,528 $ - $ 157,353 Marketable equity securities $ 2,133 $ - $ - $ 2,133 Interest rate swap derivative fair value hedges $ - $ 878 $ - $ 878 Interest rate swap derivative cash flow hedges $ - $ (981 ) $ - $ (981 ) December 31, 2020 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Available-for-Sale Portfolio Debt investment securities: US Treasury, agencies and GSEs $ - $ 6,416 $ - $ 6,416 State and political subdivisions - 23,753 - 23,753 Corporate - 9,943 - 9,943 Asset backed securities - 8,607 - 8,607 Residential mortgage-backed - US agency - 25,211 - 25,211 Collateralized mortgage obligations - US agency - 26,464 - 26,464 Collateralized mortgage obligations - Private label - 24,936 - 24,936 Total - 125,330 - 125,330 Corporate measured at NAV - - - 2,725 Total available-for-sale securities $ - $ 125,330 $ - $ 128,055 Marketable equity securities $ 1,850 $ - $ - $ 1,850 Interest rate swap derivative fair value hedge 136 136 Interest rate swap derivative fair value hedge $ - $ (1,308 ) $ - $ (1,308 ) |
Summary of Fair Value Assets Measured on Nonrecurring Basis | Pathfinder Bank had the following assets measured at fair value on a nonrecurring basis as of June 30, 2021 and December 31, 2020: June 30, 2021 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ - $ - $ 2,560 $ 2,560 December 31, 2020 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ - $ - $ 14,701 $ 14,701 |
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 at the indicated dates. Quantitative Information about Level 3 Fair Value Measurements Valuation Unobservable Range Techniques Input (Weighted Avg.) At June 30, 2021 Impaired loans Appraisal of collateral Appraisal Adjustments 5% - 25% (16%) (Sales Approach) Costs to Sell 7% - 14% (5%) Discounted Cash Flow Quantitative Information about Level 3 Fair Value Measurements Valuation Unobservable Range Techniques Input (Weighted Avg.) At December 31, 2020 Impaired loans Appraisal of collateral Appraisal Adjustments 5% - 25% (18%) (Sales Approach) Costs to Sell 7% - 13% (12%) 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 the indicated dates are presented in the following table: June 30, 2021 December 31, 2020 Fair Value Carrying Estimated Carrying Estimated (In thousands) Hierarchy Amounts Fair Values Amounts Fair Values Financial assets: Cash and cash equivalents 1 $ 41,154 $ 41,154 $ 43,464 $ 43,464 Investment securities - available-for-sale 2 154,528 154,528 125,330 125,330 Investment securities - available-for-sale NAV 2,825 2,825 2,725 2,725 Investment securities - marketable equity 1 2,133 2,133 1,850 1,850 Investment securities - held-to-maturity 2 162,432 165,997 171,224 174,935 Federal Home Loan Bank stock 2 4,487 4,487 4,390 4,390 Net loans 3 820,349 824,686 812,718 816,626 Accrued interest receivable 1 4,539 4,539 4,549 4,549 Interest rate swap derivative fair value hedges 2 878 878 191 191 Financial liabilities: Demand Deposits, Savings, NOW and MMDA 1 $ 668,156 $ 668,156 $ 598,683 $ 598,683 Time Deposits 2 363,514 364,192 397,224 398,863 Borrowings 2 83,734 84,710 82,050 84,065 Subordinated loans 2 29,482 31,184 39,400 39,416 Accrued interest payable 1 145 145 193 193 Interest rate swap derivative fair value hedges 2 - - 55 55 Interest rate swap derivative cash flow hedges 2 981 981 1,308 1,308 |
Interest Rate Derivative (Table
Interest Rate Derivative (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Cumulative Basis Adjustments for Fair Value Hedges | The following tables show the Company’s outstanding fair value hedges at June 30, 2021 and December 31, 2021: (In thousands) Carrying Amount of the Hedged Assets at June 30, 2021 Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets at June 30, 2021 Carrying Amount of the Hedged Assets at December 31, 2020 Cumulative Amount of Fair Value Hedging Adjustment Included in The Carrying Amount of the Hedged Assets at December 31, 2020 Line item on the balance sheet in which the hedged item is included: Loans receivable (1) $ - $ - $ 12,944 $ 53 Available-for-sale securities (2) $ 16,369 $ (831 ) $ 17,055 $ (191 ) Loans receivable (3) $ 21,690 $ (47 ) $ - $ - (1) These amounts include the amortized historical cost basis of a specific loan pool designated as the underlying asset for the hedging relationship in which the hedged item is the underlying asset's amortized cost (last layer) projected to be remaining at the end of the contractual term of the hedging instrument. The hedging instrument matured in April of 2021 and is no longer a component of the Company's Consolidated Statement of Condition at June 30, 2021. The amount of the designated hedged item was $9.2 million and the fair value of the hedging instrument resulted in a net liability position of $55,000, recorded by the Company in other liabilities at December 31, 2020. The Company’s participation in the fair value hedge had an immaterial effect on recorded interest income for the three and six months ended June 30, 2021 and 2020. |
Schedule of Cash Flow Hedges | The following table shows the pre-tax losses of the Company’s derivatives designated as cash flow hedges in other comprehensive income at June 30, 2021 and December 31, 2021: (In thousands) June 30, 2021 December 31, 2020 Cash flow hedges: Total unamortized premium $ 178 $ 204 Fair market value adjustment interest rate cap (166 ) (197 ) Total unamortized cap 12 7 Fair market value adjustment interest rate swap (815 ) (1,111 ) Total loss in comprehensive income $ (981 ) $ (1,308 ) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 tables below. For the three months ended June 30, 2021 (In thousands) Retirement Plans Unrealized Gains and Losses on Available-for- Sale Securities Unrealized Losses on Derivatives and Hedging Activities Unrealized Loss on Securities Transferred to Held-to-Maturity Total Beginning balance $ (2,074 ) $ 1,108 $ (793 ) $ (9 ) $ (1,768 ) Other comprehensive income before reclassifications - 441 69 4 514 Amounts reclassified from AOCI 19 - - - 19 Ending balance $ (2,055 ) $ 1,549 $ (724 ) $ (5 ) $ (1,235 ) For the three months ended June 30, 2020 (In thousands) Retirement Plans Unrealized Gains and Losses on Available-for- Sale Securities Unrealized Losses on Derivatives and Hedging Activities Unrealized Loss on Securities Transferred to Held-to-Maturity Total Beginning balance $ (2,859 ) $ (3,121 ) $ (1,062 ) $ (35 ) $ (7,077 ) Reevaluation of deferred tax asset valuation allowance (1) - - - - - Other comprehensive income before reclassifications - 3,470 (145 ) 8 3,333 Amounts reclassified from AOCI 47 (690 ) - - (643 ) Ending balance $ (2,812 ) $ (341 ) $ (1,207 ) $ (27 ) $ (4,387 ) For the six months ended June 30, 2021 (In thousands) Retirement Plans Unrealized Gains and Losses on Available-for- Sale Securities Unrealized Losses on Derivatives and Hedging Activities Unrealized Loss on Securities Transferred to Held-to-Maturity Total Beginning balance $ (2,093 ) $ 837 $ (966 ) $ (14 ) $ (2,236 ) Other comprehensive income before reclassifications - 712 242 9 963 Amounts reclassified from AOCI 38 - - - 38 Ending balance $ (2,055 ) $ 1,549 $ (724 ) $ (5 ) $ (1,235 ) For the six months ended June 30, 2020 (In thousands) Retirement Plans Unrealized Gains and Losses on Available-for- Sale Securities Unrealized Losses on Derivatives and Hedging Activities Unrealized Loss on Securities Transferred to Held-to-Maturity Total Beginning balance $ (2,717 ) $ (216 ) $ - $ (38 ) $ (2,971 ) Reevaluation of deferred tax asset valuation allowance (1) (188 ) (15 ) - (3 ) (206 ) Other comprehensive income before reclassifications - 600 (1,207 ) 14 (593 ) Amounts reclassified from AOCI 93 (710 ) - - (617 ) Ending balance $ (2,812 ) $ (341 ) $ (1,207 ) $ (27 ) $ (4,387 ) (1) In the first quarter of 2020, consistent with policy, management reviewed all facts and circumstances related to its deferred taxes and determined that based on the expected filings of future New York State tax returns, the valuation allowance created in 2019 was no longer needed. Therefore, management elected to eliminate its New York State net deferred tax asset valuation allowance during the quarter ended March 31, 2020. |
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 period: Amount Reclassified Amount Reclassified from AOCI (1) from AOCI (1) (Unaudited) (Unaudited) (In thousands) For the three months ended For the six months ended Details about AOCI (1) Affected Line Item in the Statement of Income June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Retirement plan items Retirement plan net losses recognized in plan expenses (2) Salaries and employee benefits $ (26 ) $ (59 ) $ (53 ) $ (117 ) Tax effect Provision for income taxes 7 12 15 24 Net Income $ (19 ) $ (47 ) $ (38 ) $ (93 ) Available-for-sale securities Realized gain on sale of securities Net gains on sales and redemptions of investment securities $ - $ 873 $ - $ 899 Tax effect Provision for income taxes - (183 ) - (189 ) Net Income $ - $ 690 $ - $ 710 (1) Amounts in parentheses indicates debits in net income. (2) These items are included in net periodic pension cost. See Note 5 for additional information. |
Noninterest Income (Tables)
Noninterest Income (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 three months For the six months ended June 30, ended June 30, (In thousands) 2021 2020 2021 2020 Service fees Insufficient funds fees $ 208 $ 148 $ 398 $ 423 Deposit related fees 96 117 194 172 ATM fees 53 38 97 64 Total service fees 357 303 689 659 Fee Income Insurance commissions 232 184 511 519 Investment services revenue 163 81 246 149 ATM fees surcharge 59 56 110 109 Banking house rents collected 62 71 125 142 Total fee income 516 392 992 919 Card income Debit card interchange fees 241 205 462 368 Merchant card fees 15 15 31 31 Total card income 256 220 493 399 Mortgage fee income and realized gain on sale of loans and foreclosed real estate Loan servicing fees 11 79 101 128 Net gains on sales of loans and foreclosed real estate 39 97 159 769 Total mortgage fee income and realized gain on sale of loans and foreclosed real estate 50 176 260 897 Total 1,179 1,091 2,434 2,874 Earnings and gain on bank owned life insurance 129 106 254 222 Net gains on sales and redemptions of investment securities 51 1,023 51 1,049 Gains/(losses) on marketable equity securities 49 (722 ) 283 (916 ) Net gains on sale of premises and equipment - - 201 - Other miscellaneous income 26 33 56 50 Total noninterest income $ 1,434 $ 1,531 $ 3,279 $ 3,279 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Components of Lease Expense | The components of the lease expense are as follows: For the three months ended For the six months ended (In thousands) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Operating lease cost $ 57 $ 60 $ 113 $ 121 Finance lease cost 21 20 41 40 |
Supplemental Cash Flow Information Related to Leases | For the three months ended For the six months ended (In thousands) June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Cash paid for amount included in the measurement of lease liabilities: Operating cash flows from operating leases $ 51 $ 55 $ 103 $ 111 Operating cash flows from finance leases 21 20 41 40 Financing cash flows from finance leases 18 17 36 35 |
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) June 30, 2021 December 31, 2020 Operating Leases: Operating lease right-of-use assets $ 2,172 $ 2,240 Operating lease liabilities $ 2,467 $ 2,525 Finance Leases: Financial Liability $ 592 $ 587 Weighted Average Remaining Lease Term: Operating Leases 18.79 years 19.08 years Finance Leases 27.92 years 28.42 years Weighted Average Discount Rate: Operating Leases 3.72 % 3.73 % Finance Leases 13.75 % 13.75 % |
Maturities of Lease Liabilities | Maturities of lease liabilities were as follows: Twelve Months Ending June 30, (In thousands) 2022 $ 95 2023 104 2024 114 2025 122 2026 130 Thereafter 2,494 Total minimum lease payments $ 3,059 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Details) | Jun. 30, 2021 |
Nature of Operations [Line Items] | |
Consolidation of membership interest in Fitzgibbons | 100.00% |
FitzGibbons Agency LLC [Member] | Pathfinder Risk Management Company Inc [Member] | |
Nature of Operations [Line Items] | |
Membership interest own in Fitzgibbons through subsidiary | 51.00% |
Noncontrolling interest by subsidiary | 49.00% |
Earnings per Common Share - Add
Earnings per Common Share - Additional Information (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
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 | 256,145 | 0 | 128,073 |
Earnings per Common Share - Cal
Earnings per Common Share - Calculations of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||||
Net income attributable to Pathfinder Bancorp, Inc. | $ 3,009 | $ 1,841 | $ 5,163 | $ 3,531 | ||
Convertible preferred stock dividends | $ 83 | $ 69 | $ 180 | $ 138 | ||
Dividends per common share (Voting and Series A Non-Voting) | $ 0.07 | $ 0.06 | $ 0.14 | $ 0.12 | ||
Series A Non Voting Common Stock | ||||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||||
Net income attributable to Pathfinder Bancorp, Inc. | $ 100 | $ 86 | ||||
Dividends per common share (Voting and Series A Non-Voting) | $ 14 | $ 14 | ||||
Warrant dividends | $ 8 | $ 17 | ||||
Undistributed earnings allocated to participating securities | $ 2,504 | $ 4,254 | ||||
Basic weighted average common shares outstanding- Voting | 197,000 | 99,000 | ||||
Diluted weighted average common shares outstanding- Voting | 197,000 | 99,000 | ||||
Earnings per common share- basic | $ 0.51 | $ 0.87 | ||||
Earnings per common share - diluted | $ 0.51 | $ 0.87 | ||||
Common stock, shares outstanding (in shares) | 1,380,000 | 1,380,000 | ||||
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) | $ 314 | $ 626 | ||||
Warrant dividends | $ 9 | $ 7 | $ 17 | $ 15 | ||
Undistributed earnings allocated to participating securities | 653 | 322 | 1,093 | 612 | ||
Net income available to common shareholders- Voting | $ 2,250 | $ 1,443 | $ 3,859 | $ 2,766 | ||
Basic weighted average common shares outstanding- Voting | 4,464,000 | 4,639,000 | 4,453,000 | 4,623,000 | ||
Diluted weighted average common shares outstanding- Voting | 4,464,000 | 4,639,000 | 4,453,000 | 4,623,000 | ||
Earnings per common share- basic | $ 0.50 | $ 0.31 | $ 0.87 | $ 0.60 | ||
Earnings per common share - diluted | $ 0.50 | $ 0.31 | $ 0.87 | $ 0.60 | ||
Common stock, shares outstanding (in shares) | 4,562,301 | 4,754,000 | 4,562,301 | 4,754,000 | 4,531,000 | 4,531,383 |
Series B Convertible Preferred Stock [Member] | ||||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||||
Common stock, shares outstanding (in shares) | 1,155,000 | 1,155,000 | 1,380,000 | |||
Common Stock [Member] | ||||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||||
Common stock, shares outstanding (in shares) | 5,942,000 | 5,909,000 | 5,942,000 | 5,909,000 | 5,911,000 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Estimated Fair Value of Investment Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | $ 155,257 | $ 126,922 |
Gross Unrealized Gains, Debt investment securities | 2,649 | 1,752 |
Gross Unrealized Losses, Debt investment securities | (553) | (619) |
Available-for-sale Securities, Debt investment securities | 157,353 | 128,055 |
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 | 155,463 | 127,128 |
Gross Unrealized Gains | 2,649 | 1,752 |
Gross Unrealized Losses | (553) | (619) |
Estimated Fair Value | 157,559 | 128,261 |
Held-to-maturity securities, debt maturities, Amortized Cost | 162,432 | 171,224 |
Held to maturity, gross unrealized gains | 3,971 | 4,074 |
Held to maturity, gross unrealized losses | (406) | (363) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 165,997 | 174,935 |
US Treasury, Agencies and GSEs [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 18,261 | 6,428 |
Gross Unrealized Gains, Debt investment securities | 18 | 12 |
Gross Unrealized Losses, Debt investment securities | (25) | (24) |
Available-for-sale Securities, Debt investment securities | 18,254 | 6,416 |
Held-to-maturity securities, debt maturities, Amortized Cost | 0 | 1,000 |
Held to maturity, gross unrealized gains | 0 | 2 |
Held to maturity, gross unrealized losses | 0 | 0 |
Held-to-maturity Securities, Debt Maturities, Fair Value | 0 | 1,002 |
State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 22,548 | 23,235 |
Gross Unrealized Gains, Debt investment securities | 1,203 | 538 |
Gross Unrealized Losses, Debt investment securities | 0 | (20) |
Available-for-sale Securities, Debt investment securities | 23,751 | 23,753 |
Held-to-maturity securities, debt maturities, Amortized Cost | 16,912 | 16,482 |
Held to maturity, gross unrealized gains | 489 | 527 |
Held to maturity, gross unrealized losses | (149) | (58) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 17,252 | 16,951 |
Corporate [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 12,830 | 12,393 |
Gross Unrealized Gains, Debt investment securities | 486 | 275 |
Gross Unrealized Losses, Debt investment securities | (41) | 0 |
Available-for-sale Securities, Debt investment securities | 13,275 | 12,668 |
Held-to-maturity securities, debt maturities, Amortized Cost | 44,673 | 36,441 |
Held to maturity, gross unrealized gains | 1,406 | 1,101 |
Held to maturity, gross unrealized losses | (50) | (7) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 46,029 | 37,535 |
Asset Backed Securities [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 14,279 | 8,572 |
Gross Unrealized Gains, Debt investment securities | 30 | 39 |
Gross Unrealized Losses, Debt investment securities | (15) | (4) |
Available-for-sale Securities, Debt investment securities | 14,294 | 8,607 |
Held-to-maturity securities, debt maturities, Amortized Cost | 13,959 | 18,414 |
Held to maturity, gross unrealized gains | 186 | 217 |
Held to maturity, gross unrealized losses | (92) | (176) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 14,053 | 18,455 |
Residential Mortgage-Backed - US Agency [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 22,765 | 24,856 |
Gross Unrealized Gains, Debt investment securities | 406 | 355 |
Gross Unrealized Losses, Debt investment securities | 0 | 0 |
Available-for-sale Securities, Debt investment securities | 23,171 | 25,211 |
Held-to-maturity securities, debt maturities, Amortized Cost | 10,714 | 11,807 |
Held to maturity, gross unrealized gains | 408 | 475 |
Held to maturity, gross unrealized losses | 0 | 0 |
Held-to-maturity Securities, Debt Maturities, Fair Value | 11,122 | 12,282 |
Collateralized Mortgage Obligations - US Agency [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 27,311 | 26,776 |
Gross Unrealized Gains, Debt investment securities | 105 | 149 |
Gross Unrealized Losses, Debt investment securities | (427) | (461) |
Available-for-sale Securities, Debt investment securities | 26,989 | 26,464 |
Held-to-maturity securities, debt maturities, Amortized Cost | 13,312 | 24,482 |
Held to maturity, gross unrealized gains | 580 | 850 |
Held to maturity, gross unrealized losses | (4) | (1) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 13,888 | 25,331 |
Collateralized Mortgage Obligations - Private Label [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 37,263 | 24,662 |
Gross Unrealized Gains, Debt investment securities | 401 | 384 |
Gross Unrealized Losses, Debt investment securities | (45) | (110) |
Available-for-sale Securities, Debt investment securities | 37,619 | 24,936 |
Held-to-maturity securities, debt maturities, Amortized Cost | 62,862 | 62,598 |
Held to maturity, gross unrealized gains | 902 | 902 |
Held to maturity, gross unrealized losses | (111) | (121) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 63,653 | 63,379 |
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 - Amort_2
Investment Securities - Amortized Cost and Estimated Fair Value of Debt Investments by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Available-for-sale securities, debt maturities, amortized cost [Abstract] | ||
Due in one year or less | $ 14,841 | |
Due after one year through five years | 4,669 | |
Due after five years through ten years | 14,946 | |
Due after ten years | 33,462 | |
Sub-total | 67,918 | |
Amortized cost | 155,257 | $ 126,922 |
Available-for-sale securities, debt maturities, Estimated Fair Value [Abstract] | ||
Due in one year or less | 15,147 | |
Due after one year through five years | 4,787 | |
Due after five years through ten years | 14,969 | |
Due after ten years | 34,671 | |
Sub-total | 69,574 | |
Available-for-sale securities, debt maturities, fair value, totals | 157,353 | |
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | ||
Due in one year or less | 0 | |
Due after one year through five years | 14,553 | |
Due after five years through ten years | 39,601 | |
Due after ten years | 21,390 | |
Sub-total | 75,544 | |
Held-to-maturity securities, debt maturities, Amortized Cost | 162,432 | 171,224 |
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | ||
Due in one year or less | 0 | |
Due after one year through five years | 15,231 | |
Due after five years through ten years | 40,605 | |
Due after ten years | 21,498 | |
Sub-total | 77,334 | |
Held-to-maturity securities at fair value | 165,997 | 174,935 |
Residential Mortgage-Backed - US Agency [Member] | ||
Available-for-sale securities, debt maturities, amortized cost [Abstract] | ||
Amortized cost | 22,765 | 24,856 |
Available-for-sale securities, debt maturities, Estimated Fair Value [Abstract] | ||
Available-for-sale securities, debt maturities, fair value, totals | 23,171 | |
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | ||
Held-to-maturity securities, debt maturities, Amortized Cost | 10,714 | 11,807 |
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | ||
Held-to-maturity securities at fair value | 11,122 | 12,282 |
Collateralized Mortgage Obligations - US Agency [Member] | ||
Available-for-sale securities, debt maturities, amortized cost [Abstract] | ||
Amortized cost | 27,311 | 26,776 |
Available-for-sale securities, debt maturities, Estimated Fair Value [Abstract] | ||
Available-for-sale securities, debt maturities, fair value, totals | 26,989 | |
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | ||
Held-to-maturity securities, debt maturities, Amortized Cost | 13,312 | 24,482 |
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | ||
Held-to-maturity securities at fair value | 13,888 | 25,331 |
Collateralized Mortgage Obligations - Private Label [Member] | ||
Available-for-sale securities, debt maturities, amortized cost [Abstract] | ||
Amortized cost | 37,263 | 24,662 |
Available-for-sale securities, debt maturities, Estimated Fair Value [Abstract] | ||
Available-for-sale securities, debt maturities, fair value, totals | 37,619 | |
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | ||
Held-to-maturity securities, debt maturities, Amortized Cost | 62,862 | 62,598 |
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | ||
Held-to-maturity securities at fair value | $ 63,653 | $ 63,379 |
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 | Jun. 30, 2021USD ($)Security | Dec. 31, 2020USD ($)Security |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 0 | |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | |
Number of securities in unrealized loss positions | Security | 0 | |
Less than twelve months Fair Value | $ 0 | |
Twelve months or more Fair Value | 0 | |
Total Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | 0 | |
Twelve months or more Unrealized Losses | 0 | |
Total Unrealized Losses | $ 0 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 15 | 16 |
Number of securities in unrealized loss positions, twelve months or more | Security | 3 | 4 |
Number of securities in unrealized loss positions | Security | 18 | 20 |
Less than twelve months Fair Value | $ 17,919 | $ 22,985 |
Twelve months or more Fair Value | 2,636 | 5,463 |
Total Fair Value | 20,555 | 28,448 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (313) | (217) |
Twelve months or more Unrealized Losses | (93) | (146) |
Total Unrealized Losses | $ (406) | $ (363) |
US Treasury, Agencies and GSEs [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 1 | 0 |
Number of securities in unrealized loss positions, twelve months or more | Security | 1 | 1 |
Number of securities in unrealized loss positions | Security | 2 | 1 |
Less than twelve months Fair Value | $ 1,975 | $ 0 |
Twelve months or more Fair Value | 4,957 | 4,954 |
Total Fair Value | 6,932 | 4,954 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (3) | 0 |
Twelve months or more Unrealized Losses | (22) | (24) |
Total Unrealized Losses | $ (25) | $ (24) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 0 | |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | |
Number of securities in unrealized loss positions | Security | 0 | |
Less than twelve months Fair Value | $ 0 | |
Twelve months or more Fair Value | 0 | |
Total Fair Value | 0 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | 0 | |
Twelve months or more Unrealized Losses | 0 | |
Total Unrealized Losses | $ 0 | |
State and Political Subdivisions [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 0 | 1 |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 |
Number of securities in unrealized loss positions | Security | 0 | 1 |
Less than twelve months Fair Value | $ 0 | $ 2,521 |
Twelve months or more Fair Value | 0 | 0 |
Total Fair Value | 0 | 2,521 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | 0 | (20) |
Twelve months or more Unrealized Losses | 0 | 0 |
Total Unrealized Losses | $ 0 | $ (20) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 4 | 3 |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 |
Number of securities in unrealized loss positions | Security | 4 | 3 |
Less than twelve months Fair Value | $ 5,315 | $ 7,063 |
Twelve months or more Fair Value | 0 | 0 |
Total Fair Value | 5,315 | 7,063 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (149) | (58) |
Twelve months or more Unrealized Losses | 0 | 0 |
Total Unrealized Losses | $ (149) | $ (58) |
Corporate [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 1 | 0 |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 |
Number of securities in unrealized loss positions | Security | 1 | 0 |
Less than twelve months Fair Value | $ 713 | $ 0 |
Twelve months or more Fair Value | 0 | 0 |
Total Fair Value | 713 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (41) | 0 |
Twelve months or more Unrealized Losses | 0 | 0 |
Total Unrealized Losses | $ (41) | $ 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 8 | 4 |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 |
Number of securities in unrealized loss positions | Security | 8 | 4 |
Less than twelve months Fair Value | $ 7,311 | $ 3,775 |
Twelve months or more Fair Value | 0 | 0 |
Total Fair Value | 7,311 | 3,775 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (50) | (7) |
Twelve months or more Unrealized Losses | 0 | 0 |
Total Unrealized Losses | $ (50) | $ (7) |
Asset Backed Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 1 | 2 |
Number of securities in unrealized loss positions, twelve months or more | Security | 2 | 1 |
Number of securities in unrealized loss positions | Security | 3 | 3 |
Less than twelve months Fair Value | $ 3,000 | $ 2,487 |
Twelve months or more Fair Value | 2,062 | 80 |
Total Fair Value | 5,062 | 2,567 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (4) | (2) |
Twelve months or more Unrealized Losses | (11) | (2) |
Total Unrealized Losses | $ (15) | $ (4) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 0 | 4 |
Number of securities in unrealized loss positions, twelve months or more | Security | 2 | 3 |
Number of securities in unrealized loss positions | Security | 2 | 7 |
Less than twelve months Fair Value | $ 0 | $ 4,209 |
Twelve months or more Fair Value | 2,104 | 4,683 |
Total Fair Value | 2,104 | 8,892 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | 0 | (36) |
Twelve months or more Unrealized Losses | (92) | (140) |
Total Unrealized Losses | $ (92) | $ (176) |
Residential Mortgage-Backed - US Agency [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 0 | 0 |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 |
Number of securities in unrealized loss positions | Security | 0 | 0 |
Less than twelve months Fair Value | $ 0 | $ 0 |
Twelve months or more Fair Value | 0 | 0 |
Total Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | 0 | 0 |
Twelve months or more Unrealized Losses | 0 | 0 |
Total Unrealized Losses | $ 0 | $ 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 0 | 0 |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 |
Number of securities in unrealized loss positions | Security | 0 | 0 |
Less than twelve months Fair Value | $ 0 | $ 0 |
Twelve months or more Fair Value | 0 | 0 |
Total Fair Value | 0 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | 0 | 0 |
Twelve months or more Unrealized Losses | 0 | 0 |
Total Unrealized Losses | $ 0 | $ 0 |
Collateralized Mortgage Obligations - US Agency [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 3 | 2 |
Number of securities in unrealized loss positions, twelve months or more | Security | 3 | 2 |
Number of securities in unrealized loss positions | Security | 6 | 4 |
Less than twelve months Fair Value | $ 8,713 | $ 6,974 |
Twelve months or more Fair Value | 6,957 | 5,683 |
Total Fair Value | 15,670 | 12,657 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (151) | (45) |
Twelve months or more Unrealized Losses | (276) | (416) |
Total Unrealized Losses | $ (427) | $ (461) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 1 | 1 |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 |
Number of securities in unrealized loss positions | Security | 1 | 1 |
Less than twelve months Fair Value | $ 1,293 | $ 1,496 |
Twelve months or more Fair Value | 0 | 0 |
Total Fair Value | 1,293 | 1,496 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (4) | (1) |
Twelve months or more Unrealized Losses | 0 | 0 |
Total Unrealized Losses | $ (4) | $ (1) |
Collateralized Mortgage Obligations - Private Label [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 3 | 3 |
Number of securities in unrealized loss positions, twelve months or more | Security | 1 | 4 |
Number of securities in unrealized loss positions | Security | 4 | 7 |
Less than twelve months Fair Value | $ 4,676 | $ 8,071 |
Twelve months or more Fair Value | 953 | 2,574 |
Total Fair Value | 5,629 | 10,645 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (40) | (78) |
Twelve months or more Unrealized Losses | (5) | (32) |
Total Unrealized Losses | $ (45) | $ (110) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 2 | 4 |
Number of securities in unrealized loss positions, twelve months or more | Security | 1 | 1 |
Number of securities in unrealized loss positions | Security | 3 | 5 |
Less than twelve months Fair Value | $ 4,000 | $ 6,442 |
Twelve months or more Fair Value | 532 | 780 |
Total Fair Value | 4,532 | 7,222 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (110) | (115) |
Twelve months or more Unrealized Losses | (1) | (6) |
Total Unrealized Losses | $ (111) | $ (121) |
Debt Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 9 | 8 |
Number of securities in unrealized loss positions, twelve months or more | Security | 7 | 8 |
Number of securities in unrealized loss positions | Security | 16 | 16 |
Less than twelve months Fair Value | $ 19,077 | $ 20,053 |
Twelve months or more Fair Value | 14,929 | 13,291 |
Total Fair Value | 34,006 | 33,344 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (239) | (145) |
Twelve months or more Unrealized Losses | (314) | (474) |
Total Unrealized Losses | $ (553) | $ (619) |
Investment Securities - Additio
Investment Securities - Additional Information (Details) | 6 Months Ended | |
Jun. 30, 2021USD ($)Security | Dec. 31, 2020USD ($)Security | |
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 | 10 | |
Number of securities amortized | Security | 4 | |
Percentage of securities amortized | 67.90% | |
Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | |
Available for sale securities unrealized aggregate loss | $ 0 | |
Available for sale securities aggregate market value | $ 0 | |
HeldToMaturitySecuritiesAbstract | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 3 | 4 |
Held to maturity sale securities aggregate fair value | $ 2,636,000 | $ 5,463,000 |
Held-to-maturity securities aggregate unrealized loss | 93,000 | 146,000 |
Gain (Loss) on Sale of Investments [Abstract] | ||
Securities pledged to collateralize deposit | 109,500,000 | 96,400,000 |
Securities pledged to collateralize borrowing | $ 11,900,000 | $ 13,200,000 |
Municipal Securities [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Months of unrealized loss positions | 12 months | |
Fixed Rate, Private-label Asset-backed Security Rated [Member] | ||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 1 | |
Available for sale securities continuous unrealized loss position twelve months or more amortized historical cost basis | $ 2,000,000 | |
Available for sale securities unrealized aggregate loss | $ 11,000 | |
Available for sale securities unrealized aggregate loss percentage | 0.60% | |
HeldToMaturitySecuritiesAbstract | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 1 | |
Held to maturity securities continuous unrealized loss position greater than twelve months amortized historical cost basis | $ 532,000,000,000 | |
Held to maturity sale securities aggregate fair value | 531,000,000,000 | |
Held-to-maturity securities aggregate unrealized loss | $ 1,000 | |
Available for sale securities unrealized aggregate loss percentage | 0.60% | |
Fixed Rate, Private-label Asset-backed Security Rated [Member] | ||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 1 | |
Available for sale securities continuous unrealized loss position twelve months or more amortized historical cost basis | $ 78,000 | |
Available for sale securities aggregate market value | $ 1,000 | |
Fixed Rate, Private-label Asset-backed Security Rated [Member] | ||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 1 | |
Available for sale securities continuous unrealized loss position twelve months or more amortized historical cost basis | $ 958,000 | |
Available for sale securities unrealized aggregate loss | $ 5,000 | |
Available for sale securities unrealized aggregate loss percentage | 0.50% | |
Available for sale securities aggregate market value | $ 953,000 | |
HeldToMaturitySecuritiesAbstract | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 1 | |
Held to maturity securities continuous unrealized loss position greater than twelve months amortized historical cost basis | $ 486,000,000,000 | |
Held to maturity sale securities aggregate fair value | 479,000,000,000 | |
Held-to-maturity securities aggregate unrealized loss | $ 7,000 | |
Held-to-maturity securities aggregate unrealized loss percentage | (1.40%) | |
Available for sale securities unrealized aggregate loss percentage | 0.50% | |
1 Private-Label Asset - Backed Securities by Privately Issued Student Loan [Member] | ||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Available for sale securities unrealized aggregate loss percentage | (5.00%) | |
HeldToMaturitySecuritiesAbstract | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 1 | |
Held to maturity securities continuous unrealized loss position greater than twelve months amortized historical cost basis | $ 1,700,000 | |
Held to maturity sale securities aggregate fair value | 1,600,000 | |
Held-to-maturity securities aggregate unrealized loss | $ 85,000 | |
Available for sale securities unrealized aggregate loss percentage | (5.00%) |
Investment Securities - Gross R
Investment Securities - Gross Realized Gains (Losses) on Sales and Redemptions of Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Gain Loss On Sale Of Investments [Abstract] | ||||
Realized gains on investments | $ 51 | $ 917 | $ 58 | $ 950 |
Realized losses on investments | 0 | (9) | (7) | (16) |
Total | $ 51 | $ 908 | $ 51 | $ 934 |
Pension and Postretirement Be_3
Pension and Postretirement Benefits - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Minimum years of service to participate in the health and life insurance benefits as of January 1, 1995 | 14 years |
Pension and Postretirement Be_4
Pension and Postretirement Benefits - Composition of Net Periodic Pension Plan and Postretirement Plan Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | $ 111 | $ 117 | $ 221 | $ 233 |
Expected return on plan assets | (287) | (274) | (573) | (547) |
Amortization of net losses | 25 | 57 | 50 | 114 |
Net periodic benefit plan (benefit) cost | (151) | (100) | (302) | (200) |
Postretirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 2 | 3 | 6 | 8 |
Amortization of prior service credits | (1) | (1) | (2) | (2) |
Amortization of net losses | 2 | 3 | 4 | 5 |
Net periodic benefit plan (benefit) cost | $ 3 | $ 5 | $ 8 | $ 11 |
Loans - Major Classification of
Loans - Major Classification of Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | $ 837,016 | $ 826,733 | $ 807,839 |
Net deferred loan fees | (2,064) | (1,238) | |
Less allowance for loan losses | (14,603) | (12,777) | |
Loans receivable, net | 820,349 | 812,718 | |
Residential Mortgage Loans [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 235,742 | 235,392 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 226,896 | 227,185 | 212,741 |
Residential Mortgage Loans [Member] | Construction [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 8,133 | 6,681 | |
Residential Mortgage Loans [Member] | Loans Held For Sale [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 713 | 1,526 | |
Commercial Loans [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 486,356 | 481,812 | |
Commercial Loans [Member] | Real Estate [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 291,678 | 286,271 | 260,824 |
Commercial Loans [Member] | Lines of Credit [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 60,097 | 49,103 | 53,509 |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 74,416 | 78,629 | 83,167 |
Commercial Loans [Member] | Tax Exempt Loans [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 6,554 | 7,166 | 7,644 |
Commercial Loans [Member] | Paycheck Protection Program loans [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 53,611 | 60,643 | |
Consumer Loans [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 114,918 | 109,529 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 34,649 | 38,624 | 42,587 |
Consumer Loans [Member] | Other Consumer [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | $ 80,269 | $ 70,905 | $ 69,915 |
Loans - Additional Information
Loans - Additional Information (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($)Loan | Jun. 30, 2020Loan | Jun. 30, 2021USD ($)LoanTransactionSegment | Jun. 30, 2020Loan | Dec. 31, 2020USD ($) | |
Accounts Notes And Loans Receivable [Line Items] | |||||
Number of diverse pools of loans acquired | 10 | ||||
Number of separate transactions | Transaction | 2 | ||||
Number of portfolio segment | Segment | 3 | ||||
Number of loans | 0 | 0 | |||
Troubled Debt Restructuring During Prior Twelve Months [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Number of loans subsequently defaulted | 0 | 0 | |||
Residential Real Estate Loans [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Number of loans | 0 | 2 | |||
Residential Mortgage Loans [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Residential mortgage loans pledged to FHLBNY as blanket collateral | $ | $ 120.4 | $ 120.4 | $ 115.6 |
Loans - Summary of Purchased Lo
Loans - Summary of Purchased Loans Pools (Details) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021USD ($)Loan | Dec. 31, 2020USD ($)Loan | |
Residential Mortgage | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Original Balance | $ 4,300 | $ 4,300 |
Current Balance | 4,200 | 4,300 |
Unamortized Premium (Discount) | $ 265 | $ 273 |
Percent Owned | 100.00% | 100.00% |
Number of Loans | Loan | 51 | 51 |
Residential Mortgage | Minimum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity range | 17 years | 17 years |
Residential Mortgage | Maximum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity range | 24 years | 25 years |
Commercial Loan | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Original Balance | $ 6,800 | $ 6,800 |
Current Balance | $ 4,800 | $ 5,500 |
Percent Owned | 100.00% | 100.00% |
Number of Loans | Loan | 37 | 39 |
Commercial Loan | Minimum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity range | 4 years | 5 years |
Commercial Loan | Maximum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity range | 8 years | 9 years |
Home Equity Line of Credit [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Original Balance | $ 21,900 | $ 21,900 |
Current Balance | 10,900 | 13,900 |
Unamortized Premium (Discount) | $ 274 | $ 309 |
Percent Owned | 100.00% | 100.00% |
Number of Loans | Loan | 226 | 275 |
Home Equity Line of Credit [Member] | Minimum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity range | 3 years | 3 years |
Home Equity Line of Credit [Member] | Maximum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity range | 28 years | 29 years |
Automobile Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Original Balance | $ 50,400 | $ 50,400 |
Current Balance | 12,500 | 17,000 |
Unamortized Premium (Discount) | $ 457 | $ 602 |
Percent Owned | 90.00% | 90.00% |
Number of Loans | Loan | 1,041 | 1,257 |
Cumulative net charge-offs | $ 231 | $ 230 |
Automobile Loans [Member] | Minimum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity range | 0 years | 0 years |
Automobile Loans [Member] | Maximum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity range | 5 years | 6 years |
Consumer Loan Pool 1 [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Original Balance | $ 5,400 | $ 5,400 |
Current Balance | $ 3,000 | $ 3,600 |
Percent Owned | 100.00% | 100.00% |
Number of Loans | Loan | 70 | 76 |
Consumer Loan Pool 1 [Member] | Minimum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity range | 3 years | 3 years |
Consumer Loan Pool 1 [Member] | Maximum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity range | 5 years | 6 years |
Purchased Unsecured Consumer Loan Pool2 | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Original Balance | $ 26,600 | $ 26,600 |
Current Balance | 10,400 | 15,400 |
Unamortized Premium (Discount) | $ 45 | $ 63 |
Percent Owned | 59.00% | 59.00% |
Number of Loans | Loan | 1,878 | 2,246 |
Purchased Unsecured Consumer Loan Pool2 | Minimum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity range | 1 year | 2 years |
Purchased Unsecured Consumer Loan Pool2 | Maximum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity range | 3 years | 4 years |
Purchased Unsecured Consumer Loan Pool3 | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Original Balance | $ 10,300 | $ 10,300 |
Current Balance | 3,600 | 5,500 |
Unamortized Premium (Discount) | $ 101 | $ 138 |
Percent Owned | 100.00% | 100.00% |
Number of Loans | Loan | 2,127 | 2,958 |
Cumulative net charge-offs | $ 6 | |
Purchased Unsecured Consumer Loan Pool3 | Minimum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity range | 0 years | 0 years |
Purchased Unsecured Consumer Loan Pool3 | Maximum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity range | 6 years | 6 years |
Purchased Secured Consumer Loan Pool1 | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Original Balance | $ 14,500 | $ 14,500 |
Current Balance | 13,800 | 14,500 |
Unamortized Premium (Discount) | $ (1,943) | $ (2,124) |
Percent Owned | 68.00% | 68.00% |
Number of Loans | Loan | 599 | 619 |
Maturity range | 25 years | 25 years |
Purchased Secured Consumer Loan Pool2 [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Original Balance | $ 24,400 | |
Current Balance | 21,700 | |
Unamortized Premium (Discount) | $ (633) | |
Percent Owned | 100.00% | 0.00% |
Number of Loans | Loan | 797 | |
Purchased Secured Consumer Loan Pool2 [Member] | Minimum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity range | 10 years | |
Purchased Secured Consumer Loan Pool2 [Member] | Maximum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity range | 24 years | |
Purchased Commercial Line of Credit [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Original Balance | $ 11,600 | |
Current Balance | 4,100 | |
Unamortized Premium (Discount) | $ 32 | |
Percent Owned | 12.00% | 0.00% |
Number of Loans | Loan | 1 | |
Maturity range | 3 years |
Loans - Summary of Classes of L
Loans - Summary of Classes of Loan Portfolio (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | $ 837,016 | $ 826,733 | $ 807,839 |
Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 787,265 | 780,740 | |
Special Mention [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 23,219 | 20,752 | |
Substandard [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 23,706 | 23,747 | |
Doubtful [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 2,826 | 1,494 | |
Residential Mortgage Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 235,742 | 235,392 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 226,896 | 227,185 | 212,741 |
Residential Mortgage Loans [Member] | Construction [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 8,133 | 6,681 | |
Residential Mortgage Loans [Member] | Loans Held-For-Sale [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 713 | 1,526 | |
Residential Mortgage Loans [Member] | Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 231,631 | 230,593 | |
Residential Mortgage Loans [Member] | Pass [Member] | 1-4 Family First Lien Residential Mortgages [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 222,785 | 222,386 | |
Residential Mortgage Loans [Member] | Pass [Member] | Construction [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 8,133 | 6,681 | |
Residential Mortgage Loans [Member] | Pass [Member] | Loans Held-For-Sale [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 713 | 1,526 | |
Residential Mortgage Loans [Member] | Special Mention [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 661 | 1,151 | |
Residential Mortgage Loans [Member] | Special Mention [Member] | 1-4 Family First Lien Residential Mortgages [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 661 | 1,151 | |
Residential Mortgage Loans [Member] | Special Mention [Member] | Construction [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Residential Mortgage Loans [Member] | Special Mention [Member] | Loans Held-For-Sale [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Residential Mortgage Loans [Member] | Substandard [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 2,724 | 3,196 | |
Residential Mortgage Loans [Member] | Substandard [Member] | 1-4 Family First Lien Residential Mortgages [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 2,724 | 3,196 | |
Residential Mortgage Loans [Member] | Substandard [Member] | Construction [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Residential Mortgage Loans [Member] | Substandard [Member] | Loans Held-For-Sale [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Residential Mortgage Loans [Member] | Doubtful [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 726 | 452 | |
Residential Mortgage Loans [Member] | Doubtful [Member] | 1-4 Family First Lien Residential Mortgages [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 726 | 452 | |
Residential Mortgage Loans [Member] | Doubtful [Member] | Construction [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Residential Mortgage Loans [Member] | Doubtful [Member] | Loans Held-For-Sale [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Commercial Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 486,356 | 481,812 | |
Commercial Loans [Member] | Real Estate [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 291,678 | 286,271 | 260,824 |
Commercial Loans [Member] | Lines of Credit [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 60,097 | 49,103 | 53,509 |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 74,416 | 78,629 | 83,167 |
Commercial Loans [Member] | Tax Exempt Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 6,554 | 7,166 | 7,644 |
Commercial Loans [Member] | Paycheck Protection Program loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 53,611 | 60,643 | |
Commercial Loans [Member] | Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 442,126 | 441,719 | |
Commercial Loans [Member] | Pass [Member] | Real Estate [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 267,369 | 267,736 | |
Commercial Loans [Member] | Pass [Member] | Lines of Credit [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 51,881 | 40,733 | |
Commercial Loans [Member] | Pass [Member] | Other Commercial and Industrial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 62,711 | 65,441 | |
Commercial Loans [Member] | Pass [Member] | Tax Exempt Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 6,554 | 7,166 | |
Commercial Loans [Member] | Pass [Member] | Paycheck Protection Program loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 53,611 | 60,643 | |
Commercial Loans [Member] | Special Mention [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 22,364 | 19,443 | |
Commercial Loans [Member] | Special Mention [Member] | Real Estate [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 13,523 | 9,541 | |
Commercial Loans [Member] | Special Mention [Member] | Lines of Credit [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 4,981 | 5,132 | |
Commercial Loans [Member] | Special Mention [Member] | Other Commercial and Industrial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 3,860 | 4,770 | |
Commercial Loans [Member] | Special Mention [Member] | Tax Exempt Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Commercial Loans [Member] | Special Mention [Member] | Paycheck Protection Program loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Commercial Loans [Member] | Substandard [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 20,115 | 19,922 | |
Commercial Loans [Member] | Substandard [Member] | Real Estate [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 10,198 | 8,615 | |
Commercial Loans [Member] | Substandard [Member] | Lines of Credit [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 3,107 | 3,154 | |
Commercial Loans [Member] | Substandard [Member] | Other Commercial and Industrial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 6,810 | 8,153 | |
Commercial Loans [Member] | Substandard [Member] | Tax Exempt Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Commercial Loans [Member] | Substandard [Member] | Paycheck Protection Program loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Commercial Loans [Member] | Doubtful [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 1,751 | 728 | |
Commercial Loans [Member] | Doubtful [Member] | Real Estate [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 588 | 379 | |
Commercial Loans [Member] | Doubtful [Member] | Lines of Credit [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 128 | 84 | |
Commercial Loans [Member] | Doubtful [Member] | Other Commercial and Industrial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 1,035 | 265 | |
Commercial Loans [Member] | Doubtful [Member] | Tax Exempt Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Commercial Loans [Member] | Doubtful [Member] | Paycheck Protection Program loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Consumer Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 114,918 | 109,529 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 34,649 | 38,624 | 42,587 |
Consumer Loans [Member] | Other Consumer [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 80,269 | 70,905 | $ 69,915 |
Consumer Loans [Member] | Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 113,508 | 108,428 | |
Consumer Loans [Member] | Pass [Member] | Home Equity and Junior Liens [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 33,632 | 37,926 | |
Consumer Loans [Member] | Pass [Member] | Other Consumer [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 79,876 | 70,502 | |
Consumer Loans [Member] | Special Mention [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 194 | 158 | |
Consumer Loans [Member] | Special Mention [Member] | Home Equity and Junior Liens [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 108 | 54 | |
Consumer Loans [Member] | Special Mention [Member] | Other Consumer [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 86 | 104 | |
Consumer Loans [Member] | Substandard [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 867 | 629 | |
Consumer Loans [Member] | Substandard [Member] | Home Equity and Junior Liens [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 647 | 411 | |
Consumer Loans [Member] | Substandard [Member] | Other Consumer [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 220 | 218 | |
Consumer Loans [Member] | Doubtful [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 349 | 314 | |
Consumer Loans [Member] | Doubtful [Member] | Home Equity and Junior Liens [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 262 | 233 | |
Consumer Loans [Member] | Doubtful [Member] | Other Consumer [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | $ 87 | $ 81 |
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 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 19,776 | $ 15,320 | |
Current | 817,240 | 811,413 | |
Total Loans Receivable | 837,016 | 826,733 | $ 807,839 |
30-59 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 8,114 | 3,766 | |
60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 5,492 | 5,400 | |
90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 6,170 | 6,154 | |
Residential Mortgage Loans [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,847 | 2,918 | |
Current | 233,895 | 232,474 | |
Total Loans Receivable | 235,742 | 235,392 | |
Residential Mortgage Loans [Member] | 30-59 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 771 | 1,250 | |
Residential Mortgage Loans [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 205 | 570 | |
Residential Mortgage Loans [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 871 | 1,098 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,847 | 2,918 | |
Current | 225,049 | 224,267 | |
Total Loans Receivable | 226,896 | 227,185 | 212,741 |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | 30-59 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 771 | 1,250 | |
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 | 205 | 570 | |
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 | 871 | 1,098 | |
Residential Mortgage Loans [Member] | Construction [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Current | 8,133 | 6,681 | |
Total Loans Receivable | 8,133 | 6,681 | |
Residential Mortgage Loans [Member] | Construction [Member] | 30-59 Days Past Due [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] | Loans Held-For-Sale [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Current | 713 | 1,526 | |
Total Loans Receivable | 713 | 1,526 | |
Residential Mortgage Loans [Member] | Loans Held-For-Sale [Member] | 30-59 Days Past Due [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 | |
Commercial Loans [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 16,293 | 10,721 | |
Current | 470,063 | 471,091 | |
Total Loans Receivable | 486,356 | 481,812 | |
Commercial Loans [Member] | 30-59 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 6,652 | 1,825 | |
Commercial Loans [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 5,052 | 4,500 | |
Commercial Loans [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 4,589 | 4,396 | |
Commercial Loans [Member] | Real Estate [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 6,881 | 3,904 | |
Current | 284,797 | 282,367 | |
Total Loans Receivable | 291,678 | 286,271 | 260,824 |
Commercial Loans [Member] | Real Estate [Member] | 30-59 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,331 | 480 | |
Commercial Loans [Member] | Real Estate [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 390 | 913 | |
Commercial Loans [Member] | Real Estate [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,160 | 2,511 | |
Commercial Loans [Member] | Lines of Credit [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,398 | 2,798 | |
Current | 57,699 | 46,305 | |
Total Loans Receivable | 60,097 | 49,103 | 53,509 |
Commercial Loans [Member] | Lines of Credit [Member] | 30-59 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 572 | 734 | |
Commercial Loans [Member] | Lines of Credit [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,654 | 1,870 | |
Commercial Loans [Member] | Lines of Credit [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 172 | 194 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 7,014 | 3,849 | |
Current | 67,402 | 74,780 | |
Total Loans Receivable | 74,416 | 78,629 | 83,167 |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | 30-59 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,749 | 441 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,008 | 1,717 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,257 | 1,691 | |
Commercial Loans [Member] | Paycheck Protection Program loans [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 170 | |
Current | 53,611 | 60,473 | |
Total Loans Receivable | 53,611 | 60,643 | |
Commercial Loans [Member] | Paycheck Protection Program loans [Member] | 30-59 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 170 | |
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] | Tax Exempt Loans [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Current | 6,554 | 7,166 | |
Total Loans Receivable | 6,554 | 7,166 | 7,644 |
Commercial Loans [Member] | Tax Exempt Loans [Member] | 30-59 Days Past Due [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 | |
Consumer Loans [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,636 | 1,681 | |
Current | 113,282 | 107,848 | |
Total Loans Receivable | 114,918 | 109,529 | |
Consumer Loans [Member] | 30-59 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 691 | 691 | |
Consumer Loans [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 235 | 330 | |
Consumer Loans [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 710 | 660 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 447 | 799 | |
Current | 34,202 | 37,825 | |
Total Loans Receivable | 34,649 | 38,624 | 42,587 |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | 30-59 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 156 | 248 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 78 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 291 | 473 | |
Consumer Loans [Member] | Other Consumer [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,189 | 882 | |
Current | 79,080 | 70,023 | |
Total Loans Receivable | 80,269 | 70,905 | $ 69,915 |
Consumer Loans [Member] | Other Consumer [Member] | 30-59 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 535 | 443 | |
Consumer Loans [Member] | Other Consumer [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 235 | 252 | |
Consumer Loans [Member] | Other Consumer [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 419 | $ 187 |
Loans - Nonaccrual Loans Segreg
Loans - Nonaccrual Loans Segregated by Class of Loan (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | $ 15,994 | $ 21,333 |
Residential Mortgage Loans [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 2,881 | 2,608 |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 2,881 | 2,608 |
Commercial Loans [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 11,803 | 17,978 |
Commercial Loans [Member] | Real Estate [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 4,829 | 11,286 |
Commercial Loans [Member] | Lines of Credit [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 172 | 194 |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 6,802 | 6,498 |
Consumer Loans [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 1,310 | 747 |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 839 | 473 |
Consumer Loans [Member] | Other Consumer [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | $ 471 | $ 274 |
Loans - Summary of Nonaccrual L
Loans - Summary of Nonaccrual Loans By Category And Status (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($)Loan | |
Financing Receivable Impaired [Line Items] | |
Number of Loans | Loan | 96 |
Loan Balance | $ 15,994 |
Secured Residential Mortgage | Real Estate [Member] | |
Financing Receivable Impaired [Line Items] | |
Number of Loans | Loan | 33 |
Loan Balance | $ 2,881 |
Average Loan Balance | $ 87 |
Weighted LTV at Origination/ Modification | 88.00% |
Status | Under active resolution management by the Bank. |
Secured Commercial Real Estate Collateral | Real Estate Collateral [Member] | |
Financing Receivable Impaired [Line Items] | |
Number of Loans | Loan | 1 |
Loan Balance | $ 1,385 |
Average Loan Balance | $ 1,385 |
Weighted LTV at Origination/ Modification | 79.00% |
Status | The Bank is working on a modification with the borrower. The borrower has substantial deposits with the Bank. |
Secured Commercial Real Estate Collateral | Private Museum Collateral | |
Financing Receivable Impaired [Line Items] | |
Number of Loans | Loan | 1 |
Loan Balance | $ 1,234 |
Average Loan Balance | $ 1,234 |
Weighted LTV at Origination/ Modification | 50.00% |
Status | The loan is currently classified as a Troubled Debt Restructuring (TDR). Next payment is due August 1, 2021. |
Secured Commercial Real Estate Collateral | Recreational Collateral | |
Financing Receivable Impaired [Line Items] | |
Number of Loans | Loan | 14 |
Loan Balance | $ 2,210 |
Average Loan Balance | $ 158 |
Weighted LTV at Origination/ Modification | 79.00% |
Status | Under active resolution management by the Bank. |
Commercial Lines Of Credit Collateral | |
Financing Receivable Impaired [Line Items] | |
Number of Loans | Loan | 4 |
Loan Balance | $ 172 |
Average Loan Balance | $ 43 |
Status | Under active resolution management by the Bank. |
Commercial And Industrial | Real Estate [Member] | |
Financing Receivable Impaired [Line Items] | |
Number of Loans | Loan | 1 |
Loan Balance | $ 4,485 |
Average Loan Balance | $ 4,485 |
Weighted LTV at Origination/ Modification | 41.00% |
Status | The Bank modified the loan and the next payment is due August 1, 2021. Repayment is expected from operations, pledges and collateral value. |
Commercial And Industrial | All Other Collateral | |
Financing Receivable Impaired [Line Items] | |
Number of Loans | Loan | 11 |
Loan Balance | $ 2,317 |
Average Loan Balance | $ 211 |
Status | Under active resolution management by the Bank. |
Consumer Loans Collateral | |
Financing Receivable Impaired [Line Items] | |
Number of Loans | Loan | 31 |
Loan Balance | $ 1,310 |
Average Loan Balance | $ 42 |
Status | Under active resolution management by the Bank. |
Loans - Troubled Debt Restructu
Loans - Troubled Debt Restructurings on Financing Receivables (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021Loan | Jun. 30, 2020Loan | Jun. 30, 2021USD ($)Loan | Jun. 30, 2020Loan | |
Troubled Debt Restructuring, Modified [Abstract] | ||||
Number of loans | Loan | 0 | 0 | ||
Commercial Loan [Member] | ||||
Troubled Debt Restructuring, Modified [Abstract] | ||||
Number of loans | Loan | 2 | |||
Pre-modification outstanding recorded investment | $ 961 | |||
Post-modification outstanding recorded investment | 967 | |||
Additional provision for loan losses | $ 6 | |||
Residential Real Estate Loans [Member] | ||||
Troubled Debt Restructuring, Modified [Abstract] | ||||
Number of loans | Loan | 0 | 2 | ||
Pre-modification outstanding recorded investment | $ 389 | |||
Post-modification outstanding recorded investment | 389 | |||
Additional provision for loan losses | $ 12 | |||
Home Equity and Junior Liens [Member] | ||||
Troubled Debt Restructuring, Modified [Abstract] | ||||
Number of loans | Loan | 1 | |||
Pre-modification outstanding recorded investment | $ 200 | |||
Post-modification outstanding recorded investment | 504 | |||
Additional provision for loan losses | $ 219 |
Loans - Summary of Impaired Loa
Loans - Summary of Impaired Loan Information by Portfolio Class (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
With an allowance recorded [Abstract] | ||
Related Allowance | $ 3,281 | $ 2,781 |
Total [Abstract] | ||
Recorded Investment | 17,372 | 22,830 |
Unpaid Principal Balance | 17,460 | 22,931 |
Related Allowance | 3,281 | 2,781 |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 1,006 | 665 |
Unpaid Principal Balance | 1,006 | 665 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 493 | 1,182 |
Unpaid Principal Balance | 493 | 1,182 |
Related Allowance | 80 | 205 |
Total [Abstract] | ||
Recorded Investment | 1,499 | 1,847 |
Unpaid Principal Balance | 1,499 | 1,847 |
Related Allowance | 80 | 205 |
Commercial Loans [Member] | Real Estate [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 4,841 | 11,053 |
Unpaid Principal Balance | 4,929 | 11,136 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 2,105 | 1,729 |
Unpaid Principal Balance | 2,105 | 1,729 |
Related Allowance | 222 | 231 |
Total [Abstract] | ||
Recorded Investment | 6,946 | 12,782 |
Unpaid Principal Balance | 7,034 | 12,865 |
Related Allowance | 222 | 231 |
Commercial Loans [Member] | Lines of Credit [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 100 | 0 |
Unpaid Principal Balance | 100 | 0 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 904 | 925 |
Unpaid Principal Balance | 904 | 925 |
Related Allowance | 904 | 925 |
Total [Abstract] | ||
Recorded Investment | 1,004 | 925 |
Unpaid Principal Balance | 1,004 | 925 |
Related Allowance | 904 | 925 |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 4,881 | 5,114 |
Unpaid Principal Balance | 4,881 | 5,132 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 2,385 | 1,864 |
Unpaid Principal Balance | 2,385 | 1,864 |
Related Allowance | 1,852 | 1,278 |
Total [Abstract] | ||
Recorded Investment | 7,266 | 6,978 |
Unpaid Principal Balance | 7,266 | 6,996 |
Related Allowance | 1,852 | 1,278 |
Commercial Loans [Member] | Other Consumer [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 79 | 81 |
Unpaid Principal Balance | 79 | 81 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Total [Abstract] | ||
Recorded Investment | 79 | 81 |
Unpaid Principal Balance | 79 | 81 |
Related Allowance | 0 | 0 |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 72 | 75 |
Unpaid Principal Balance | 72 | 75 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 506 | 142 |
Unpaid Principal Balance | 506 | 142 |
Related Allowance | 223 | 142 |
Total [Abstract] | ||
Recorded Investment | 578 | 217 |
Unpaid Principal Balance | 578 | 217 |
Related Allowance | $ 223 | $ 142 |
Loans - Summary of Average Reco
Loans - Summary of Average Recorded Investment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Average recorded investment [Abstract] | ||||
Average recorded investment in impaired loans | $ 20,373 | $ 7,604 | $ 21,192 | $ 7,563 |
1-4 Family First Lien Residential Mortgages [Member] | ||||
Average recorded investment [Abstract] | ||||
Average recorded investment in impaired loans | 1,503 | 1,601 | 1,618 | 1,604 |
Commercial Real Estate [Member] | ||||
Average recorded investment [Abstract] | ||||
Average recorded investment in impaired loans | 10,234 | 4,544 | 11,083 | 4,511 |
Commercial Lines of Credit [Member] | ||||
Average recorded investment [Abstract] | ||||
Average recorded investment in impaired loans | 982 | 180 | 963 | 181 |
Other Commercial and Industrial [Member] | ||||
Average recorded investment [Abstract] | ||||
Average recorded investment in impaired loans | 6,990 | 972 | 6,986 | 959 |
Home Equity and Junior Liens [Member] | ||||
Average recorded investment [Abstract] | ||||
Average recorded investment in impaired loans | 578 | 219 | 458 | 219 |
Other Consumer [Member] | ||||
Average recorded investment [Abstract] | ||||
Average recorded investment in impaired loans | $ 86 | $ 88 | $ 84 | $ 89 |
Loans - Schedule of Cash Basis
Loans - Schedule of Cash Basis Interest Income Recognized on Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||||
Cash basis interest income recognized on impaired loans | $ 130 | $ 65 | $ 249 | $ 130 |
1-4 Family First Lien Residential Mortgages [Member] | ||||
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||||
Cash basis interest income recognized on impaired loans | 16 | 15 | 32 | 27 |
Commercial Real Estate [Member] | ||||
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||||
Cash basis interest income recognized on impaired loans | 44 | 38 | 109 | 69 |
Commercial Lines of Credit [Member] | ||||
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||||
Cash basis interest income recognized on impaired loans | 15 | 3 | 25 | 5 |
Other Commercial and Industrial [Member] | ||||
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||||
Cash basis interest income recognized on impaired loans | 49 | 6 | 74 | 22 |
Home Equity and Junior Liens [Member] | ||||
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||||
Cash basis interest income recognized on impaired loans | 5 | 1 | 6 | 4 |
Other Consumer [Member] | ||||
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||||
Cash basis interest income recognized on impaired loans | $ 1 | $ 2 | $ 3 | $ 3 |
Allowance for Loan Losses - Add
Allowance for Loan Losses - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Allowance For Loan Losses [Abstract] | ||||
Provision for loan losses | $ 929,000 | $ 1,146,000 | $ 1,957,000 | $ 2,213,000 |
Allowance for Loan Losses - Cha
Allowance for Loan Losses - Changes in the Allowance for Loan Losses (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Allowance for loan losses: | |||||
Beginning Balance | $ 13,693,000 | $ 9,606,000 | $ 12,777,000 | $ 8,669,000 | |
Charge-offs | (102,000) | (208,000) | (245,000) | (395,000) | |
Recoveries | 83,000 | 9,000 | 114,000 | 66,000 | |
Provisions (credits) | 929,000 | 1,146,000 | 1,957,000 | 2,213,000 | |
Ending balance | 14,603,000 | 10,553,000 | 14,603,000 | 10,553,000 | |
Ending balance: related to loans individually evaluated for impairment | 3,281,000 | 1,020,000 | 3,281,000 | 1,020,000 | |
Ending balance: related to loans collectively evaluated for impairment | 11,322,000 | 9,533,000 | 11,322,000 | 9,533,000 | |
Total Loans Receivable | 837,016,000 | 807,839,000 | 837,016,000 | 807,839,000 | $ 826,733,000 |
Ending balance: individually evaluated for impairment | 17,372,000 | 7,803,000 | 17,372,000 | 7,803,000 | |
Ending balance: collectively evaluated for impairment | 819,644,000 | 800,036,000 | 819,644,000 | 800,036,000 | |
Paycheck Protection Program [Member] | |||||
Allowance for loan losses: | |||||
Beginning Balance | 0 | 0 | |||
Charge-offs | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | ||
Provisions (credits) | 0 | 0 | 0 | ||
Ending balance | 0 | 0 | 0 | 0 | |
Ending balance: related to loans individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Ending balance: related to loans collectively evaluated for impairment | 0 | 0 | 0 | 0 | |
Total Loans Receivable | 53,611,000 | 0 | 53,611,000 | 0 | |
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 53,611,000 | 0 | 53,611,000 | 0 | |
Unallocated [Member] | |||||
Allowance for loan losses: | |||||
Beginning Balance | 0 | 198,000 | 545,000 | 272,000 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provisions (credits) | 294,000 | 367,000 | (251,000) | 293,000 | |
Ending balance | 294,000 | 565,000 | 294,000 | 565,000 | |
Ending balance: related to loans individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Ending balance: related to loans collectively evaluated for impairment | 294,000 | 565,000 | 294,000 | 565,000 | |
Total Loans Receivable | 713,000 | 0 | 713,000 | 0 | |
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 713,000 | 0 | 713,000 | 0 | |
Residential Mortgage Loans [Member] | |||||
Allowance for loan losses: | |||||
Total Loans Receivable | 235,742,000 | 235,742,000 | 235,392,000 | ||
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | |||||
Allowance for loan losses: | |||||
Beginning Balance | 975,000 | 731,000 | 931,000 | 580,000 | |
Charge-offs | (20,000) | (99,000) | (20,000) | (125,000) | |
Recoveries | 0 | 0 | 0 | 1,000 | |
Provisions (credits) | (80,000) | 124,000 | (36,000) | 300,000 | |
Ending balance | 875,000 | 756,000 | 875,000 | 756,000 | |
Ending balance: related to loans individually evaluated for impairment | 80,000 | 153,000 | 80,000 | 153,000 | |
Ending balance: related to loans collectively evaluated for impairment | 795,000 | 603,000 | 795,000 | 603,000 | |
Total Loans Receivable | 226,896,000 | 212,741,000 | 226,896,000 | 212,741,000 | 227,185,000 |
Ending balance: individually evaluated for impairment | 1,499,000 | 1,598,000 | 1,499,000 | 1,598,000 | |
Ending balance: collectively evaluated for impairment | 225,397,000 | 211,143,000 | 225,397,000 | 211,143,000 | |
Residential Mortgage Loans [Member] | Residential Construction Mortgage [Member] | |||||
Allowance for loan losses: | |||||
Beginning Balance | 0 | 0 | 0 | 0 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provisions (credits) | 0 | 0 | 0 | 0 | |
Ending balance | 0 | 0 | 0 | 0 | |
Ending balance: related to loans individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Ending balance: related to loans collectively evaluated for impairment | 0 | 0 | 0 | 0 | |
Total Loans Receivable | 8,133,000 | 3,678,000 | 8,133,000 | 3,678,000 | |
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 8,133,000 | 3,678,000 | 8,133,000 | 3,678,000 | |
Commercial Loans [Member] | |||||
Allowance for loan losses: | |||||
Total Loans Receivable | 486,356,000 | 486,356,000 | 481,812,000 | ||
Commercial Loans [Member] | Real Estate [Member] | |||||
Allowance for loan losses: | |||||
Beginning Balance | 5,721,000 | 4,243,000 | 4,776,000 | 4,010,000 | |
Charge-offs | (6,000) | 0 | (6,000) | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provisions (credits) | 405,000 | 15,000 | 1,350,000 | 248,000 | |
Ending balance | 6,120,000 | 4,258,000 | 6,120,000 | 4,258,000 | |
Ending balance: related to loans individually evaluated for impairment | 222,000 | 64,000 | 222,000 | 64,000 | |
Ending balance: related to loans collectively evaluated for impairment | 5,898,000 | 4,194,000 | 5,898,000 | 4,194,000 | |
Total Loans Receivable | 291,678,000 | 260,824,000 | 291,678,000 | 260,824,000 | 286,271,000 |
Ending balance: individually evaluated for impairment | 6,946,000 | 4,661,000 | 6,946,000 | 4,661,000 | |
Ending balance: collectively evaluated for impairment | 284,732,000 | 256,163,000 | 284,732,000 | 256,163,000 | |
Commercial Loans [Member] | Lines of Credit [Member] | |||||
Allowance for loan losses: | |||||
Beginning Balance | 1,916,000 | 1,218,000 | 1,670,000 | 1,195,000 | |
Charge-offs | 0 | (48,000) | 0 | (48,000) | |
Recoveries | 62,000 | 0 | 63,000 | 2,000 | |
Provisions (credits) | (168,000) | 38,000 | 77,000 | 59,000 | |
Ending balance | 1,810,000 | 1,208,000 | 1,810,000 | 1,208,000 | |
Ending balance: related to loans individually evaluated for impairment | 904,000 | 98,000 | 904,000 | 98,000 | |
Ending balance: related to loans collectively evaluated for impairment | 906,000 | 1,110,000 | 906,000 | 1,110,000 | |
Total Loans Receivable | 60,097,000 | 53,509,000 | 60,097,000 | 53,509,000 | 49,103,000 |
Ending balance: individually evaluated for impairment | 1,004,000 | 178,000 | 1,004,000 | 178,000 | |
Ending balance: collectively evaluated for impairment | 59,093,000 | 53,331,000 | 59,093,000 | 53,331,000 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | |||||
Allowance for loan losses: | |||||
Beginning Balance | 3,016,000 | 1,758,000 | 2,992,000 | 1,645,000 | |
Charge-offs | 0 | (9,000) | (100,000) | (9,000) | |
Recoveries | 0 | 0 | 0 | 0 | |
Provisions (credits) | 432,000 | 317,000 | 556,000 | 430,000 | |
Ending balance | 3,448,000 | 2,066,000 | 3,448,000 | 2,066,000 | |
Ending balance: related to loans individually evaluated for impairment | 1,852,000 | 563,000 | 1,852,000 | 563,000 | |
Ending balance: related to loans collectively evaluated for impairment | 1,596,000 | 1,503,000 | 1,596,000 | 1,503,000 | |
Total Loans Receivable | 74,416,000 | 83,167,000 | 74,416,000 | 83,167,000 | 78,629,000 |
Ending balance: individually evaluated for impairment | 7,266,000 | 1,062,000 | 7,266,000 | 1,062,000 | |
Ending balance: collectively evaluated for impairment | 67,150,000 | 82,105,000 | 67,150,000 | 82,105,000 | |
Commercial Loans [Member] | Paycheck Protection Program [Member] | |||||
Allowance for loan losses: | |||||
Beginning Balance | 0 | 0 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
Provisions (credits) | 0 | 0 | |||
Ending balance | 0 | 0 | |||
Ending balance: related to loans individually evaluated for impairment | 0 | 0 | |||
Ending balance: related to loans collectively evaluated for impairment | 0 | 0 | |||
Total Loans Receivable | 73,774,000 | 73,774,000 | |||
Ending balance: individually evaluated for impairment | 0 | 0 | |||
Ending balance: collectively evaluated for impairment | 73,774,000 | 73,774,000 | |||
Commercial Loans [Member] | Tax Exempt Loans [Member] | |||||
Allowance for loan losses: | |||||
Beginning Balance | 1,000 | 1,000 | 1,000 | 1,000 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provisions (credits) | 0 | 0 | 0 | 0 | |
Ending balance | 1,000 | 1,000 | 1,000 | 1,000 | |
Ending balance: related to loans individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Ending balance: related to loans collectively evaluated for impairment | 1,000 | 1,000 | 1,000 | 1,000 | |
Total Loans Receivable | 6,554,000 | 7,644,000 | 6,554,000 | 7,644,000 | 7,166,000 |
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 6,554,000 | 7,644,000 | 6,554,000 | 7,644,000 | |
Consumer Loans [Member] | |||||
Allowance for loan losses: | |||||
Total Loans Receivable | 114,918,000 | 114,918,000 | 109,529,000 | ||
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | |||||
Allowance for loan losses: | |||||
Beginning Balance | 827,000 | 611,000 | 739,000 | 553,000 | |
Charge-offs | 0 | 0 | 0 | (28,000) | |
Recoveries | 0 | 0 | 0 | 29,000 | |
Provisions (credits) | (22,000) | 33,000 | 66,000 | 90,000 | |
Ending balance | 805,000 | 644,000 | 805,000 | 644,000 | |
Ending balance: related to loans individually evaluated for impairment | 223,000 | 142,000 | 223,000 | 142,000 | |
Ending balance: related to loans collectively evaluated for impairment | 582,000 | 502,000 | 582,000 | 502,000 | |
Total Loans Receivable | 34,649,000 | 42,587,000 | 34,649,000 | 42,587,000 | 38,624,000 |
Ending balance: individually evaluated for impairment | 578,000 | 219,000 | 578,000 | 219,000 | |
Ending balance: collectively evaluated for impairment | 34,071,000 | 42,368,000 | 34,071,000 | 42,368,000 | |
Consumer Loans [Member] | Other Consumer [Member] | |||||
Allowance for loan losses: | |||||
Beginning Balance | 1,237,000 | 846,000 | 1,123,000 | 413,000 | |
Charge-offs | (76,000) | (52,000) | (119,000) | (185,000) | |
Recoveries | 21,000 | 9,000 | 51,000 | 34,000 | |
Provisions (credits) | 68,000 | 252,000 | 195,000 | 793,000 | |
Ending balance | 1,250,000 | 1,055,000 | 1,250,000 | 1,055,000 | |
Ending balance: related to loans individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Ending balance: related to loans collectively evaluated for impairment | 1,250,000 | 1,055,000 | 1,250,000 | 1,055,000 | |
Total Loans Receivable | 80,269,000 | 69,915,000 | 80,269,000 | 69,915,000 | $ 70,905,000 |
Ending balance: individually evaluated for impairment | 79,000 | 85,000 | 79,000 | 85,000 | |
Ending balance: collectively evaluated for impairment | $ 80,190,000 | $ 69,830,000 | $ 80,190,000 | $ 69,830,000 |
Allowance for Loan Losses - Sch
Allowance for Loan Losses - Schedule of Allowance for Loan Losses on Basis of Calculation Methodology (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | |||||||
Specifically reserved | $ 3,281 | $ 1,020 | |||||
Historical loss rate | 1,474 | 1,399 | |||||
Qualitative factors | 9,554 | 7,569 | |||||
Other | 294 | 565 | |||||
Total | 14,603 | $ 13,693 | $ 12,777 | $ 10,553 | $ 9,606 | $ 8,669 | 10,553 |
Other | 294 | 565 | |||||
Unallocated [Member] | |||||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | |||||||
Specifically reserved | 0 | 0 | |||||
Historical loss rate | 0 | 0 | |||||
Qualitative factors | 0 | 0 | |||||
Other | 294 | 565 | |||||
Total | 294 | 0 | 545 | 565 | 198 | 272 | 565 |
Other | 294 | 565 | |||||
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | |||||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | |||||||
Specifically reserved | 80 | 153 | |||||
Historical loss rate | 85 | 71 | |||||
Qualitative factors | 710 | 532 | |||||
Total | 875 | 975 | 931 | 756 | 731 | 580 | |
Residential Mortgage Loans [Member] | Residential Construction Mortgage [Member] | |||||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | |||||||
Specifically reserved | 0 | 0 | |||||
Historical loss rate | 0 | 0 | |||||
Qualitative factors | 0 | 0 | |||||
Total | 0 | 0 | 0 | 0 | 0 | 0 | |
Commercial Loans [Member] | Real Estate [Member] | |||||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | |||||||
Specifically reserved | 222 | 64 | |||||
Historical loss rate | 1 | 99 | |||||
Qualitative factors | 5,897 | 4,095 | |||||
Total | 6,120 | 5,721 | 4,776 | 4,258 | 4,243 | 4,010 | |
Commercial Loans [Member] | Lines of Credit [Member] | |||||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | |||||||
Specifically reserved | 904 | 98 | |||||
Historical loss rate | 33 | 152 | |||||
Qualitative factors | 873 | 958 | |||||
Total | 1,810 | 1,916 | 1,670 | 1,208 | 1,218 | 1,195 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | |||||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | |||||||
Specifically reserved | 1,852 | 563 | |||||
Historical loss rate | 38 | 61 | |||||
Qualitative factors | 1,558 | 1,442 | |||||
Total | 3,448 | 3,016 | 2,992 | 2,066 | 1,758 | 1,645 | |
Commercial Loans [Member] | Tax Exempt Loans [Member] | |||||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | |||||||
Specifically reserved | 0 | 0 | |||||
Historical loss rate | 0 | 0 | |||||
Qualitative factors | 1 | 1 | |||||
Other | 0 | ||||||
Total | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
Other | 0 | ||||||
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | |||||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | |||||||
Specifically reserved | 223 | 142 | |||||
Historical loss rate | 325 | 211 | |||||
Qualitative factors | 257 | 291 | |||||
Other | 0 | ||||||
Total | 805 | 827 | 739 | 644 | 611 | 553 | 644 |
Other | 0 | ||||||
Consumer Loans [Member] | Other Consumer [Member] | |||||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | |||||||
Specifically reserved | 0 | 0 | |||||
Historical loss rate | 992 | 805 | |||||
Qualitative factors | 258 | 250 | |||||
Other | 0 | ||||||
Total | 1,250 | $ 1,237 | $ 1,123 | $ 1,055 | $ 846 | $ 413 | $ 1,055 |
Other | $ 0 |
Foreclosed Real Estate - Additi
Foreclosed Real Estate - Additional Information (Details) | Jun. 30, 2021USD ($)Property | Dec. 31, 2020USD ($)Property |
Real Estate Owned Disclosure Of Detailed Components [Abstract] | ||
Residential real estate loans in the process of foreclosure | $ | $ 891,000 | $ 182,000 |
Number of properties | Property | 0 | 0 |
Guarantees - Additional Informa
Guarantees - Additional Information (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Standby Letters of Credit [Member] | |
Loss Contingencies [Line Items] | |
Maximum amount of loss due to credit risk | $ 2.6 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule Of Available For Sale Securities [Line Items] | ||
Available for sale securities aggregate market value | $ 0 | |
Equity securities investments, fair value | $ 206 | 206 |
Level 2 [Member] | Equity Investment [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Equity securities investments, fair value | 2,100 | |
Corporate [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for sale securities aggregate market value | 0 | $ 0 |
Corporate [Member] | Level 2 [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for sale securities continuous unrealized loss position twelve months or more amortized historical cost basis | 2,600 | |
Available for sale securities aggregate market value | $ 2,800 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Assets on Recurring Basis Segregated by Level of Valuation Inputs (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt investment securities: | ||
Investment securities - available-for-sale | $ 157,559 | $ 128,261 |
Equity investment securities: | ||
Equity securities investments, fair value | 206 | 206 |
Level 1 [Member] | Total Fair Value [Member] | ||
Equity investment securities: | ||
Equity securities investments, fair value | 2,133 | 1,850 |
Level 2 [Member] | Total Fair Value [Member] | ||
Debt investment securities: | ||
Investment securities - available-for-sale | 154,528 | 125,330 |
Fair Value Measured at Net Asset Value Per Share | Total Fair Value [Member] | ||
Debt investment securities: | ||
Investment securities - available-for-sale | 2,825 | 2,725 |
Recurring Basis [Member] | Total Fair Value [Member] | ||
Debt investment securities: | ||
Total available-for-sale securities | 157,353 | 110,928 |
US Treasury, agencies and GSEs | 0 | 0 |
Equity investment securities: | ||
Equity securities investments, fair value | 2,133 | 534 |
Interest rate swap derivative fair value hedges | 878 | (92) |
Interest rate swap derivative cash flow hedges | (981) | 0 |
Recurring Basis [Member] | Level 1 [Member] | ||
Debt investment securities: | ||
State and political subdivisions | 0 | 0 |
Corporate | 0 | 0 |
Asset backed securities | 0 | 0 |
Residential mortgage-backed - US agency | 0 | 0 |
Collateralized mortgage obligations - US agency | 0 | 0 |
Collateralized mortgage obligations - Private label | 0 | 0 |
Investment securities - available-for-sale | 0 | 0 |
Total available-for-sale securities | 0 | 0 |
US Treasury, agencies and GSEs | 0 | 0 |
Equity investment securities: | ||
Equity securities investments, fair value | 2,133 | 1,850 |
Interest rate swap derivative fair value hedges | 0 | 0 |
Interest rate swap derivative cash flow hedges | 0 | 0 |
Recurring Basis [Member] | Level 2 [Member] | ||
Debt investment securities: | ||
State and political subdivisions | 23,751 | 23,753 |
Corporate | 10,450 | 9,943 |
Asset backed securities | 14,294 | 8,607 |
Residential mortgage-backed - US agency | 23,171 | 25,211 |
Collateralized mortgage obligations - US agency | 26,989 | 26,464 |
Collateralized mortgage obligations - Private label | 37,619 | 24,936 |
Investment securities - available-for-sale | 154,528 | 125,330 |
Total available-for-sale securities | 154,528 | 125,330 |
US Treasury, agencies and GSEs | 18,254 | 6,416 |
Equity investment securities: | ||
Equity securities investments, fair value | 0 | 0 |
Interest rate swap derivative fair value hedges | 878 | 136 |
Interest rate swap derivative cash flow hedges | (981) | (1,308) |
Recurring Basis [Member] | Level 3 [Member] | ||
Debt investment securities: | ||
State and political subdivisions | 0 | 0 |
Corporate | 0 | 0 |
Asset backed securities | 0 | 0 |
Residential mortgage-backed - US agency | 0 | 0 |
Collateralized mortgage obligations - US agency | 0 | 0 |
Collateralized mortgage obligations - Private label | 0 | 0 |
Investment securities - available-for-sale | 0 | 0 |
Total available-for-sale securities | 0 | 0 |
US Treasury, agencies and GSEs | 0 | 0 |
Equity investment securities: | ||
Equity securities investments, fair value | 0 | 0 |
Interest rate swap derivative fair value hedges | 0 | 0 |
Interest rate swap derivative cash flow hedges | 0 | 0 |
Recurring Basis [Member] | Level 1, 2 and 3 [Member] | Total Fair Value [Member] | ||
Debt investment securities: | ||
State and political subdivisions | 23,751 | 23,753 |
Corporate | 10,450 | 9,943 |
Asset backed securities | 14,294 | 8,607 |
Residential mortgage-backed - US agency | 23,171 | 25,211 |
Collateralized mortgage obligations - US agency | 26,989 | 26,464 |
Collateralized mortgage obligations - Private label | 37,619 | 24,936 |
Investment securities - available-for-sale | 154,528 | 125,330 |
Total available-for-sale securities | 128,055 | |
US Treasury, agencies and GSEs | 18,254 | 6,416 |
Equity investment securities: | ||
Equity securities investments, fair value | 1,850 | |
Interest rate swap derivative fair value hedges | 136 | |
Interest rate swap derivative cash flow hedges | (1,308) | |
Recurring Basis [Member] | Fair Value Measured at Net Asset Value Per Share | Total Fair Value [Member] | ||
Debt investment securities: | ||
Investment securities - available-for-sale | 2,825 | 4,923 |
US Treasury, agencies and GSEs | $ 0 | 0 |
Equity investment securities: | ||
Interest rate swap derivative cash flow hedges | $ 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value Assets Measured on Nonrecurring Basis (Details) - Nonrecurring Basis [Member] - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Total Fair Value [Member] | ||
Nonrecurring basis [Abstract] | ||
Impaired loans | $ 2,560 | $ 14,701 |
Level 1 [Member] | ||
Nonrecurring basis [Abstract] | ||
Impaired loans | 0 | 0 |
Level 2 [Member] | ||
Nonrecurring basis [Abstract] | ||
Impaired loans | 0 | 0 |
Level 3 [Member] | ||
Nonrecurring basis [Abstract] | ||
Impaired loans | $ 2,560 | $ 14,701 |
Fair Value Measurements - Fai_2
Fair Value Measurements - Fair Value Inputs, Quantitative Information (Details) - Level 3 [Member] - Impaired Loans [Member] - Measurement Input, Discount Rate [Member] | Jun. 30, 2021 | Dec. 31, 2020 |
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 |
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 |
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 | 25 | 25 |
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 | 13 |
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 | 16 | 18 |
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 | 5 | 12 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amounts and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financial assets: | ||
Investment securities - available-for-sale | $ 157,559 | $ 128,261 |
Investment securities - marketable equity | 206 | 206 |
Investment securities - held-to-maturity | 165,997 | 174,935 |
Level 1 [Member] | Carrying Amounts [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 41,154 | 43,464 |
Investment securities - marketable equity | 2,133 | 1,850 |
Accrued interest receivable | 4,539 | 4,549 |
Financial liabilities: | ||
Demand Deposits, Savings, NOW and MMDA | 668,156 | 598,683 |
Accrued interest payable | 145 | 193 |
Level 1 [Member] | Estimated Fair Values [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 41,154 | 43,464 |
Investment securities - marketable equity | 2,133 | 1,850 |
Accrued interest receivable | 4,539 | 4,549 |
Financial liabilities: | ||
Demand Deposits, Savings, NOW and MMDA | 668,156 | 598,683 |
Accrued interest payable | 145 | 193 |
Level 2 [Member] | Carrying Amounts [Member] | ||
Financial assets: | ||
Investment securities - available-for-sale | 154,528 | 125,330 |
Investment securities - held-to-maturity | 162,432 | 171,224 |
Federal Home Loan Bank stock | 4,487 | 4,390 |
Financial liabilities: | ||
Time Deposits | 363,514 | 397,224 |
Borrowings | 83,734 | 82,050 |
Subordinated loans | 29,482 | 39,400 |
Interest rate swap derivative fair value hedges | 0 | 55 |
Interest rate swap derivative cash flow hedges | 981 | 1,308 |
Interest rate swap derivative fair value hedges | 878 | 191 |
Level 2 [Member] | Estimated Fair Values [Member] | ||
Financial assets: | ||
Investment securities - available-for-sale | 154,528 | 125,330 |
Investment securities - held-to-maturity | 165,997 | 174,935 |
Federal Home Loan Bank stock | 4,487 | 4,390 |
Financial liabilities: | ||
Time Deposits | 364,192 | 398,863 |
Borrowings | 84,710 | 84,065 |
Subordinated loans | 31,184 | 39,416 |
Interest rate swap derivative fair value hedges | 0 | 55 |
Interest rate swap derivative cash flow hedges | 981 | 1,308 |
Interest rate swap derivative fair value hedges | 878 | 191 |
Fair Value Measured at Net Asset Value Per Share | Carrying Amounts [Member] | ||
Financial assets: | ||
Investment securities - available-for-sale | 2,825 | 2,725 |
Fair Value Measured at Net Asset Value Per Share | Estimated Fair Values [Member] | ||
Financial assets: | ||
Investment securities - available-for-sale | 2,825 | 2,725 |
Level 3 [Member] | Carrying Amounts [Member] | ||
Financial assets: | ||
Net loans | 820,349 | 812,718 |
Level 3 [Member] | Estimated Fair Values [Member] | ||
Financial assets: | ||
Net loans | $ 824,686 | $ 816,626 |
Interest Rate Derivatives - Cum
Interest Rate Derivatives - Cumulative Basis Adjustments for Fair Value Hedges (Details) - Interest Rate Derivatives [Member] - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | |||
Carrying Amount of the Hedged Assets | $ 21,690 | ||
Cumulative Amount of Fair Value Hedging Adjustment Included in The Carrying Amount of the Hedged Assets | (47) | ||
Available-for-sale securities [Member] | |||
Derivative [Line Items] | |||
Carrying Amount of the Hedged Assets | [1] | 16,369 | $ 17,055 |
Cumulative Amount of Fair Value Hedging Adjustment Included in The Carrying Amount of the Hedged Assets | [1] | $ (831) | (191) |
Loans Receivable [Member] | |||
Derivative [Line Items] | |||
Carrying Amount of the Hedged Assets | [2] | 12,944 | |
Cumulative Amount of Fair Value Hedging Adjustment Included in The Carrying Amount of the Hedged Assets | [2] | $ 53 | |
[1] | These amounts represent the amortized cost basis of specifically identified municipal securities designated as the underlying assets for the hedging relationship. The notional amount of the designated hedged item was $16.3 million at both June 30, 2021 and December 31, 2020. At June 30, 2021, the fair value of the derivative resulted in a net asset position of $831,000, recorded by the Company in other assets. At December 31, 2020, the fair value of the derivative resulted in a net asset position of $191,000 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 three and six months ended June 30, 2021 and 2020 | ||
[2] | These amounts include the amortized historical cost basis of a specific loan pool designated as the underlying asset for the hedging relationship in which the hedged item is the underlying asset's amortized cost (last layer) projected to be remaining at the end of the contractual term of the hedging instrument. The hedging instrument matured in April of 2021 and is no longer a component of the Company's Consolidated Statement of Condition at June 30, 2021. The amount of the designated hedged item was $9.2 million and the fair value of the hedging instrument resulted in a net liability position of $55,000, recorded by the Company in other liabilities at December 31, 2020. The Company’s participation in the fair value hedge had an immaterial effect on recorded interest income for the three and six months ended June 30, 2021 and 2020. |
Interest Rate Derivatives - C_2
Interest Rate Derivatives - Cumulative Basis Adjustments for Fair Value Hedges (Parenthetical) (Details) - Interest Rate Derivatives [Member] - Loans Receivable [Member] - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Amount of designated hedging item | $ 12,200,000 | $ 9,200,000 |
Derivative Liabilities | $ 55,000 |
Interest Rate Derivative - Cumu
Interest Rate Derivative - Cumulative Basis Adjustments for Fair Value Hedge (Parenthetical) (Details) - Interest Rate Derivatives [Member] - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Available-for-sale securities [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | $ 16.3 | $ 16.3 |
Derivative Assets | 831,000 | 191,000 |
Loans Receivable [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 47,000 | |
Amount of designated hedging item | $ 12.2 | $ 9.2 |
Interest Rate Derivatives - Sch
Interest Rate Derivatives - Schedule of Cash Flow Hedges (Details) - Cash Flow Hedging - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | ||
Total unamortized premium | $ 178 | $ 204 |
Total loss in comprehensive income | (981) | (1,308) |
Total unamortized cap | 12 | 7 |
Interest Rate Cap [Member] | ||
Derivative [Line Items] | ||
Total loss in comprehensive income | (166) | (197) |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Total loss in comprehensive income | $ (815) | $ (1,111) |
Interest Rate Derivative - Addi
Interest Rate Derivative - Additional Information (Details) $ in Millions | Jun. 30, 2021USD ($) |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Cash in escrow under collateral arrangements | $ 1.6 |
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 | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Balance | $ 100,243 | $ 88,311 | $ 97,722 | $ 90,669 | |
Other comprehensive income before reclassifications | 514 | 3,333 | 963 | (593) | |
Amounts reclassified from AOCI | 19 | (643) | 38 | (617) | |
Balance | 103,532 | 92,607 | 103,532 | 92,607 | |
Reevaluation of deferred tax asset valuation allowance | 0 | [1] | (206) | ||
Reevaluation of deferred tax asset valuation allowance (1) | 0 | [1] | (206) | ||
Retirement Plans [Member] | |||||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Balance | (2,074) | (2,859) | (2,093) | (2,717) | |
Other comprehensive income before reclassifications | 0 | 0 | 0 | 0 | |
Amounts reclassified from AOCI | 19 | 47 | 38 | 93 | |
Balance | (2,055) | (2,812) | (2,055) | (2,812) | |
Reevaluation of deferred tax asset valuation allowance | 0 | [1] | (188) | ||
Reevaluation of deferred tax asset valuation allowance (1) | 0 | [1] | (188) | ||
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 | 1,108 | (3,121) | 837 | (216) | |
Other comprehensive income before reclassifications | 441 | 3,470 | 712 | 600 | |
Amounts reclassified from AOCI | 0 | (690) | 0 | (710) | |
Balance | 1,549 | (341) | 1,549 | (341) | |
Reevaluation of deferred tax asset valuation allowance | 0 | [1] | (15) | ||
Reevaluation of deferred tax asset valuation allowance (1) | 0 | [1] | (15) | ||
Unrealized Losses on Derivatives and Hedging Activities [Member] | |||||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Balance | (793) | (1,062) | (966) | 0 | |
Other comprehensive income before reclassifications | 69 | (145) | 242 | (1,207) | |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 | |
Balance | (724) | (1,207) | (724) | (1,207) | |
Reevaluation of deferred tax asset valuation allowance | 0 | [1] | 0 | ||
Reevaluation of deferred tax asset valuation allowance (1) | 0 | [1] | 0 | ||
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 | (9) | (35) | (14) | (38) | |
Other comprehensive income before reclassifications | 4 | 8 | 9 | 14 | |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 | |
Balance | (5) | (27) | (5) | (27) | |
Reevaluation of deferred tax asset valuation allowance | 0 | [1] | (3) | ||
Reevaluation of deferred tax asset valuation allowance (1) | 0 | [1] | (3) | ||
AOCI Attributable to Parent [Member] | |||||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Balance | (1,768) | (7,077) | (2,236) | (2,971) | |
Balance | $ (1,235) | (4,387) | $ (1,235) | (4,387) | |
Reevaluation of deferred tax asset valuation allowance | 0 | [1] | 0 | ||
Reevaluation of deferred tax asset valuation allowance (1) | $ 0 | [1] | $ 0 | ||
[1] | ) In the first quarter of 2020, consistent with policy, management reviewed all facts and circumstances related to its deferred taxes and determined that based on the expected filings of future New York State tax returns, the valuation allowance created in 2019 was no longer needed. Therefore, management elected to eliminate its New York State net deferred tax asset valuation allowance during the quarter ended March 31, 2020. |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Summary of Amounts Reclassified Out of Each Component of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||
Salaries and employee benefits | $ (3,501) | $ (2,972) | $ (6,842) | $ (6,219) | |
Provision for income taxes | (851) | (439) | (1,400) | (894) | |
Net income attributable to Pathfinder Bancorp Inc. | 3,009 | 1,841 | 5,163 | 3,531 | |
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 (losses) on sales and redemptions of investment securities | 0 | 873 | 0 | 899 | |
Provision for income taxes | 0 | (183) | 0 | (189) | |
Net income attributable to Pathfinder Bancorp Inc. | 0 | 690 | 0 | 710 | |
Net gains (losses) on sales and redemptions ofinvestment securities | 0 | 873 | 0 | 899 | |
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] | (26) | (59) | (53) | (117) |
Provision for income taxes | 7 | 12 | 15 | 24 | |
Net income attributable to Pathfinder Bancorp Inc. | $ (19) | $ (47) | $ (38) | $ (93) | |
[1] | These items are included in net periodic pension cost. |
Noninterest Income - Summary of
Noninterest Income - Summary of Noninterest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation Of Revenue [Line Items] | ||||
Earnings and gain on bank owned life insurance | $ 129 | $ 106 | $ 254 | $ 222 |
Net gains on sales and redemptions of investment securities | 51 | 1,023 | 51 | 1,049 |
Gains (losses) on marketable equity securities | 49 | (722) | 283 | (916) |
Net gains on sale of premises and equipment | 201 | |||
Other miscellaneous income | 26 | 33 | 56 | 50 |
Total noninterest income | 1,434 | 1,531 | 3,279 | 3,279 |
Insufficient Funds Fees [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Noninterest income | 208 | 148 | 398 | 423 |
Deposit Related Fees [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Noninterest income | 96 | 117 | 194 | 172 |
ATM Fees [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Noninterest income | 53 | 38 | 97 | 64 |
Service Fees [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Noninterest income | 357 | 303 | 689 | 659 |
Insurance Commissions [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Noninterest income | 232 | 184 | 511 | 519 |
Investment Services Revenue [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Noninterest income | 163 | 81 | 246 | 149 |
ATM Fees Surcharge [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Noninterest income | 59 | 56 | 110 | 109 |
Banking House Rents Collected [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Noninterest income | 62 | 71 | 125 | 142 |
Fee Income [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Noninterest income | 516 | 392 | 992 | 919 |
Debit Card Interchange Fees [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Noninterest income | 241 | 205 | 462 | 368 |
Merchant Card Fees [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Noninterest income | 15 | 15 | 31 | 31 |
Card Income [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Noninterest income | 256 | 220 | 493 | 399 |
Loan Servicing Fees [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Noninterest income | 11 | 79 | 101 | 128 |
Net Gain on Sale of Loans and Foreclosed Real Estate [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Noninterest income | 39 | 97 | 159 | 769 |
Total Mortgage Fee Income and Realized Gain on Sale of Loans and Foreclosed Real Estate [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Noninterest income | 50 | 176 | 260 | 897 |
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] | ||||
Noninterest income | $ 1,179 | $ 1,091 | $ 2,434 | $ 2,874 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Lessee Lease Description [Line Items] | ||||
Operating lease, option to extend lease term, description | Our leases have remaining lease terms that vary from less than two years up to 29 years, some of which include options to extend the leases for various renewal periods | |||
Operating lease, option to extend lease term | true | |||
ASU 2016-02 [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Lease rental income | $ 62,000 | $ 71,000 | $ 125,000 | $ 142,000 |
Minimum [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Operating leases remaining lease term | 2 years | |||
Maximum [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Operating leases remaining lease term | 29 years |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||||
Operating lease cost | $ 57 | $ 60 | $ 113 | $ 121 |
Finance lease cost | $ 21 | $ 20 | $ 41 | $ 40 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Cash paid for amount included in the measurement of lease liabilities: | ||||
Operating cash flows from operating leases | $ 51 | $ 55 | $ 103 | $ 111 |
Operating cash flows from finance leases | 21 | 20 | 41 | 40 |
Financing cash flows from finance leases | $ 18 | $ 17 | $ 36 | $ 35 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Operating Leases: | ||
Operating lease right-of-use assets | $ 2,172 | $ 2,240 |
Operating lease liabilities | 2,467 | 2,525 |
Finance Leases: | ||
Financial Liability | $ 592 | $ 587 |
Weighted Average Remaining Lease Term: | ||
Operating Leases | 18 years 9 months 14 days | 19 years 29 days |
Finance Leases | 27 years 11 months 1 day | 28 years 5 months 1 day |
Weighted Average Discount Rate: | ||
Operating Leases | 3.72% | 3.73% |
Finance Leases | 13.75% | 13.75% |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Operating Lease Liabilities Payments Due Rolling Maturity [Abstract] | |
2022 | $ 95 |
2023 | 104 |
2024 | 114 |
2025 | 122 |
2026 | 130 |
Thereafter | 2,494 |
Total minimum lease payments | $ 3,059 |
COVID-19 - Additional Informati
COVID-19 - Additional Information (Details) - Total Related Credits [Member] | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 15, 2020 | Mar. 03, 2020 | |
Unusual Or Infrequent Item [Line Items] | |||
Basis point reduction in target federal funds rate | 100.00% | 50.00% | |
Minimum [Member] | |||
Unusual Or Infrequent Item [Line Items] | |||
Percentage of decrease in federal funds rate target | 0.00% | ||
Maximum [Member] | |||
Unusual Or Infrequent Item [Line Items] | |||
Percentage of decrease in federal funds rate target | 0.25% |