Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 24, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | PATHFINDER BANCORP, INC. | ||
Entity Central Index Key | 0001609065 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Public Float | $ 52.2 | ||
Entity Shell Company | false | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity File Number | 001-36695 | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 38-3941859 | ||
Entity Address, Address Line One | 214 West First Street | ||
Entity Address, City or Town | Oswego | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 13126 | ||
City Area Code | 315 | ||
Local Phone Number | 343-0057 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
ICFR Auditor Attestation Flag | false | ||
Auditor Name | Bonadio & Co., LLP | ||
Auditor Location | Pittsford, NY, United States | ||
Auditor Firm ID | 1884 | ||
Title of each class | Common Stock, $0.01 par value | ||
Trading Symbol | PBHC | ||
Name of each exchange on which registered | NASDAQ | ||
Documents Incorporated by Reference | Proxy Statement for the 2022 Annual Meeting of Shareholders of the Registrant (Part III). Auditor Firm Id: 1884 Auditor Name: Auditor Location: | ||
Voting Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock Shares Outstanding | 4,603,187 | ||
Series A Nonvoting Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock Shares Outstanding | 1,380,283 |
Consolidated Statements of Cond
Consolidated Statements of Condition - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS: | ||
Cash and due from banks (including restricted balances of $1,600 and $1,600 respectively) | $ 13,856 | $ 14,906 |
Interest-earning deposits (including restricted balances of $0 and $0, respectively) | 23,293 | 28,558 |
Total cash and cash equivalents | 37,149 | 43,464 |
Available-for-sale securities, at fair value | 190,598 | 128,261 |
Held-to-maturity securities, at amortized cost (fair value of $162,805 and $174,935, respectively) | 160,923 | 171,224 |
Marketable equity securities, at fair value | 677 | 1,850 |
Federal Home Loan Bank stock, at cost | 4,189 | 4,390 |
Loans | 831,946 | 823,969 |
Loans held-for-sale | 513 | 1,526 |
Less: Allowance for loan losses | 12,935 | 12,777 |
Loans receivable, net | 819,524 | 812,718 |
Premises and equipment, net | 21,659 | 22,264 |
Operating lease right-of-use assets | 2,136 | 2,240 |
Accrued interest receivable | 4,520 | 4,549 |
Intangible assets, net | 117 | 133 |
Goodwill | 4,536 | 4,536 |
Bank owned life insurance | 23,423 | 17,864 |
Other assets | 15,726 | 13,950 |
Total assets | 1,285,177 | 1,227,443 |
Deposits: | ||
Interest-bearing | 863,488 | 833,850 |
Noninterest-bearing | 191,858 | 162,057 |
Total deposits | 1,055,346 | 995,907 |
Short-term borrowings | 12,500 | 4,020 |
Long-term borrowings | 64,598 | 78,030 |
Subordinated loans | 29,563 | 39,400 |
Accrued interest payable | 106 | 193 |
Operating lease liabilities | 2,440 | 2,525 |
Other liabilities | 9,991 | 9,646 |
Total liabilities | 1,174,544 | 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 | 51,044 | 50,024 |
Retained earnings | 60,946 | 50,284 |
Accumulated other comprehensive loss | (1,268) | (2,236) |
Unearned ESOP | (495) | (675) |
Total Pathfinder Bancorp, Inc. shareholders' equity | 110,287 | 97,456 |
Noncontrolling interest | 346 | 266 |
Total equity | 110,633 | 97,722 |
Total liabilities and shareholders' equity | 1,285,177 | 1,227,443 |
Voting Common Stock [Member] | ||
Shareholders' equity: | ||
Common stock | 46 | $ 45 |
Non-Voting Common Stock [Member] | ||
Shareholders' equity: | ||
Common stock | $ 14 |
Consolidated Statements of Co_2
Consolidated Statements of Condition (Parenthetical) - USD ($) | Dec. 31, 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 | $ 162,805,000 | $ 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 |
Common stock, shares outstanding (in shares) | 5,983,467 | 4,531,383 |
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) | 4,603,184 | 4,531,383 |
Common stock, shares outstanding (in shares) | 4,603,184 | 4,531,383 |
Non-Voting Common Stock [Member] | ||
Shareholders' equity: | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,505,283 | 1,505,283 |
Common stock, shares issued (in shares) | 1,380,283 | 0 |
Common stock, shares outstanding (in shares) | 1,380,283 | 0 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Interest and dividend income: | ||
Loans, including fees | $ 37,026 | $ 35,421 |
Debt securities: | ||
Taxable | 8,312 | 6,524 |
Tax-exempt | 171 | 159 |
Dividends | 309 | 324 |
Federal funds sold and interest earning deposits | 9 | 79 |
Total interest and dividend income | 45,827 | 42,507 |
Interest expense: | ||
Interest on deposits | 4,714 | 8,112 |
Interest on short-term borrowings | 10 | 148 |
Interest on long-term borrowings | 1,018 | 1,503 |
Interest on subordinated loans | 1,790 | 1,101 |
Total interest expense | 7,532 | 10,864 |
Net interest income | 38,295 | 31,643 |
Provision for loan losses | 1,022 | 4,707 |
Net interest income after provision for loan losses | 37,273 | 26,936 |
Noninterest income: | ||
Earnings and gain on bank owned life insurance | 559 | 460 |
Net gains on sales and redemptions of investment securities | 37 | 1,076 |
Gains (losses) on marketable equity securities | 382 | (629) |
Net gains on sales of loans and foreclosed real estate | 313 | 1,179 |
Net gains on sales of premises and equipment | 201 | |
Insurance agency revenue | 1,048 | 955 |
Total noninterest income | 6,231 | 6,485 |
Noninterest expense: | ||
Salaries and employee benefits | 14,384 | 13,468 |
Building and occupancy | 3,121 | 3,013 |
Data processing | 2,555 | 2,396 |
Professional and other services | 1,627 | 1,210 |
Advertising | 1,198 | 941 |
FDIC assessments | 874 | 699 |
Audits and exams | 725 | 507 |
Insurance agency expense | 825 | 743 |
Community service activities | 220 | 199 |
Foreclosed real estate expenses | 46 | 50 |
Other expenses | 1,920 | 1,854 |
Total noninterest expenses | 27,495 | 25,080 |
Income before income taxes | 16,009 | 8,341 |
Provision for income taxes | 3,499 | 1,295 |
Net income attributable to noncontrolling interest and Pathfinder Bancorp, Inc. | 12,510 | 7,046 |
Net income attributable to noncontrolling interest | 103 | 96 |
Net income attributable to Pathfinder Bancorp, Inc. | $ 12,407 | $ 6,950 |
Dividends per common share (Voting and Series A Non-Voting) | $ 0.28 | $ 0.24 |
Voting Common Stock [Member] | ||
Noninterest expense: | ||
Earnings per common share- basic | 2.07 | 1.17 |
Earnings per common share - diluted | 2.07 | 1.17 |
Dividends per common share (Voting and Series A Non-Voting) | 1,258 | |
Series A Non voting [Member] | ||
Noninterest expense: | ||
Earnings per common share- basic | 2.07 | |
Earnings per common share - diluted | 2.07 | |
Voting and Series A Non-Voting [Member] | ||
Noninterest expense: | ||
Dividends per common share (Voting and Series A Non-Voting) | $ 0.28 | $ 0.24 |
Service Charges on Deposit Accounts [Member] | ||
Noninterest income: | ||
Noninterest income | $ 1,464 | $ 1,395 |
Loan Servicing Fees [Member] | ||
Noninterest income: | ||
Noninterest income | 246 | 361 |
Debit Card Interchange Fees [Member] | ||
Noninterest income: | ||
Noninterest income | 923 | 771 |
Other Charges, Commissions & Fees [Member] | ||
Noninterest income: | ||
Noninterest income | $ 1,058 | $ 917 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Consolidated Statements of Comprehensive Income [Abstract] | |||
Net Income | $ 12,510 | $ 7,046 | |
Retirement Plans: | |||
Retirement plan net losses recognized in plan expenses | 105 | 234 | |
Plan gains not recognized in plan expenses | 818 | 610 | |
Net unrealized gain on retirement plans | 923 | 844 | |
Unrealized holding gains on available-for-sale securities | |||
Unrealized holding (losses) gains arising during the period | (535) | 2,352 | |
Reclassification adjustment for net gains included in net income | (19) | (926) | |
Net unrealized gains on available-for-sale securities | (554) | 1,426 | |
Derivatives and hedging activities: | |||
Unrealized holding gains (losses) arising during the period | 921 | (1,308) | |
Net unrealized losses on derivatives and hedging activities | 921 | (1,308) | |
Accretion of net unrealized loss on securities transferred to held-to-maturity | [1] | 21 | 33 |
Other comprehensive income, before tax | 1,311 | 995 | |
Tax effect | (343) | (260) | |
Other comprehensive income, net of tax | 968 | 735 | |
Comprehensive income | 13,478 | 7,781 | |
Comprehensive income, attributable to noncontrolling interest | 103 | 96 | |
Comprehensive income attributable to Pathfinder Bancorp, Inc. | 13,375 | 7,685 | |
Tax Effect Allocated to Each Component of Other Comprehensive Income | |||
Retirement plan net losses recognized in plan expenses | (27) | (61) | |
Plan gains not recognized in plan expenses | (215) | (159) | |
Unrealized holding losses (gains) arising during the period | 140 | (615) | |
Reclassification adjustment for net gains included in net income | 5 | 242 | |
Unrealized losses on derivatives and hedging arising during the period | (241) | 342 | |
Accretion of net unrealized loss on securities transferred to held-to-maturity | [1] | (5) | (9) |
Income tax effect related to other comprehensive income | $ (343) | $ (260) | |
[1] | The accretion of the unrealized holding losses in accumulated other comprehensive loss at the date of transfer at September 30, 2013 partially offsets the amortization of the difference between the par value and the fair value of the investment securities at the date of transfer, and is an adjustment of yield. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Unearned ESOP [Member] | Non-controlling Interest [Member] | Non-Voting Common Stock [Member]Common Stock [Member] | |
Balance at Dec. 31, 2019 | $ 90,669 | $ 12 | $ 47 | $ 49,362 | $ 44,839 | $ (2,971) | $ (855) | $ 235 | ||
Net Income | 7,046 | 6,950 | 96 | |||||||
Other comprehensive income, net of tax | 735 | 735 | ||||||||
Exchange of common shares to preferred shares, at par value | [1] | 2 | (2) | |||||||
ESOP shares earned | 270 | 90 | 180 | |||||||
Stock based compensation | 300 | 300 | ||||||||
Stock options exercised | 223 | 223 | ||||||||
Common stock dividends declared | (1,102) | (1,102) | ||||||||
Preferred stock dividends declared | (291) | (291) | ||||||||
Warrant dividends declared | (30) | (30) | ||||||||
Capital transfer from affiliates | 7 | (7) | ||||||||
Cumulative effect of affiliate capital allocation | 42 | (82) | 40 | |||||||
Distributions from affiliates | (98) | (98) | ||||||||
Balance at Dec. 31, 2020 | 97,722 | 14 | 45 | 50,024 | 50,284 | (2,236) | (675) | 266 | ||
Net Income | 12,510 | 12,407 | 103 | |||||||
Conversion of Preferred stock to Non-Voting common stock | $ (14) | $ 14 | ||||||||
Other comprehensive income, net of tax | 968 | 968 | ||||||||
ESOP shares earned | 376 | 196 | 180 | |||||||
Stock based compensation | 241 | 241 | ||||||||
Stock options exercised | 551 | 1 | 550 | |||||||
Common stock dividends declared | (1,258) | (1,258) | ||||||||
Non-Voting common stock dividends declared ($0.21 per share) | (290) | (290) | ||||||||
Preferred stock dividends declared | (97) | (97) | ||||||||
Warrant dividends declared | (35) | (35) | ||||||||
Cumulative effect of affiliate capital allocation | 33 | (65) | 32 | |||||||
Distributions from affiliates | (55) | (55) | ||||||||
Balance at Dec. 31, 2021 | $ 110,633 | $ 46 | $ 51,044 | $ 60,946 | $ (1,268) | $ (495) | $ 346 | $ 14 | ||
[1] | On November 13, 2020, the Company issued to Castle Creek 225,000 shares of its Series B Preferred Shares in exchange for an equivalent number of shares of Company Common Stock held by Castle Creek. Castle Creek was the only stockholder of the Series B Preferred Shares. The Company received no cash proceeds as a result of the exchange. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Nov. 13, 2020 | |
ESOP shares earned (in shares) | 24,442 | 24,442 | |
Restricted stock units (in shares) | 19,369 | 13,437 | |
Dividends per non voting common share | $ 0.21 | ||
Dividends per common share (Voting and Series A Non-Voting) | 0.28 | $ 0.24 | |
Dividends per preferred share | 0.07 | 0.24 | |
Dividends per warrant | $ 0.28 | $ 0.24 | |
Preferred stock, shares issued (in shares) | 0 | 1,380,283 | |
Series B Preferred Stock [Member] | Castle Creek [Member] | |||
Preferred stock, shares issued (in shares) | 225,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
OPERATING ACTIVITIES | ||
Net income attributable to Pathfinder Bancorp, Inc. | $ 12,407 | $ 6,950 |
Adjustments to reconcile net income to net cash flows from operating activities: | ||
Provision for loan losses | 1,022 | 4,707 |
Deferred income expense (benefit) tax | 481 | (1,305) |
Amortization of operating leases | 19 | 20 |
Proceeds from sales of loans | 9,224 | 50,914 |
Originations of loans held-for-sale | (7,898) | (15,321) |
Realized losses (gains) on sales, redemptions and calls of: | ||
Real estate acquired through foreclosure | 0 | 14 |
Loans | (313) | (1,193) |
Available-for-sale investment securities | (19) | (1,042) |
Held-to-maturity investment securities | (18) | (34) |
Premises and equipment | (201) | 0 |
Marketable equity securities | (382) | 629 |
Depreciation | 1,787 | 1,696 |
Amortization of mortgage servicing rights | (5) | (354) |
Amortization of deferred loan costs | 1,820 | 786 |
Amortization of deferred financing from subordinated debt | 163 | 55 |
Earnings and gain on bank owned life insurance | (559) | (460) |
Net amortization of premiums and discounts on investment securities | 2,418 | 2,104 |
Amortization of intangible assets | 16 | 16 |
Stock based compensation and ESOP expense | 617 | 570 |
Net change in accrued interest receivable | 29 | (837) |
Payment of executive deferred compensation and SERP contracts, expensed in prior periods | (571) | 0 |
Net change in other assets and liabilities | 117 | (1,354) |
Net cash flows from operating activities | 20,154 | 46,561 |
INVESTING ACTIVITIES | ||
Purchase of investment securities available-for-sale | (156,548) | (143,132) |
Purchase of investment securities held-to-maturity | (43,914) | (97,135) |
Purchase of Federal Home Loan Bank stock | (6,665) | (3,463) |
Proceeds from redemption of Federal Home Loan Bank stock | 6,866 | 3,907 |
Proceeds from maturities and principal reductions of investment securities available-for-sale | 52,202 | 98,718 |
Proceeds from maturities and principal reductions of investment securities held-to-maturity | 50,155 | 44,918 |
Proceeds from sales, redemptions and calls of: | ||
Available-for-sale investment securities | 38,243 | 25,795 |
Held-to-maturity investment securities | 3,784 | 3,461 |
Real estate acquired through foreclosure | 0 | 132 |
Marketable equity securities | 1,555 | 0 |
Purchase of bank owned life insurance | (5,000) | 0 |
Proceeds from sales of premises and equipment | 231 | 0 |
Net change in loans | (9,648) | (81,163) |
Purchase of premises and equipment | (1,212) | (1,261) |
Net cash flows from investing activities | (69,951) | (149,223) |
FINANCING ACTIVITIES | ||
Net change in demand deposits, NOW accounts, savings accounts, money management deposit accounts, MMDA accounts and escrow deposits | 95,431 | 138,651 |
Net change in time deposits | (23,824) | (58,061) |
Net change in brokered deposits | (12,168) | 33,424 |
Net change in short-term borrowings | 8,480 | (21,118) |
Payments on long-term borrowings | (25,969) | (30,193) |
Proceeds from long-term borrowings | 12,537 | 40,236 |
Proceeds from exercise of stock options | 551 | 223 |
Proceeds from subordinated loan | 0 | 25,000 |
Payments on subordinated loan | (10,000) | 0 |
Issuance costs of subordinated loan | 0 | (783) |
Cash dividends paid to common voting shareholders | (1,227) | (1,137) |
Cash dividends paid to common non-voting shareholders | (194) | 0 |
Cash dividends paid to preferred shareholders | (180) | (277) |
Cash dividends paid on warrants | (35) | (30) |
Change in noncontrolling interest, net | 80 | 31 |
Net cash flows from financing activities | 43,482 | 125,966 |
Change in cash and cash equivalents | (6,315) | 23,304 |
Cash and cash equivalents at beginning of period | 43,464 | 20,160 |
Cash and cash equivalents at end of period | 37,149 | 43,464 |
CASH PAID DURING THE PERIOD FOR: | ||
Interest | 7,439 | 11,067 |
Income taxes | 2,460 | 2,650 |
NON-CASH INVESTING ACTIVITY | ||
Real estate acquired in exchange for loans | 0 | 58 |
RESTRICTED CASH | ||
Collateral deposits for hedge position included in cash and due from banks | $ 1,600 | $ 1,600 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1: Summary of Significant Accounting Policies Nature of Operations The accompanying consolidated financial statements include the accounts of Pathfinder Bancorp, Inc. (the “Company”) and its wholly owned subsidiary, Pathfinder Bank (the “Bank”). The Company is a Maryland corporation headquartered in Oswego, New York. On October 16, 2014, the Company completed its conversion from the mutual holding company structure and the related public offering and is now a stock holding company that is fully owned by the public. As a result of the conversion, the mutual holding company and former mid-tier holding company were merged into Pathfinder Bancorp, Inc. The primary business of the Company is its investment in Pathfinder Bank (the "Bank") which is 100% owned by the Company. The Bank has two wholly owned operating subsidiaries, Pathfinder Risk Management Company, Inc. (“PRMC”) and Whispering Oaks Development Corp. All significant inter-company accounts and activity have been eliminated in consolidation. Although the Company owns, through its subsidiary PRMC, 51% of the membership interest in FitzGibbons Agency, LLC (“FitzGibbons”), the Company is required to consolidate 100% of FitzGibbons within the consolidated financial statements. The 49% of which the Company does not own is accounted for separately as noncontrolling interests within the consolidated financial statements. The Company received $24.9 million in net proceeds from the sale of approximately 2.6 million shares of common stock as a result of the Conversion in October 2014. In October 2015, the Company executed the issuance of a $10.0 million non-amortizing Subordinated Loan and subsequently used those proceeds in February 2016 to substantially fund the full retirement of $13.0 million in SBLF Preferred stock. The Company received $19.6 million in net proceeds from the sale of 37,700 shares of common stock and 1,155,283 shares of preferred stock as a result of the Private Placement in May 2019. The Company has seven branch offices located in Oswego County, three branch offices in Onondaga County and one limited purpose office in Oneida County. The Company is primarily engaged in the business of attracting deposits from the general public in the Company’s market area, and investing such deposits, together with other sources of funds, in loans secured by commercial real estate, business assets, one-to-four family residential real estate and investment securities. Discussion of COVID-19 Pandemic A discussion of the effect of the COVID-19 pandemic on the operations of the Company is contained herein in Note 29. Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management has identified the allowance for loan losses, deferred income taxes, pension obligations, the annual evaluation of the Company’s goodwill for possible impairment and the evaluation of investment securities for other than temporary impairment and the estimation of fair values for accounting and disclosure purposes to be the accounting areas that require the most subjective and complex judgments, and as such, could be the most subject to revision as new information becomes available. The Company is subject to the regulations of various governmental agencies. The Company also undergoes periodic examinations by the regulatory agencies which may subject it to further changes with respect to asset valuations, amounts of required loss allowances, and operating restrictions resulting from the regulators' judgments based on information available to them at the time of their examinations. Significant Group Concentrations of Credit Risk Most of the Company’s activities are with customers located primarily in Oswego and Onondaga counties of New York State. A large portion of the Company’s portfolio is centered in residential and commercial real estate. The Company closely monitors real estate collateral values and requires additional reviews of commercial real estate appraisals by a qualified third party for commercial real estate loans in excess of $400,000. All residential loan appraisals are reviewed by an individual or third party who is independent of the loan origination or approval process and was not involved in the approval of appraisers or selection of the appraiser for the transaction, and has no direct or indirect interest, financial or otherwise in the property or the transaction. Advertising The Company generally follows the policy of charging the costs of advertising to expense as incurred. Expenditures for new marketing and advertising material designs and/or media content, related to specifically-identifiable marketing campaigns are capitalized and expensed over the estimated life of the campaign. Such periods of time are generally 12-24 months in duration and do not exceed 36 months. Noncontrolling Interest Noncontrolling interest represents the portion of ownership and profit or loss that is attributable to the minority owners of FitzGibbons. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, amounts due from banks and interest-bearing deposits (with original maturity of three months or less). Investment Securities The Company classifies investment securities as either available-for-sale or held-to-maturity. The Company does not hold any securities considered to be trading. Available-for-sale securities are reported at fair value, with net unrealized gains and losses reflected as a separate component of shareholders’ equity, net of the applicable income tax effect. Held-to-maturity securities are those that the Company has the ability and intent to hold until maturity and are reported at amortized cost. Gains or losses on investment security transactions are based on the amortized cost of the specific securities sold. Premiums and discounts on securities are amortized and accreted into income using the interest method over the period to maturity. The Company records its investment in marketable equity securities (“MES”) at fair value. Changes in the fair value of MES are recorded as additions to, or subtractions from, net income in the period that the change occurs. These changes in fair value are separately disclosed as gains (losses) on equity securities on the Consolidated Statements of Income. Note 4 to the consolidated financial statements includes additional information about the Company’s accounting policies with respect to the impairment of investment securities. Federal Home Loan Bank Stock Federal law requires a member institution of the Federal Home Loan Bank (“FHLB”) system to hold stock of its district FHLB according to a predetermined formula. The stock is carried at cost. Transfers of Financial Assets Transfers of financial assets, including sales of loans and loan participations, are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Loans The Company grants mortgage, commercial, municipal, and consumer loans to customers. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are stated at their outstanding unpaid principal balances, less the allowance for loan losses plus net deferred loan origination costs. The ability of the Company’s debtors to honor their contracts is dependent upon the real estate and general economic conditions in the market area. Interest income is generally recognized when income is earned using the interest method. Nonrefundable loan fees received and related direct origination costs incurred are deferred and amortized over the life of the loan using the interest method, resulting in a constant effective yield over the loan term. Deferred fees are recognized into income and deferred costs are charged to income immediately upon prepayment of the related loan. The loans receivable portfolio is segmented into residential mortgage, commercial and consumer loans. The residential mortgage segment consists of one-to-four family first-lien residential mortgages and construction loans. Commercial loans consist of the following classes: real estate, lines of credit, other commercial and industrial, and tax-exempt loans. Consumer loans include both home equity lines of credit and loans with junior liens and other consumer loans. Allowance for Loan Losses The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the date of the statement of condition and it is recorded as a reduction of loans. The allowance is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. Non-residential consumer loans are generally charged off no later than 120 days past due on a contractual basis, unless productive collection efforts are providing results. Consumer loans may be charged off earlier in the event of bankruptcy, or if there is an amount that is deemed uncollectible. No portion of the allowance for loan losses is restricted to any individual loan product and the entire allowance is available to absorb any and all loan losses. The allowance for loan losses is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on three major components which are; specific components for larger loans, recent historical losses and several qualitative factors applied to a general pool of loans, and an unallocated component. The first component is the specific component that relates to loans that are classified as impaired. For these loans, an allowance is established when the discounted cash flows or collateral value of the impaired loan is lower than the carrying value of that loan. The second or general component covers pools of loans, by loan class, not considered impaired, smaller balance homogeneous loans, such as residential real estate, home equity and other consumer loans. These pools of loans are evaluated for loss exposure first based on historical loss rates for each of these categories of loans. The ratio of net charge-offs to loans outstanding within each product class, over the most recent eight quarters, lagged by one quarter, is used to generate the historical loss rates. In addition, qualitative factors are added to the historical loss rates in arriving at the total allowance for loan loss need for this general pool of loans. The qualitative factors include changes in national and local economic trends, the rate of growth in the portfolio, trends of delinquencies and nonaccrual balances, changes in loan policy, and changes in lending management experience and related staffing. Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. These qualitative factors, applied to each product class, make the evaluation inherently subjective, as it requires material estimates that may be susceptible to significant revision as more information becomes available. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan loss analysis and calculation. As a result of the COVID-19 pandemic, the Company’s management extensively reviewed a broad array of econometric projections and the potential effect of changes in those projections on anticipated loan performance. As a result, certain qualitative factors were modified in order to determine the adequacy of the allowance for loan losses during the year and at December 31, 2021 and 2020. The third or unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio and generally comprises less than 10% of the total allowance for loan loss. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and shortfalls on a case-by case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length and reason for the delay, the borrower’s prior payment record and the amount of shortfall in relation to what is owed. Impairment is measured by either the present value of the expected future cash flows discounted at the loan’s effective interest rate or the fair value of the underlying collateral, if the loan is collateral dependent. The majority of the Company’s loans utilize the fair value of the underlying collateral. The CARES Act, signed into law on March 27, 2020, provided financial assistance in various forms to both businesses and consumers. One of the technical provisions of the CARES Act was to allow financial institutions not to characterize loan modifications specifically related to the COVID-19 pandemic as TDRs although financial institutions must make impairment determinations for accounting purposes if certain impairment triggers are met. Notwithstanding the Bank’s policies with respect to impaired and potentially impaired loans, as discussed above, certain loans on deferred payment status were not classified as TDRs at December 31, 2021, as a result of the application of the provisions of the CARES Act. An allowance for loan loss is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. For loans secured by real estate, estimated fair values are determined primarily through third-party appraisals, less costs to sell. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. For commercial and industrial loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower’s financial statements, inventory reports, accounts receivable agings or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Large groups of homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual residential mortgage loans less than $300,000, home equity and other consumer loans for impairment disclosures, unless such loans are related to borrowers with impaired commercial loans or they are subject to a troubled debt restructuring agreement. Loans that are related to borrowers with impaired commercial loans or are subject to a troubled debt restructuring agreement are evaluated individually for impairment. Commercial loans whose terms are modified are classified as troubled debt restructurings if the Company grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a troubled debt restructuring generally include but are not limited to a temporary reduction in the interest rate or an extension of a loan’s stated maturity date. Commercial loans classified as troubled debt restructurings are designated as impaired and evaluated individually as discussed above. The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of the collateral, if appropriate, are evaluated not less than annually for commercial loans or when credit deficiencies arise on all loans. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. See Note 5 for a description of these regulatory classifications. In addition, Federal and State regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on management’s comprehensive analysis of the loan portfolio, management believes the current level of the allowance for loan losses is adequate. Income Recognition on Impaired and Nonaccrual Loans With the exception of certain loans in deferral at December 31, 2020 as a result of COVID-19 pandemic-related factors, for all classes of loans receivable, the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan may be currently performing. A loan may remain on accrual status if it is either well secured or guaranteed and in the process of collection. When a loan is placed on nonaccrual status, unpaid interest is reversed and charged to interest income. Interest received on nonaccrual loans, including impaired loans, generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, generally six months, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. Nonaccrual troubled debt restructurings are restored to accrual status if principal and interest payments, under the modified terms, are current for six consecutive months after modification. For nonaccrual loans, when future collectability of the recorded loan balance is expected, interest income may be recognized on a cash basis. In the case where a nonaccrual loan had been partially charged off, recognition of interest on a cash basis is limited to that which would have been recognized on the recorded loan balance at the contractual interest rate. Cash interest receipts in excess of that amount are recorded as recoveries to the allowance for loan losses until prior charge-offs have been fully recovered. Off-Balance Sheet Credit Related Financial Instruments In the ordinary course of business, the Company has entered into commitments to extend credit, including commitments under standby letters of credit. Such financial instruments are recorded when they are funded. Premises and Equipment Premises and equipment are stated at cost, less accumulated depreciation. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets, ranging up to 40 years for premises and 10 years for equipment. Maintenance and repairs are charged to operating expenses as incurred. The asset cost and accumulated depreciation are removed from the accounts for assets sold or retired and any resulting gain or loss is included in the determination of income. Foreclosed Real Estate Physical possession of residential real estate property collateralizing a residential mortgage loan occurs when legal title is obtained upon completion of foreclosure or when the borrower conveys all interest in the property to satisfy the loan through completion of a deed-in-lieu of foreclosure or through a similar legal agreement. Properties acquired through foreclosure, or by deed-in-lieu of foreclosure, are recorded at their fair value less estimated costs to sell. Fair value is typically determined based on evaluations by third parties. Costs incurred in connection with preparing the foreclosed real estate for disposition are capitalized to the extent that they enhance the overall fair value of the property. Any write-downs on the asset’s fair value less costs to sell at the date of acquisition are charged to the allowance for loan losses. Subsequent write downs and expenses of foreclosed real estate are included as a valuation allowance and recorded in noninterest expense. Goodwill and Intangible Assets Goodwill represents the excess cost of an acquisition over the fair value of the net assets acquired. Goodwill is not amortized, but is evaluated annually or when there is a triggering event for impairment. Intangible assets, such as customer lists, are amortized over their useful lives, generally 15 years. Mortgage Servicing Rights Originated mortgage servicing rights are recorded at their fair value at the time of transfer of the related loans and are amortized in proportion to, and over the period of, estimated net servicing income or loss. The carrying value of the originated mortgage servicing rights is periodically evaluated for impairment or between annual evaluations under certain circumstances. Stock-Based Compensation Compensation costs related to share-based payment transactions are recognized based on the grant-date fair value of the stock-based compensation issued. Compensation costs are recognized over the period that an employee provides service in exchange for the award. Compensation costs related to the Employee Stock Ownership Plan are dependent upon the average stock price and the shares committed to be released to plan participants through the period in which income is reported. Retirement Benefits The Company has a non-contributory defined benefit pension plan that covered substantially all employees. On May 14, 2012, the Company informed its employees of its decision to freeze participation and benefit accruals under the plan, primarily to reduce some of the volatility in earnings that can accompany the maintenance of a defined benefit plan. The plan was frozen on June 30, 2012. Compensation earned by employees up to June 30, 2012 is used for purposes of calculating benefits under the plan but there will be no future benefit accruals after this date. Participants as of June 30, 2012 will continue to earn vesting credit with respect to their frozen accrued benefits as they continue to work. Pension expense under these plans is charged to current operations and consists of several components of net pension cost based on various actuarial assumptions regarding future experience under the plans. Gains and losses, prior service costs and credits, and any remaining transition amounts that have not yet been recognized through net periodic benefit cost are recognized in accumulated other comprehensive loss, net of tax effects, until they are amortized as a component of net periodic cost. Plan assets and obligations are measured as of the Company’s statement of condition date. The Company has unfunded deferred compensation and supplemental executive retirement plans for selected current and former employees and officers that provide benefits that cannot be paid from a qualified retirement plan due to Internal Revenue Code restrictions. These plans are nonqualified under the Internal Revenue Code, and assets used to fund benefit payments are not segregated from other assets of the Company, therefore, in general, a participant's or beneficiary's claim to benefits under these plans is as a general creditor. The Bank sponsors an Employee Stock Ownership Plan (“ESOP”) covering substantially all full time employees. The cost of shares issued to the ESOP but not committed to be released to the participants is presented in the consolidated statement of condition as a reduction of shareholders’ equity. ESOP shares are released to the participants on an annual basis in accordance with a predetermined schedule. The Company records ESOP compensation expense based on the shares committed to be released and allocated to the participant’s accounts multiplied by the average share price of the Company’s stock over the period. Dividends related to unallocated shares are recorded as compensation expense. Derivative Financial Instruments Derivatives are recorded on the statement of condition as assets and liabilities measured at their fair value. The accounting for changes in the fair value of a derivative depends on whether or not the derivative has been designated and qualifies as part of a hedging relationship. The Company acquires derivatives with the intent of designating and qualifying those instruments as part of hedging relationships to other balance sheet assets or liabilities. The specific accounting treatment for increases and decreases in the value of derivatives further depends upon the use of the specific derivatives. There are two primary types of interest rate derivatives that may be employed by the Company: • Fair Value Hedge - As a result of interest rate fluctuations, fixed-rate assets and liabilities will appreciate or depreciate in fair value over the course of their economic lives prior to maturity. When effectively hedged, this appreciation or depreciation will generally be offset by fluctuations in the fair value of derivative instruments that are linked to the hedged assets and liabilities. This strategy is referred to as a fair value hedge. For a fair value hedge, changes in the fair value of the derivative instrument and changes in the fair value of the hedged asset or liability are expected to substantially offset each other and these changes are recognized currently in earnings. • Cash Flow Hedge - Cash flows related to floating rate assets and liabilities will fluctuate with changes in the underlying rate index. When effectively hedged, the increases or decreases in cash flows related to the floating-rate asset or liability will generally be offset by changes in cash flows of the derivative instruments designated as a hedge. This strategy is referred to as a cash flow hedge. For a cash flow hedge, changes in the fair value of the derivative instrument, to the extent that it is effective, are recorded in other comprehensive income and subsequently reclassified to earnings as the hedged transaction impacts net income. Any ineffective portion of a cash flow hedge is recognized currently in earnings. Income Taxes Provisions for income taxes are based on taxes currently payable or refundable and deferred income taxes on temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements. Deferred tax assets and liabilities are reported in the consolidated financial statements at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized or settled. Earnings Per Share Basic net income per share was calculated using the two-class method by dividing net income (less any dividends on participating securities) by the weighted average number of shares of common stock and participating securities outstanding for the period. Diluted earnings per share may include the additional effect of other securities, if dilutive, in which case the dilutive effect of such securities is calculated by applying either the two-class method or the Treasury Stock method to the assumed exercise or vesting of potentially dilutive common shares. The method yielding the more dilutive result is ultimately reported for the applicable period. Potentially dilutive common stock equivalents primarily consist of employee stock options and restricted stock units. Unallocated common shares held by the ESOP are not included in the weighted average number of common shares outstanding for purposes of calculating earnings per common share until they are committed to be released to plan participants. Note 3 provides more information related to earnings per share. Segment Reporting The Company has evaluated the activities relating to its strategic business units. The controlling interest in the FitzGibbons Agency is dissimilar in nature and management when compared to the Company’s other strategic business units which are judged to be similar in nature and management. The Company has determined that the FitzGibbons Agency is below the reporting threshold in size in accordance with Accounting Standards Codification 280. Accordingly, the Company has determined it has no reportable segments. Comprehensive Income (Loss) Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities are reported as a separate component of the equity section of the statement of condition, such items, along with net income, are components of comprehensive income. Accumulated other comprehensive loss represents the sum of these items, with the exception of net income, as of the balance sheet date and is represented in the table below. As of December 31, Accumulated Other Comprehensive Loss By Component: 2021 2020 Unrealized loss for pension and other postretirement obligations $ (1,907 ) $ (2,832 ) Tax effect 495 739 Net unrealized loss for pension and other postretirement obligations (1,412 ) (2,093 ) Unrealized gain (loss) on available-for-sale securities 579 1,133 Tax effect (151 ) (296 ) Net unrealized gain on available-for-sale securities 428 837 Unrealized holding losses on hedging activities arising during the period (388 ) (1,308 ) Tax effect 102 342 Net unrealized loss on hedging activities (286 ) (966 ) Unrealized loss on securities transferred to held-to-maturity (2 ) (22 ) Tax effect 4 8 Net unrealized gain (loss) on securities transferred to held-to-maturity 2 (14 ) Accumulated other comprehensive loss $ (1,268 ) $ (2,236 ) Reclassifications Certain amounts in the 2020 consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on net income as previously reported. |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Dec. 31, 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 GAAP to regulate the standards of accounting in the United States. From time to time, the FASB issues new GAAP standards, known as Accounting Standards Updates (“ASUs”) some of which, upon adoption, may have the potential to change the way in which the Company recognizes or reports within its consolidated financial statements. The following table provides a description of standards that were adopted in 2021 and standards not yet adopted as of December 31, 2021, but could have an impact on the Company's consolidated financial statements upon adoption. 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 FASB issued the amendments in this ASU as part of its ongoing project on its agenda for improving the Codification and correcting its unintended application. The items addressed in that project generally are not expected to have a significant effect on current accounting practices. The amendments in this ASU are summarized below. For Codification Improvements specific to ASU 2016-01, the following topics are covered within ASU 2019-04: • Scope Clarifications • Held-to-Maturity Debt Securities Fair Value Disclosures • Applicability of Topic 820 to the Measurement Alternative • Remeasurement of Equity Securities at Historical Exchange Rates The ASU also covers a number of issues that relate to hedge accounting (ASU-2017-12) including: • Partial-Term Fair Value Hedges of Interest Rate Risk • Amortization of Fair Value Hedge Basis Adjustments • Disclosure of Fair Value Hedge Basis Adjustments • Consideration of the Hedged Contractually Specified Interest Rate under the Hypothetical Derivative Method • Application of a First- Payments-Received Cash Flow Hedging Technique to Overall Cash Flows on a Group of Variable Interest Payments • Transition Guidance The amendments to Topic 326 and other Topics in this Update include items related to the amendments in Update 2016-13 discussed at the June 2018 and November 2018 Credit Losses Transition Resource Group (“TRG”) meetings. The amendments clarify or address stakeholders’ specific issues about certain aspects of the amendments in Update 2016-13 on a number of different topics, including the following: • Accrued Interest • Transfers between Classifications or Categories for Loans and Debt Securities • Recoveries • Consideration of Prepayments in Determining the Effective Interest Rate • Consideration of Estimated Costs to Sell When Foreclosure Is Probable • Vintage Disclosures— Line-of-Credit Arrangements Converted to Term Loans • Contractual Extensions and Renewals The amendments in this ASU were effective for fiscal years beginning after December 15, 2020, for public business 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 issued 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 were effective for fiscal years beginning after December 15, 2020, for public business 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 Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs (ASU 2020-08) The amendments affect the guidance in Accounting Standards Update No. 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities For public business entities, the amendments in this ASU were effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. 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 amendments for contract modifications could be elected to be applied as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020. The amendments for existing hedging relationships can be elected to be applied as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. The adoption of this ASU has had and is not expected to have any material impact to the Company’s consolidated statements of condition or income. Standard Description Required Date of Implementation Effect on Consolidated Financial Statements 1. No. 2021-06 | Presentation of Financial Statements (Topic 205), Financial Services—Depository and Lending (Topic 942), and Financial Services—Investment Companies (Topic 946) This ASU requires applicable entities to disclose, as of each balance sheet date, in a footnote to the financial statements, the aggregate dollar amount of loans (exclusive of loans to any such persons which in the aggregate do not exceed $60,000 during the latest year) made by the registrant or any of its subsidiaries to directors, executive officers, or principal holders of equity securities of the registrant or any of its significant subsidiaries, or to any associate of such persons. For the latest fiscal year, an analysis of activity with respect to such aggregate loans to related parties should also be provided. The analysis should include the aggregate amount at the beginning of the period, new loans, repayments, and other changes. This disclosure need not be furnished when the aggregate amount of such loans at the balance sheet date (or with respect to the latest fiscal year, the maximum amount outstanding during the period) does not exceed five percent of stockholders equity as of that date. This ASU also requires depository and lending institutions to disclose if a significant portion of the aggregate amount of loans outstanding to related parties at the end of the fiscal year relates to loans that are disclosed as nonaccrual, past due, nonaccrual, or troubled debt restructurings in the consolidated financial statements along with such other information necessary to an understanding of the effects of the transactions on the financial statements. This ASU further requires depository and lending institutions to disclose if any loans were not made in the ordinary course of business during any period for which a statement of comprehensive income is required to be filed. This ASU is effective immediately for all applicable entities. This ASU requires additional disclosures to be provided in all reporting periods for which financial statements are presented, but otherwise does not affect the Company's reported statements of financial condition or results of operations. Standard Description Required Date of Implementation Effect on Consolidated Financial Statements Reference Rate Reform, Topic 848 ( ASU 2021-01) The amendments in this ASU clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discontinuing transition. Specifically, certain provisions in Topic 848, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The amendments in this Update apply to all entities that elect to apply the optional guidance in Topic 848. The amendments in this ASU are effective immediately for all entities. 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 December 31, 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 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 evaluating the preliminary output from models that have been developed during this evaluative phase. In addition, future levels of allowances will 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. The amount of any change in the allowance for credit losses resulting from the new guidance will 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 adopts 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 January 1, 2023 (early adoption 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 Earnings Per Share, Debt Modifications and Extinguishments, Stock Compensation, and Derivatives and Hedging- Contacts in Entity's own Equity (ASU 2021-04) 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. 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 The amendments in this Update clarify or address stakeholders' specific issues about certain aspects of the amendments in Update 2016-13 as described below: 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 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 Debt (ASU 2020-06- Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity's Own Equity (Subtopic 815-40) The amendments reduce the number of accounting models for convertible debt instruments and convertible preferred stock. The amendments also reduce form-over-substance-based guidance for the derivatives scope exception for contacts in an entity’s own equity. For convertible instruments, embedded conversion features no longer are separated from the host contract for convertible instruments with conversion features that are not required to be accounted for as derivatives, or that do not result in substantial premiums accounted for as paid-in capital. Consequently, a convertible debt instrument will be accounted for as a single liability measured at its amortized cost and a convertible preferred stock will be accounted for as a single equity instrument measured at its historical cost, as long as no other features require bifurcation and recognition as derivatives. By removing those separation models, the interest rate of convertible debt instruments typically will be closer to the coupon interest rate on the instrument. The amendments also require certain changes to EPS calculations for convertible instruments as well as additional disclosures relating to conditions that cause conversion features to be met. For contracts in an entity’s own equity, the amendments revise the derivatives scope exception guidance as follows: 1. Remove the settlement in unregistered shares, collateral, and shareholder rights conditions from the settlement guidance. 2. Clarify that payment penalties for failure to timely file do not preclude equity classification. 3. Require instruments that are required to be classified as an asset or liability to be measured subsequently at fair value, with changes reported in earnings and disclosed in the financial statements. 4. Clarify that the scope of the disclosure requirements in the Contracts in an Entity’s Own Equity section of the Derivatives guidance applies only to freestanding instruments. 5. Clarify that the scope of the reassessment guidance in the Contracts in an Entity’s Own Equity section of the Derivatives guidance applies to both freestanding instruments and embedded features. The amendments in this update are effective for public business entities, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Board specified that an entity should adopt the guidance as of the beginning of its annual fiscal year. The amendments can be applied either on a modified retrospective method of transition or a fully retrospective method of transition. In applying the modified retrospective method, the guidance should be applied to transactions outstanding as of the beginning of the fiscal year in which the amendments are adopted. Transactions that were settled (or expired) during prior reporting periods are unaffected. The cumulative effect of the change should be recognized as an adjustment to the opening balance of retained earnings at the date of adoption. If applying the fully retrospective method of transition, the cumulative effect of the change should be recognized as an adjustment to the opening balance of retained earnings in the first comparative period presented. The fair value option is allowed to be irrevocably elected for any financial instrument that is a convertible security upon adoption of the amendments. The Company has not yet determined which transition method will be applied to the extent that such transition adjustments are applicable. The Company does not expect that the guidance will have a material effect on its consolidated statements of financial condition or income. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 3: EARNINGS PER SHARE Following shareholder approval received on June 4, 2021, the Company converted 1,380,283 shares of its Series B Convertible Perpetual Preferred Stock to an equal number of shares of its newly-created Series A Non-Voting Common Stock. The conversion, which was effective on June 28, 2021, represented 100% of the Company's Convertible Perpetual Preferred Stock outstanding at the time of the conversion and retired the Convertible Perpetual Preferred Stock in perpetuity. The Company has voting common stock, non-voting common stock and a warrant that are all eligible to participate in dividends equal to the voting common stock dividends on a per share basis. Securities that participate in dividends, such as the Company’s non-voting common stock and warrant, are considered “participating securities.” The Company calculates net income available to voting common shareholders using the two-class method required for capital structures that include participating securities. In applying the two-class method, basic net income per share was calculated by dividing net income (less any dividends on participating securities) by the weighted average number of shares of common stock and participating securities outstanding for the period. Diluted earnings per share may include the additional effect of other securities, if dilutive, in which case the dilutive effect of such securities is calculated by applying either the two-class method or the Treasury Stock method to the assumed exercise or vesting of potentially dilutive common shares. The method yielding the more dilutive result is ultimately reported for the applicable period. Potentially dilutive common stock equivalents primarily consist of employee stock options and restricted stock units. Unallocated common shares held by the ESOP are not included in the weighted average number of common shares outstanding for purposes of calculating earnings per common share until they are committed to be released to plan participants. Anti-dilutive shares are common stock equivalents with average exercise prices in excess of the weighted average market price for the period presented. Anti-dilutive stock options, not included in the computation below, were -0- and 175,996 for the years ended 2021 and 2020, respectively. The following table sets forth the calculation of basic and diluted earnings per share. Years Ended December 31, (In thousands, except per share data) 2021 2020 Net income attributable to Pathfinder Bancorp, Inc. $ 12,407 $ 6,950 Convertible preferred stock dividends 180 291 Series A Non-Voting Common Stock dividends 206 - Warrant dividends 35 30 Undistributed earnings allocated to participating securities 2,699 1,224 Net income available to common shareholders- Voting $ 9,287 $ 5,405 Net income attributable to Pathfinder Bancorp, Inc. $ 12,407 $ - Convertible preferred stock dividends 180 - Voting Common Stock dividends 1,258 - Warrant dividends 35 - Undistributed earnings allocated to participating securities 9,392 - Net income available to common shareholders- Series A Non-Voting $ 1,542 $ - Basic weighted average common shares outstanding- Voting 4,478 4,608 Basic weighted average common shares outstanding- Series A Non-Voting 745 - Diluted weighted average common shares outstanding- Voting 4,478 4,608 Diluted weighted average common shares outstanding- Series A Non-Voting 745 - Basic earnings per common share- Voting $ 2.07 $ 1.17 Basic earnings per common share- Series A Non-Voting $ 2.07 $ - Diluted earnings per common share- Voting $ 2.07 $ 1.17 Diluted earnings per common share- Series A Non-Voting $ 2.07 $ - |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 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: December 31, 2021 Gross Gross Estimated Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value Available-for-Sale Portfolio Debt investment securities: US Treasury, agencies and GSEs $ 32,669 $ 17 $ (413 ) $ 32,273 State and political subdivisions 37,860 1,383 (44 ) 39,199 Corporate 13,603 562 (38 ) 14,127 Asset backed securities 13,693 9 (89 ) 13,613 Residential mortgage-backed - US agency 22,482 148 (466 ) 22,164 Collateralized mortgage obligations - US agency 12,658 30 (403 ) 12,285 Collateralized mortgage obligations - Private label 56,848 285 (402 ) 56,731 Total 189,813 2,434 (1,855 ) 190,392 Equity investment securities: Common stock - financial services industry 206 - - 206 Total 206 - - 206 Total available-for-sale $ 190,019 $ 2,434 $ (1,855 ) $ 190,598 Held-to-Maturity Portfolio Debt investment securities: US Treasury, agencies and GSEs $ - $ - $ - $ - State and political subdivisions 14,790 416 (140 ) 15,066 Corporate 46,290 1,252 (102 ) 47,440 Asset backed securities 14,636 67 (188 ) 14,515 Residential mortgage-backed - US agency 9,740 277 (18 ) 9,999 Collateralized mortgage obligations - US agency 11,362 367 (9 ) 11,720 Collateralized mortgage obligations - Private label 64,105 222 (262 ) 64,065 Total held-to-maturity $ 160,923 $ 2,601 $ (719 ) $ 162,805 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 A substantial percentage of the Company’s investments in mortgage-backed securities include pass-through securities and collateralized mortgage obligations issued and guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. At December 31, 2021, the Company also held a total of 68 54 The amortized cost and estimated fair value of debt investments at December 31, 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 $ 5,886 $ 6,294 $ 2,817 $ 2,865 Due after one year through five years 4,824 4,920 8,967 9,349 Due after five years through ten years 34,884 34,512 43,836 44,764 Due after ten years 52,231 53,486 20,096 20,043 Sub-total 97,825 99,212 75,716 77,021 Residential mortgage-backed - US agency 22,482 22,164 9,740 9,999 Collateralized mortgage obligations - US agency 12,658 12,285 11,362 11,720 Collateralized mortgage obligations - Private label 56,848 56,731 64,105 64,065 Totals $ 189,813 $ 190,392 $ 160,923 $ 162,805 The Company’s investment securities’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, is as follows: December 31, 2021 Less than Twelve Months Twelve Months or More Total Number of Number of Number of Individual Unrealized Fair Individual Unrealized Fair Individual Unrealized Fair (Dollars in thousands) Securities Losses Value Securities Losses Value Securities Losses Value Available-for-Sale Portfolio US Treasury, agencies and GSE's 3 $ (413 ) $ 31,195 - $ - $ - 3 $ (413 ) $ 31,195 State and political subdivisions 3 (44 ) 4,847 - - - 3 (44 ) 4,847 Corporate 2 (5 ) 1,162 1 (33 ) 722 3 (38 ) 1,884 Asset backed securities 5 (89 ) 11,206 - - - 5 (89 ) 11,206 Residential mortgage-backed - US agency 3 (466 ) 13,090 - - - 3 (466 ) 13,090 Collateralized mortgage obligations - US agency 3 (126 ) 6,504 2 (277 ) 2,204 5 (403 ) 8,708 Collateralized mortgage obligations - Private label 18 (388 ) 38,816 2 (14 ) 1,539 20 (402 ) 40,355 Totals 37 $ (1,531 ) $ 106,820 5 $ (324 ) $ 4,465 42 $ (1,855 ) $ 111,285 Held-to-Maturity Portfolio State and political subdivisions 4 $ (28 ) $ 2,013 2 $ (112 ) $ 3,988 6 $ (140 ) 6,001 Corporate 9 (102 ) 7,636 - - - 9 (102 ) 7,636 Asset backed securities 2 (130 ) 2,974 2 (58 ) 1,610 4 (188 ) 4,584 Residential mortgage-backed - US agency 1 (18 ) 1,941 - - - 1 (18 ) 1,941 Collateralized mortgage obligations - US agency - - - 1 (9 ) 1,109 1 (9 ) 1,109 Collateralized mortgage obligations - Private label 6 (163 ) 13,070 3 (99 ) 3,820 9 (262 ) 16,890 Totals 22 $ (441 ) $ 27,634 8 $ (278 ) $ 10,527 30 $ (719 ) $ 38,161 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 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 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 investment securities within the portfolio as of December 31, 2021 represents OTTI. There were a total of five securities classified as available-for-sale (aggregate amortized historical cost of $4.8 million, unrealized aggregate loss of $324,000, or -6.7%) and eight Each security which has been in an unrealized loss position for 12 months or more has been analyzed and is not considered to be impaired. These securities have unrealized losses primarily due to fluctuations in general interest rates or changes in expected prepayments. In substantially all cases, price improvement in future months is expected as the issuances approach maturity. Of the total of 13 securities in an unrealized loss position for 12 months or more at December 31, 2021, three securities, with aggregate amortized cost balances of $3.6 million and representing 23.1% of the unamortized cost of the total securities in an unrealized loss position for 12 months or more, are issued by United States agencies and consist of a collateralized mortgage obligation. These positions in US government agency 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 three securities, the Company held the following ten non-government-issued/backed securities that were in an unrealized loss position for 12 or more months at December 31, 2021: • One • Two • Two • One • One • Three 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. Proceeds of $42.0 million and $29.3 million , respectively on sales and redemptions of securities for the years ended December 31, 2021 and 2020 resulted in gross realized gains (losses) detailed below (In thousands) 2021 2020 Realized gains on investments $ 120 $ 1,107 Realized losses on investments (83 ) (31 ) $ 37 $ 1,076 As of December 31, 2021 and December 31, 2020, securities with a fair value of $103.2 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 $9.4 million and $13.2 million were pledged against certain borrowing arrangements. Management has reviewed its loan and mortgage-backed securities portfolios and determined that, to the best of its knowledge, little or no exposure exists to sub-prime or other high-risk residential mortgages. The Company is not in the practice of investing in, or originating, these types of investments. |
Loans
Loans | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Loans | NOTE 5: LOANS Major classifications of loans are as follows: December 31, December 31, (In thousands) 2021 2020 Residential mortgage loans: 1-4 family first-lien residential mortgages $ 240,434 $ 227,185 Construction 6,329 6,681 Loans held-for-sale (1) 513 1,526 Total residential mortgage loans 247,276 235,392 Commercial loans: Real estate 288,450 286,271 Lines of credit 61,884 49,103 Other commercial and industrial 69,135 78,629 Paycheck Protection Program loans 19,338 60,643 Tax exempt loans 5,811 7,166 Total commercial loans 444,618 481,812 Consumer loans: Home equity and junior liens 31,737 38,624 Other consumer 110,108 70,905 Total consumer loans 141,845 109,529 Total loans 833,739 826,733 Net deferred loan fees (1,280 ) (1,238 ) Less allowance for loan losses (12,935 ) (12,777 ) Loans receivable, net $ 819,524 $ 812,718 (1) Based on ASC 948, Mortgage Banking, loans shall be classified as held-for-sale once a decision has been made to sell the loans and shall be transferred to the held-for-sale category at lower of cost or fair value. At December 31, 2021, the loans under contract to be sold had a principal balance of $513,000. These loans were transferred at their amortized cost of $513,000 as of December 31, 2021, as the fair value of these loans was greater than the amortized cost. At December 31, 2020, the loans under contract to be sold had a principal balance of $1.5 million. These loans were transferred at their amortized cost of $1.5 million as of December 31, 2020, as the fair value of these loans was greater than the amortized cost. Paycheck Protection Program (“PPP”) The Bank participated in all rounds of the PPP funded by the U.S. Treasury Department and administered by the U.S. SBA pursuant to the CARES Act and subsequent legislation. PPP loans have an interest rate of 1.0% and a two-year five-year Unaudited For the years ended (In thousands, except number of loans) December 31, 2021 December 31, 2020 Number of PPP loans originated in the period 478 699 Funded balance of PPP loans originated in the period $ 36,369 $ 75,352 Number of PPP loans forgiven in the period 796 136 Average balance of PPP loans in the period $ 75,538 $ 91,328 Balance of PPP loans forgiven in the period $ 77,054 $ 15,279 Deferred PPP fee income recognized in the period $ 2,150 $ 938 (In thousands, except number of loans) December 31, 2021 December 31, 2020 Unearned PPP deferred fee income at end of period $ 716 $ 1,216 (In thousands, except number of loans) Number Balance Total PPP loans originated since inception 1,177 $ 111,721 Total PPP loans forgiven since inception 932 $ 92,333 Total PPP loans remaining at December 31, 2021 256 $ 19,338 The Bank received $4.0 million in fees from the SBA associated with PPP lending activities during 2020 and 2021 and recognized $2.2 million and $900,000 of those fees in 2021 and 2020, respectively. Accordingly, $3.1 million in deferred fee income on a cumulative basis was subtracted from the carrying value of the PPP loans held in portfolio and the remaining $912,000 in deferred collected fees will be recognized in future periods. CARES Act Section 4013 Loan Deferrals Through December 31, 2020, the Bank granted payment deferral requests for an initial period of 90 days on 618 loans representing approximately $137.4 million of existing loan balances. Upon the receipt of borrower requests, additional 90 day deferral periods were generally granted. Consistent with industry regulatory guidance, borrowers that were granted COVID-19 related deferrals but were otherwise current on loan payments continued to have their loans reported as current loans during the agreed upon deferral period(s), accrue interest and not be accounted for as troubled debt restructurings. Of these granted deferrals, 303 loans, totaling $24.0 million, were residential mortgage or consumer loans. At December 31, 2020, 265 residential and consumer loans, totaling $21.3 million, had returned to non-deferral status. Of these granted deferrals, 315 loans, totaling $113.3 million, were commercial real estate or other commercial and industrial loans. At December 31, 2020, 291 commercial real estate or other commercial and industrial loans, totaling $98.9 million, had returned to non-deferral status. Therefore, at December 31, 2020, 38 residential mortgage and consumer loans, totaling $2.7 million and 24 commercial real estate and other commercial and industrial loans, totaling $14.4 million remained in deferral status. These loans still in deferral status therefore totaled $17.1 million and represented 2.1% of all loans outstanding at December 31, 2020. After consultations with certain of these commercial loan borrowers, 11 loans, representing $8.3 million, were granted an additional 90 day deferral period beyond 180 days as of December 31, 2020. These loans are included in the $17.1 million in loans still in deferred status at December 31, 2020. On an extremely limited basis, additional deferral periods were granted subject to further analysis and discussion with specific borrowers. To the extent that such modifications met the criteria previously described these loans were not classified as troubled debt restructurings nor classified as nonperforming at December 31, 2020. Loans not granted additional deferral periods were categorized as nonaccrual loans if the borrowers failed to make the first scheduled payment following the end of the deferral period, or became seriously delinquent thereafter. During the course of 2021, all deferred loans were either returned to accrual status or appropriately characterized as nonaccrual as dictated by their repayment activities. Therefore, the Company had no loans in deferral status at December 31, 2021. 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. In 2019, the Bank acquired eleven diverse pools of loans, originated by unrelated third parties. There were four new pools added in 2021. The following table summarizes the positions, held by the Bank in purchased loans at year end: (In thousands, except number of loans) December 31, 2021 Original Balance Current Balance Unamortized Premium Percent Owned Number of Loans Maturity Range Cumulative net charge-offs Residential real estate loans 4,300 4,100 257 100 % 51 17-23 Years - Residential real estate loans 21,300 21,400 3,642 62 % 900 19-25 years - Other commercial and industrial loans 6,800 3,900 100 % 33 4-8 years - Commercial Line of Credit 1 11,600 7,100 26 5 % 1 0-1 year - Commercial Line of Credit 2 10,500 9,300 35 28 % 1 0-1 year - Home equity lines of credit 21,900 8,400 243 100 % 187 2-28 years - Automobile loans 50,400 8,800 301 90 % 855 0-5 years 239 Unsecured consumer loan pool 1 5,400 2,600 100 % 66 3-5 years - Unsecured consumer loan pool 2 26,600 6,300 30 59 % 1,438 1-3 years 42 Unsecured consumer loans pool 3 10,300 2,200 74 100 % 1,356 0-6 years 296 Unsecured consumer loans pool 4 14,500 12,600 1,776 68 % 563 15 years - Unsecured consumer loans pool 5 24,400 19,700 583 100 % 756 Over 15 years - Unsecured consumer loans pool 6 22,200 22,100 2,785 100 % 564 Over 15 years - (In thousands, except number of loans) December 31, 2020 Original Balance Current Balance Unamortized Premium Percent Owned Number of Loans Maturity Range Cumulative net charge-offs Residential real estate loans $ 4,300 $ 4,300 $ 273 100 % 51 17-25 years - Other commercial and industrial loans 6,800 5,500 - 100 % 39 5-9 years - Home equity lines of credit 21,900 13,900 309 100 % 275 3-29 years - Automobile loans 50,400 17,000 602 90 % 1,257 0-6 years 230 Unsecured consumer loan pool 1 5,400 3,600 - 100 % 76 3-6 years - Unsecured consumer loan pool 2 26,600 15,400 63 59 % 2,246 2-4 years - Unsecured consumer loans pool 3 10,300 5,500 138 100 % 2,958 0-6 years - Unsecured consumer loans pool 4 14,500 14,500 2,124 68 % 619 25 years - As of December 31, 2021 and December 31, 2020, residential mortgage loans with a carrying value of $123.2 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. Risk Characteristics of Portfolio Segments Each portfolio segment generally carries its own unique risk characteristics. The residential mortgage loan segment is impacted by general economic conditions, unemployment rates in the Bank’s service area, real estate values and the forward expectation of improvement or deterioration in economic conditions. First and second lien residential mortgages, acquired via purchase are impacted by general economic conditions, unemployment rates in the general areas in which the loan collateral is located, real estate values in those areas and the forward expectation of improvement or deterioration in economic conditions. The commercial loan segment is impacted by general economic conditions but, more specifically, the industry segment in which each borrower participates. Unique competitive changes within a borrower’s specific industry, or geographic location could cause significant changes in the borrower’s revenue stream, and therefore, impact its ability to repay its obligations. Commercial real estate is also subject to general economic conditions but changes within this segment typically lag changes seen within the consumer and commercial segment. Included within this portfolio are both owner occupied real estate, in which the borrower occupies the majority of the real estate property and upon which the majority of the sources of repayment of the obligation is dependent upon, and non-owner occupied real estate, in which several tenants comprise the repayment source for this portfolio segment. The composition and competitive position of the tenant structure may cause adverse changes in the repayment of debt obligations for the non-owner occupied class within this segment. The consumer loan segment is impacted by general economic conditions, unemployment rates in the geographic areas in which borrowers and loan collateral are located, and the forward expectation of improvement or deterioration in economic conditions. Real estate loans, including residential mortgages, commercial real estate loans and home equity, comprised 68% of the total loans held in the portfolio in 2021 and 2020, respectively. Loans secured by real estate generally provide strong collateral protection and thus significantly reduce the inherent credit risk in the portfolio. Management has reviewed its loan portfolio and determined that, to the best of its knowledge, little or no exposure exists to sub-prime or other high-risk residential mortgages. The Company is not in the practice of originating these types of loans. Description of Credit Quality Indicators The Company utilizes an eight tier risk rating system to evaluate the quality of its loan portfolio. Loans that are risk rated “1” through “4” are considered “Pass” loans. In accordance with regulatory guidelines, loans rated “5” through “8” are termed “criticized” loans and loans rated “6” through “8” are termed “classified” loans. A description of the Company’s credit quality indicators follows. For Commercial Loans: 1. Prime : A loan that is fully secured by properly margined Pathfinder Bank deposit account(s) or an obligation of the US Government. It may also be unsecured if it is supported by a very strong financial condition and, in the case of a commercial loan, excellent management. There exists an unquestioned ability to repay the loan in accordance with its terms. 2. Strong : Desirable relationship of somewhat less stature than Prime grade. Possesses a sound documented repayment source, and back up, which will allow repayment within the terms of the loan. Individual loans backed by solid assets, character and integrity. Ability of individual or company management is good and well established. Probability of serious financial deterioration is unlikely. 3. Satisfactory : Stable financial condition with cash flow sufficient for debt service coverage. Satisfactory loans of average strength having some deficiency or vulnerability to changing economic or industry conditions but performing as agreed with documented evidence of repayment capacity. May be unsecured loans to borrowers with satisfactory credit and financial strength. Satisfactory provisions for management succession and a secondary source of repayment exists. 4. Satisfactory Watch: A four is not a criticized or classified credit. These credits do not display the characteristics of a criticized asset as defined by the regulatory definitions. A credit is given a Satisfactory Watch designation if there are matters or trends observed deserving attention somewhat beyond normal monitoring. Borrowing obligations may be handled according to agreement but could be adversely impacted by developing factors such as industry conditions, operating problems, pending litigation of a significant nature or declining collateral quality and adequacy. 5. Special Mention : A warning risk grade that portrays one or more weaknesses that may be tolerated in the short term. Assets in this category are currently protected but are potentially weak. This loan would not normally be booked as a new credit, but may have redeeming characteristics persuading the Bank to continue working with the borrower. Loans accorded this classification have potential weaknesses which may, if not checked or corrected, weaken the company’s assets, inadequately protect the Bank’s position or effect the orderly, scheduled reduction of the debt at some future time. 6. Substandard : The relationship is inadequately protected by the current net worth and cash flow capacity of the borrower, guarantor/endorser, or of the collateral pledged. Assets have a well-defined weakness or weaknesses that jeopardize the orderly liquidation of the debt. The relationship shows deteriorating trends or other deficient areas. The loan may be nonperforming and expected to remain so for the foreseeable future. Relationship balances may be adequately secured by asset value; however a deteriorated financial condition may necessitate collateral liquidation to effect repayment. This would also include any relationship with an unacceptable financial condition requiring excessive attention of the officer due to the nature of the credit risk or lack of borrower cooperation. 7. Doubtful : The relationship has all the weaknesses inherent in a credit graded 5 with the added characteristic that the weaknesses make collection on the basis of currently existing facts, conditions and value, highly questionable or improbable. The possibility of some loss is extremely high, however its classification as an anticipated loss is deferred until a more exact determination of the extent of loss is determined. Loans in this category must be on nonaccrual. 8. Loss : Loans are considered uncollectible and of such little value that continuance as bankable assets is not warranted. It is not practicable or desirable to defer writing off this basically worthless asset even though partial recovery may be possible in the future. For Residential Mortgage and Consumer Loans: Residential mortgage and consumer loans are assigned a “Pass” rating unless the loan has demonstrated signs of weakness as indicated by the ratings below. 5. Special Mention : All loans sixty days past due are classified Special Mention. The loan is not upgraded until it has been current for six consecutive months. 6. Substandard : All loans 90 days 7. Doubtful : The relationship has all the weaknesses inherent in a credit graded 5 with the added characteristic that the weaknesses make collection on the basis of currently existing facts, conditions and value, highly questionable or improbable. The possibility of some loss is extremely high. The risk ratings for classified loans are evaluated at least quarterly for commercial loans or when credit deficiencies arise, such as delinquent loan payments, for commercial, residential mortgage or consumer loans. See further discussion of risk ratings in Note 1. The following table presents the segments and classes of the loan portfolio summarized by the aggregate pass rating and the criticized and classified ratings of special mention, substandard and doubtful within the Company's internal risk rating system: As of December 31, 2021 Special (In thousands) Pass Mention Substandard Doubtful Total Residential mortgage loans: 1-4 family first-lien residential mortgages $ 238,823 $ 269 $ 811 $ 531 $ 240,434 Construction 6,329 - - - 6,329 Loans held-for-sale 513 - - - 513 Total residential mortgage loans 245,665 269 811 531 247,276 Commercial loans: Real estate 267,388 9,879 10,604 579 288,450 Lines of credit 54,408 4,036 3,387 53 61,884 Other commercial and industrial 56,719 3,907 8,321 188 69,135 Paycheck Protection Program loans 19,338 - - - 19,338 Tax exempt loans 5,811 - - - 5,811 Total commercial loans 403,664 17,822 22,312 820 444,618 Consumer loans: Home equity and junior liens 30,740 133 606 258 31,737 Other consumer 109,979 44 77 8 110,108 Total consumer loans 140,719 177 683 266 141,845 Total loans $ 790,048 $ 18,268 $ 23,806 $ 1,617 $ 833,739 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 Nonaccrual and Past Due Loans Loans are placed on nonaccrual when the contractual payment of principal and interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan may be performing. Loans are considered past due if the required principal and interest payments have not been received within thirty days of the payment due date. An age analysis of past due loans, not including net deferred loan costs, segregated by portfolio segment and class of loans, for the years ended December 31, are detailed in the following tables: As of December 31, 2021 30-59 Days 60-89 Days 90 Days Past Due Past Due and Total Total Loans (In thousands) and Accruing and Accruing Over Past Due Current Receivable Residential mortgage loans: 1-4 family first-lien residential mortgages $ 960 $ 416 $ 891 $ 2,268 $ 238,166 $ 240,434 Construction - - - - 6,329 6,329 Loans held-for-sale - - - - 513 513 Total residential mortgage loans 960 416 891 2,268 245,008 247,276 Commercial loans: Real estate 1,735 1,029 4,379 7,143 281,307 288,450 Lines of credit 156 1,180 576 1,913 59,971 61,884 Other commercial and industrial 1,799 1,686 1,056 4,541 64,594 69,135 Paycheck Protection Program loans - - - - 19,338 19,338 Tax exempt loans - - - - 5,811 5,811 Total commercial loans 3,691 3,895 6,011 13,597 431,021 444,618 Consumer loans: Home equity and junior liens 17 49 251 317 31,420 31,737 Other consumer 571 257 852 1,680 108,428 110,108 Total consumer loans 588 306 1,103 1,998 139,847 141,845 Total loans $ 5,239 $ 4,617 $ 8,006 $ 17,862 $ 815,877 $ 833,739 As of December 31, 2020 30-59 Days 60-89 Days 90 Days Past Due Past Due and Total Total Loans (In thousands) and Accruing and Accruing 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 Year-end nonaccrual loans, segregated by class of loan, were as follows: December 31, December 31, (In thousands) 2021 2020 Residential mortgage loans: 1-4 family first-lien residential mortgages $ 891 $ 2,608 Total residential mortgage loans 891 2,608 Commercial loans: Real estate 4,407 11,286 Lines of credit 629 194 Other commercial and industrial 1,261 6,498 Total commercial loans 6,297 17,978 Consumer loans: Home equity and junior liens 252 473 Other consumer 852 274 Total consumer loans 1,104 747 Total nonaccrual loans $ 8,292 $ 21,333 There were no loans past due ninety days or more and still accruing interest at December 31, 2021 or 2020. The Company is required to disclose certain activities related to Troubled Debt Restructurings (“TDR”) in accordance with accounting guidance. Certain loans have been modified in a TDR where economic concessions have been granted to a borrower who is experiencing, or expected to experience, financial difficulties. These economic concessions could include a reduction in the loan interest rate, extension of payment terms, reduction of principal amortization, or other actions that it would not otherwise consider for a new loan with similar risk characteristics. The Company is required to disclose new TDRs for each reporting period for which an income statement is being presented. Pre-modification outstanding recorded investment is the principal loan balance less the provision for loan losses before the loan was modified as a TDR. Post-modification outstanding recorded investment is the principal balance less the provision for loan losses after the loan was modified as a TDR. Additional provision for loan losses is the change in the allowance for loan losses between the pre-modification outstanding recorded investment and post-modification outstanding recorded investment. The table below details loans that had been modified as TDRs for the year ended December 31, 2021. For the year ended December 31, 2021 (In thousands) Number of loans Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Additional provision for loan losses Commercial real estate loans 1 $ 675 $ 675 $ - Commercial and industrial loans 1 200 675 - Residential mortgages 3 453 459 - Consumer loans 1 443 504 - The TDR's evaluated for impairment for the year ended December 31, 2021 have been classified as TDRs due to economic concessions granted, which include reductions in the stated interest rates or an extended maturity date that will result in a delay in payment from the original contractual maturity. One loan has been granted four deferrals and based on the known history of the borrower, Management has determined this loan to be a TDR. The table below details loans that have been modified as TDRs for the year ended December 31, 2020. For the year ended December 31, 2020 (In thousands) Number of loans Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Additional provision for loan losses Commercial real estate loans 1 $ 1,234 $ 1,234 $ - Commercial and industrial loans 2 397 427 129 The TDR's evaluated for impairment for the year ended December 31, 2020 have been classified as TDRs due to economic concessions granted, which include reductions in the stated interest rates or an extended maturity date that will result in a delay in payment from the original contractual maturity. The Company is required to disclose loans that have been modified as TDRs within the previous 12 months in which there was payment default after the restructuring. The Company defines payment default as any loans 90 days past due on contractual payments. The Company had no loans that had been modified as TDRs during the twelve months prior to December 31, 2021, which had subsequently defaulted during the year ended December 31, 2021. The Company had no loans that had been modified as TDRs during the twelve months prior to December 31, 2020, which had subsequently defaulted during the year ended December 31, 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, then impairment is recognized as a component of the provision for loan losses, an associated increase to the allowance for loan losses or as a charge-off to the allowance for loan losses in the current period. Impaired Loans The following table summarizes impaired loans information by portfolio class: December 31, 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 $ 666 $ 666 $ - $ 665 $ 665 $ - Commercial real estate 4,708 4,801 - 11,053 11,136 - Commercial lines of credit 100 104 - - - - Other commercial and industrial 357 396 - 5,114 5,132 - Home equity and junior liens 93 93 - 75 75 - Other consumer - - - 81 81 - With an allowance recorded: 1-4 family first-lien residential mortgages 539 539 90 1,182 1,182 205 Commercial real estate 2,450 2,450 300 1,729 1,729 231 Commercial lines of credit 53 53 53 925 925 925 Other commercial and industrial 1,852 1,852 1,318 1,864 1,864 1,278 Home equity and junior liens 539 539 114 142 142 142 Other consumer - - - - - - Total: 1-4 family first-lien residential mortgages 1,205 1,205 90 1,847 1,847 205 Commercial real estate 7,158 7,251 300 12,782 12,865 231 Commercial lines of credit 153 157 53 925 925 925 Other commercial and industrial 2,209 2,248 1,318 6,978 6,996 1,278 Home equity and junior liens 632 632 114 217 217 142 Other consumer - - - 81 81 - Totals $ 11,357 $ 11,493 $ 1,875 $ 22,830 $ 22,931 $ 2,781 The following table presents the average recorded investment in impaired loans for years ended December 31: (In thousands) 2021 2020 1-4 family first-lien residential mortgages $ 1,439 $ 1,647 Commercial real estate 9,538 6,327 Commercial lines of credit 640 360 Other commercial and industrial 5,041 2,448 Home equity and junior liens 516 219 Other consumer 50 86 Total $ 17,224 $ 11,087 The following table presents the cash basis interest income recognized on impaired loans for the years ended December 31: (In thousands) 2021 2020 1-4 family first-lien residential mortgages $ 62 $ 75 Commercial real estate 285 360 Commercial lines of credit 10 67 Other commercial and industrial 180 191 Home equity and junior liens 6 6 Other consumer - 6 Total $ 543 $ 705 |
Allowance for Loan Losses
Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2021 | |
Allowance For Loan Losses [Abstract] | |
Allowance for Loan Losses | NOTE 6: ALLOWANCE FOR LOAN LOSSES Changes in the allowance for loan losses for the years ended December 31, 2021 and 2020 and information pertaining to the allocation of the allowance for loan losses and balances of the allowance for loan losses and loans receivable based on individual and collective impairment evaluation by loan portfolio class at the indicated dates are summarized in the tables below. An allocation of a portion of the allowance to a given portfolio class does not limit the Company’s ability to absorb losses in another portfolio class. December 31, 2021 1-4 family first-lien Other Paycheck residential Commercial Commercial commercial Protection (In thousands) mortgage Construction real estate lines of credit and industrial Program Allowance for loan losses: Beginning Balance $ 931 $ - $ 4,776 $ 1,670 $ 2,992 $ - Charge-offs (20 ) - (7 ) (50 ) (707 ) - Recoveries - - - 69 1 - Provisions (credits) (39 ) - 539 (754 ) 476 - Ending balance $ 872 $ - $ 5,308 $ 935 $ 2,762 $ - Ending balance: related to loans individually evaluated for impairment $ 90 $ - $ 300 $ 53 $ 1,318 $ - Ending balance: related to loans collectively evaluated for impairment $ 782 $ - $ 5,008 $ 882 $ 1,444 $ - Loans receivables: Ending balance $ 240,434 $ 6,329 $ 288,450 $ 61,884 $ 69,135 $ 19,338 Ending balance: individually evaluated for impairment $ 1,205 $ - $ 7,158 $ 153 $ 2,209 $ - Ending balance: collectively evaluated for impairment $ 239,229 $ 6,329 $ 281,292 $ 61,731 $ 66,926 $ 19,338 Home equity Other Tax exempt and junior liens consumer Unallocated (1) Total Allowance for loan losses: Beginning Balance $ 1 $ 739 $ 1,123 $ 545 $ 12,777 Charge-offs - - (240 ) - (1,024 ) Recoveries - - 88 - 158 Provisions 2 35 326 438 1,022 Ending balance $ 3 $ 774 $ 1,297 $ 983 $ 12,935 Ending balance: related to loans individually evaluated for impairment $ - $ 114 $ - $ - $ 1,875 Ending balance: related to loans collectively evaluated for impairment $ 3 $ 660 $ 1,297 $ 983 $ 11,060 Loans receivables: Ending balance $ 5,811 $ 31,737 $ 110,108 $ 513 $ 833,739 Ending balance: individually evaluated for impairment $ - $ 632 $ - $ - $ 11,357 Ending balance: collectively evaluated for impairment $ 5,811 $ 31,105 $ 110,108 $ 513 $ 822,382 (1) The ending balance of the loans receivable for the unallocated portion of the allowance includes loans held-for-sale. At December 31, 2021, the Bank had loans held-for-sale with a principal balance of $513,000. These loans were still part of the portfolio as of December 31, 2021. Based on ASC 948, Mortgage Banking, loans shall be classified as held-for-sale once a decision has been made to sell the loans and shall be transferred to the held-for-sale category at lower of cost or fair value. December 31, 2020 1-4 family first-lien Other Paycheck residential Commercial Commercial commercial Protection (In thousands) mortgage Construction real estate lines of credit and industrial Program Allowance for loan losses: Beginning Balance $ 580 $ - $ 4,010 $ 1,195 $ 1,645 $ - Charge-offs (125 ) - - (101 ) (121 ) - Recoveries 2 - - 4 - - Provisions (credits) 474 - 766 572 1,468 - Ending balance $ 931 $ - $ 4,776 $ 1,670 $ 2,992 $ - Ending balance: related to loans individually evaluated for impairment $ 205 $ - $ 231 $ 925 $ 1,278 $ - Ending balance: related to loans collectively evaluated for impairment $ 726 $ - $ 4,545 $ 745 $ 1,714 $ - Loans receivables: Ending balance $ 227,185 $ 6,681 $ 286,271 $ 49,103 $ 78,629 $ 60,643 Ending balance: individually evaluated for impairment $ 1,847 $ - $ 12,782 $ 925 $ 6,978 $ - Ending balance: collectively evaluated for impairment $ 225,338 $ 6,681 $ 273,489 $ 48,178 $ 71,651 $ 60,643 Home equity Other Tax exempt and junior liens consumer Unallocated (1) Total Allowance for loan losses: Beginning Balance $ 1 $ 553 $ 413 $ 272 $ 8,669 Charge-offs - (28 ) (325 ) - (700 ) Recoveries - 29 66 - 101 Provisions - 185 969 273 4,707 Ending balance $ 1 $ 739 $ 1,123 $ 545 $ 12,777 Ending balance: related to loans individually evaluated for impairment $ - $ 142 $ - $ - $ 2,781 Ending balance: related to loans collectively evaluated for impairment $ 1 $ 597 $ 1,123 $ 545 $ 9,996 Loans receivables: Ending balance $ 7,166 $ 38,624 $ 70,905 $ 1,526 $ 826,733 Ending balance: individually evaluated for impairment $ - $ 217 $ 81 $ - $ 22,830 Ending balance: collectively evaluated for impairment $ 7,166 $ 38,407 $ 70,824 $ 1,526 $ 803,903 (1) The ending balance of the loans receivable for the unallocated portion of the allowance includes loans held-for-sale. At December 31, 2020, the Bank had loans held-for-sale with a principal balance of $1.5 million. These loans were still part of the portfolio as of December 31, 2020. Based on ASC 948, Mortgage Banking, loans shall be classified as held-for-sale once a decision has been made to sell the loans and shall be transferred to the held-for-sale category at lower of cost or fair value. The Company’s methodology for determining its allowance for loan losses includes an analysis of qualitative factors that are added to the historical loss rates in arriving at the total allowance for loan losses needed for this general pool of loans. The qualitative factors include: • Changes in national and local economic trends; • The rate of growth in the portfolio; • Trends of delinquencies and nonaccrual balances; • Changes in loan policy; and • Changes in lending management experience and related staffing. Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. These qualitative factors, applied to each product class, make the evaluation inherently subjective, as it requires material estimates that may be susceptible to significant revision as more information becomes available. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan losses analysis and calculation. As a result of the COVID-19 pandemic, the Company’s management extensively reviewed a broad array of econometric projections and the potential effect of changes in those projections on anticipated loan performance. As a result, certain qualitative factors were substantially modified during 2021 in order to determine the adequacy of the allowance for loan losses during the year and at December 31, 2021. The allocation of the allowance for loan losses summarized on the basis of the Company’s calculation methodology was as follows: December 31, 2021 1-4 family first-lien Other residential Commercial Commercial commercial (In thousands) mortgage Construction real estate lines of credit and industrial Specifically reserved $ 90 $ - $ 300 $ 53 $ 1,319 Historical loss rate 82 - 2 25 227 Qualitative factors 700 - 5,006 857 1,217 Total $ 872 $ - $ 5,308 $ 935 $ 2,762 Home equity Other Tax exempt and junior liens consumer Unallocated Total Specifically reserved $ - $ 114 $ - $ - $ 1,876 Historical loss rate - 324 1,028 - 1,688 Qualitative factors 3 336 269 - 8,388 Other - - - 983 983 Total $ 3 $ 774 $ 1,297 $ 983 $ 12,935 December 31, 2020 1-4 family first-lien Other residential Commercial Commercial commercial (In thousands) mortgage Construction real estate lines of credit and industrial Specifically reserved $ 205 $ - $ 231 $ 925 $ 1,278 Historical loss rate 88 - 80 92 56 Qualitative factors 638 - 4,465 653 1,658 Total $ 931 $ - $ 4,776 $ 1,670 $ 2,992 Home equity Other Tax exempt and junior liens consumer Unallocated Total Specifically reserved $ - $ 142 $ - $ - $ 2,781 Historical loss rate - 325 863 - 1,504 Qualitative factors 1 272 260 - 7,947 Other - - - 545 545 Total $ 1 $ 739 $ 1,123 $ 545 $ 12,777 |
Servicing
Servicing | 12 Months Ended |
Dec. 31, 2021 | |
Servicing Asset [Abstract] | |
Servicing | NOTE 7: SERVICING Loans serviced for others are not included in the accompanying consolidated statements of condition. At December 31, 2021 and 2020, the Bank serviced 493 and 501 residential mortgage loans for others, respectively. The unpaid principal balances of mortgage loans serviced for others were $51.1 million and $52.9 million at December 31, 2021 and 2020, respectively. The balance of capitalized servicing rights included in other assets at December 31, 2021 and 2020, was $379,000 and $373,000, respectively. The following summarizes mortgage servicing rights capitalized and amortized: (In thousands) 2021 2020 Mortgage servicing rights capitalized $ 72 $ 407 Mortgage servicing rights amortized 69 54 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Premises and Equipment | NOTE 8: PREMISES AND EQUIPMENT A summary of premises and equipment at December 31, is as follows: (In thousands) 2021 2020 Land $ 2,434 $ 2,454 Buildings 23,000 21,403 Furniture, fixtures and equipment 16,861 17,364 Construction in progress 548 500 42,843 41,721 Less: Accumulated depreciation 21,184 19,457 $ 21,659 $ 22,264 Depreciation expense in 2021 and 2020 was $1.8 million and $1.7 million, respectively. |
Foreclosed Real Estate
Foreclosed Real Estate | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate Owned Disclosure Of Detailed Components [Abstract] | |
Foreclosed Real Estate | NOTE 9: FORECLOSED REAL ESTATE The Company had no foreclosed real estate at December 31, 2021 and 2020. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | NOTE 10: GOODWILL AND INTANGIBLE ASSETS Goodwill represents the excess cost of an acquisition over the fair value of the net assets acquired. Goodwill is not amortized, but is evaluated annually for impairment or between annual evaluations in certain circumstances. Management performs an annual assessment of the Company’s goodwill to determine whether or not any impairment of the carrying value may exist. Of the $4.5 In 2020, the Company retained expert, independent consultants to evaluate the recorded goodwill for impairment. The Company updated those evaluations using internal modeling processes for the year ended December 31, 2021. The Company is permitted to assess market-based, prospective analyses and other qualitative factors to determine if it is more likely than not that the fair value of the reporting unit is less than the carrying value. Based on the results of the assessments made by management, with prior input from the retained consultants, it was determined that the carrying value of goodwill in the amount of $4.5 million is not impaired as of December 31, 2021. The identifiable intangible asset of $117,000 The gross carrying amount and annual amortization for this identifiable intangible asset are as follows: December 31, (In thousands) 2021 2020 Gross carrying amount $ 243 $ 243 Accumulated amortization (126 ) (110 ) Net amortizing intangibles $ 117 $ 133 The estimated amortization expense for each of the five succeeding years ended December 31, is as follows: (In thousands) 2022 $ 16 2023 16 2024 16 2025 16 2026 16 Thereafter 37 Total $ 117 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Deposits | NOTE 11: DEPOSITS A summary of deposits at December 31 is as follows: (In thousands) 2021 2020 Savings accounts $ 131,176 $ 103,093 Time accounts 253,564 305,074 Time accounts in excess of $250,000 67,450 91,976 Money management accounts 16,124 15,650 MMDA accounts 256,963 227,970 Demand deposit interest-bearing 130,816 83,129 Demand deposit noninterest-bearing 191,858 162,057 Mortgage escrow funds 7,395 6,958 Total Deposits $ 1,055,346 $ 995,907 At December 31, 2021, the scheduled maturities of time deposits are as follows: (In thousands) Year of Maturity: 2022 $ 185,868 2023 39,503 2024 6,212 2025 65,288 2026 21,763 Thereafter 2,380 Total $ 321,014 In addition to deposits obtained from its business operations within its target market areas, the Bank also obtains brokered deposits through various programs administered by IntraFi Network and through other unaffiliated third-party financial institutions. At December 31, 2021 2020 (In thousands) Non-Brokered Brokered Total Non-Brokered Brokered Total Savings accounts $ 131,176 $ 131,176 $ 103,093 $ - $ 103,093 Time accounts 135,804 117,760 253,564 135,101 169,973 305,074 Time accounts of $250,000 or more 67,450 67,450 91,976 - 91,976 Money management accounts 16,124 16,124 15,650 - 15,650 MMDA accounts 256,963 256,963 227,970 - 227,970 Demand deposit interest-bearing 90,771 40,045 130,816 83,129 - 83,129 Demand deposit noninterest-bearing 191,858 191,858 162,057 - 162,057 Mortgage escrow funds 7,395 7,395 6,958 - 6,958 Total Deposits $ 897,541 $ 157,805 $ 1,055,346 $ 825,934 $ 169,973 $ 995,907 |
Borrowed Funds
Borrowed Funds | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Borrowed Funds | NOTE 12: BORROWED FUNDS The composition of borrowings (excluding subordinated loans) at December 31 is as follows: (In thousands) 2021 2020 Short-term: FHLB advances $ 12,500 $ 4,020 Total short-term borrowings $ 12,500 $ 4,020 Long-term: FHLB advances $ 64,598 $ 78,030 Total long-term borrowings $ 64,598 $ 78,030 The principal balances, interest rates and maturities of the outstanding long-term borrowings, all of which are at a fixed rate, at December 31, 2021 are as follows: Term Principal Rates (Dollars in thousands) Advances with FHLB Due within 1 year $ 18,227 0.27 - 2.55% Due within 2 years 12,006 0.34 - 3.17% Due within 10 years 34,365 0.39-1.23% Total advances with FHLB $ 64,598 Total long-term fixed rate borrowings $ 64,598 At December 31, 2021, scheduled repayments of long-term debt are as follows: (In thousands) 2022 $ 18,227 2023 12,006 2024 15,413 2025 17,252 2026 1,700 Total $ 64,598 The Company has access to FHLBNY advances, under which it can borrow at various terms and interest rates. Residential mortgage loans with a carrying value of $123.2 million and FHLB stock with a carrying value of $4.2 million have been pledged by the Company under a blanket collateral agreement to secure the Company’s borrowings at December 31, 2021. unsecured basis and the remaining $ 5.0 million must be collateralized with investment securities. Interest on the lines is determined at the time of borrowing. |
Subordinated Loans
Subordinated Loans | 12 Months Ended |
Dec. 31, 2021 | |
Subordinated Borrowings [Abstract] | |
Subordinated Loans | NOTE 13: SUBORDINATED LOANS On October 14, 2020, the Company executed a private placement of $25.0 million of its 5.50% Fixed to Floating Rate non-amortizing Subordinated Loan (the “2020 Subordinated Loan”) to certain qualified institutional investors. The 2020 Subordinated Loan has a maturity date of October 15, 2030 and initially bears interest, payable semi-annually, at a fixed annual rate of 5.50% per annum until October 15, 2025. Commencing on that date, the interest rate applicable to the outstanding principal amount due will be reset quarterly to an interest rate per annum equal to the then current three month Secured Overnight Financing Rate (SOFR) plus 532 basis points, payable quarterly until maturity. The Company may redeem the 2020 Subordinated Loan at par, in whole or in part, at its option, any time after October 15, 2025 (the first redemption date). The 2020 Subordinated Loan is senior in the Company’s credit repayment hierarchy only to the Company’s common equity and preferred stock and, and any future and The Company has a non-consolidated subsidiary trust, Pathfinder Statutory Trust II, of which the Company owns 100% of the common equity. The Trust issued $5,000,000 of 30-year floating rate Company-obligated pooled capital securities of Pathfinder Statutory Trust II (“Floating-Rate Debentures”). The Company borrowed the proceeds of the capital securities from its subsidiary by issuing floating rate junior subordinated deferrable interest debentures having substantially similar terms. The capital securities mature in 2037 and are treated as Tier 1 capital by the FDIC and FRB. The capital securities of the trust are a pooled trust preferred fund of Preferred Term Securities VI, Ltd., whose interest rate resets quarterly, and are indexed to the 3-month LIBOR rate plus 1.65%. These securities have a five-year The Company paid $94,000 and $124,000 in interest expense related to this issuance in 2021 and 2020, respectively. The Company's equity interest in the trust subsidiary is included in other assets on the Consolidated Statements of Financial Condition at December 31, 2021 and 2020. For regulatory reporting purposes, the Federal Reserve has indicated that the preferred securities will continue to qualify as Tier 1 Capital subject to previously specified limitations, until further notice. If regulators make a determination that Trust Preferred Securities can no longer be considered in regulatory capital, the securities become callable and the Company may redeem them. On October 15, 2015, the Company executed a $10.0 million non-amortizing Subordinated Loan (the 2015 Subordinated Loan) with an unrelated third party that was scheduled to mature on October 1, 2025. The Company had the right to prepay the 2015 Subordinated Loan on the first day of any calendar quarter after October 15, 2020 without penalty. The annual interest rate charged to the Company was 6.25% through the maturity date of the 2015 Subordinated Loan. The 2015 Subordinated Loan was senior in the Company’s credit repayment hierarchy only to the Company’s common equity and preferred stock and, as a result, qualified as Tier 2 capital for all future periods when applicable. The Company paid $172,000 in origination and legal fees as part of this transaction. These fees were amortized over the life of the 2015 Subordinated Loan through its first call date using the effective interest method. The effective cost of funds related to this transaction was 6.44% calculated under this method through October 15, 2020 and was 6.25% until the stated maturity date. On April 1, 2021 the Company redeemed this $10.0 million non-amortizing subordinated loan. The terms of the Subordinated Loan required fixed interest payments at an annual interest rate of 6.25% after February 29, 2016 until the Loan’s scheduled maturity date. The composition of subordinated loans at December 31 is as follows: (In thousands) 2021 2020 Subordinated loans: Junior subordinated debenture $ 5,155 $ 5,155 Subordinated loans $ 25,000 $ 35,000 Deferred Financing Charges (592 ) (755 ) Total subordinated loans $ 29,563 $ 39,400 The principal balances, interest rates and maturities of the subordinated loans at December 31, 2021 are as follows: Term Principal Rates (Dollars in thousands) Subordinated loans: Due within 9 years $ 25,000 5.5% Due within 16 years 5,155 3-Month Libor + 1.65% Total subordinated loans $ 30,155 At December 31, 2021, scheduled repayments of the subordinated loans: (In thousands) 2022 $ - 2023 - 2024 - 2025 25,000 Thereafter 5,155 Total $ 30,155 |
Employee Benefits and Deferred
Employee Benefits and Deferred Compensation and Supplemental Retirement Plans | 12 Months Ended |
Dec. 31, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefits and Deferred Compensation and Supplemental Retirement Plans | NOTE 14: Employee Benefits and Deferred Compensation and Supplemental Retirement Plans The Company has a noncontributory defined benefit pension plan covering substantially all employees. The plan provides defined benefits based on years of service and final average salary. On May 14, 2012, the Company informed its employees of its decision to freeze participation and benefit accruals under the plan, primarily to reduce some of the volatility in earnings that can accompany the maintenance of a defined benefit plan. The plan was frozen on June 30, 2012. Compensation earned by employees up to June 30, 2012 is used for purposes of calculating benefits under the plan but there will be no future benefit accruals after this date. Participants as of June 30, 2012 will continue to earn vesting credit with respect to their frozen accrued benefits as they continue to work. In addition, the Company provides certain health and life insurance benefits for a limited number of eligible retired employees. The healthcare plan is contributory with participants’ contributions adjusted annually; the life insurance plan is noncontributory. Employees with less than 14 years of service as of January 1, 1995, are not eligible for the health and life insurance retirement benefits. The following tables set forth the changes in the plans’ benefit obligations, fair value of plan assets and the plans’ funded status as of December 31: Pension Benefits Postretirement Benefits (In thousands) 2021 2020 2021 2020 Change in benefit obligations: Benefit obligations at beginning of year $ 12,967 $ 11,892 $ 369 $ 414 Service cost - - - - Interest cost 441 466 12 16 Plan participants' contribution - - 8 9 Actuarial (gain) loss (389 ) 873 (19 ) (25 ) Benefits paid (299 ) (264 ) (45 ) (45 ) Benefit obligations at end of year 12,720 12,967 325 369 Change in plan assets: Fair value of plan assets at beginning of year 19,274 16,985 - - Actual return on plan assets 1,556 2,553 - - Benefits paid (299 ) (264 ) (45 ) (45 ) Plan participants' contribution - - 8 9 Employer contributions - - 37 36 Fair value of plan assets at end of year 20,531 19,274 - - Funded (unfunded) status - asset (liability) $ 7,811 $ 6,307 $ (325 ) $ (369 ) The funded status of the pension was recorded within other assets on the statement of condition. The unfunded status of the postretirement plan is recorded within other liabilities on the statement of condition. Amounts recognized in accumulated other comprehensive loss as of December 31 are as follows: Pension Benefits Postretirement Benefits (In thousands) 2021 2020 2021 2020 Net loss $ 1,843 $ 2,743 $ 64 $ 87 Tax Effect 480 716 15 23 $ 1,363 $ 2,027 $ 49 $ 64 Gains and losses in excess of 10% of the greater of the benefit obligation or the fair value of assets are amortized over the average remaining service period of active participants. The Company utilized the actual projected cash flows of the participants in both plans for the years ended December 31, 2021 and December 31, 2020. The following points address the approach taken. 1. An analysis of the defined benefit pension plan’s expected future cash flows and high-quality fixed income investments currently available and expected to be available during the period to maturity of the pension benefits yielded a single discount rate of 3.71% at December 31, 2021. 2. An analysis of the postretirement health plan’s expected future cash flows and high-quality fixed-income investments currently available and expected to be available during the period to maturity of the retiree medical benefits yielded a single discount rate of 3.71% at December 31, 2021. 3. Each discount rate was developed by matching the expected future cash flows of the Bank to high quality bonds. Every bond considered has earned ratings of at least AA by Fitch Group, AA by Standard & Poor’s, or Aa2 by Moody’s Investor Services. The accumulated benefit obligation for the defined benefit pension plan was $12.7 million and $13.0 million at December 31, 2021 and 2020, respectively. The postretirement plan had an accumulated benefit obligation of $325,000 and $369,000 The significant assumptions used in determining the benefit obligations as of December 31, are as follows: Pension Benefits Postretirement Benefits 2021 2020 2021 2020 Weighted average discount rate 3.71 % 3.45 % 3.71 % 3.45 % Rate of increase in future compensation levels - - - - Assumed health care cost trend rates have a significant effect on the amounts reported for the postretirement health care plan. The annual rates of increase in the per capita cost of covered medical and prescription drug benefits for future years were assumed to be 4.50% for 2021, gradually decreasing to 4.20% in 2025 and remain at that level thereafter. The composition of the net periodic benefit plan (benefit) cost for the years ended December 31 is as follows: Pension Benefits Postretirement Benefits (In thousands) 2021 2020 2021 2020 Service cost $ - $ - $ - $ - Interest cost 441 466 12 16 Expected return on plan assets (1,146 ) (1,094 ) - - Amortization of transition obligation - - - - Amortization of net losses 101 228 9 10 Amortization of unrecognized past service liability - - (5 ) (5 ) Net periodic benefit plan (benefit) cost $ (604 ) $ (400 ) $ 16 $ 21 The significant assumptions used in determining the net periodic benefit plan cost for years ended December 31, were as follows: Pension Benefits Postretirement Benefits 2021 2020 2021 2020 Weighted average discount rate 3.71 % 3.45 % 3.71 % 3.45 % Expected long term rate of return on plan assets 5.25 % 6.00 % - - Rate of increase in future compensation levels - - - - The long term rate of return on assets assumption was set based on historical returns earned by equities and fixed income securities, adjusted to reflect expectations of future returns as applied to the plan’s target allocation of asset classes. Equities and fixed income securities were assumed to earn real rates of return in the ranges of 6.0% to 8.0% and 3.0% to 5.0%, respectively. The long-term inflation rate was estimated to be 2.5%. When these overall return expectations are applied to the plan’s target allocation, the expected rate of return was determined to be in the range of 5.0% to 7.0%. Management chose to use a 5.25% expected long-term rate of return in 2021 and a 5.25% expected long-term rate of return in 2022 reflecting current economic conditions and expected rates of return. Based on the $20.5 million fair value of plan assets at December 31, 2021, each 50 basis point decrease in the expected long-term rate of return would reduce after tax net income at 2022 expected state and federal combined statutory tax rate of 26.1% by approximately $76,000. The estimated net actuarial loss that will be amortized from accumulated other comprehensive loss into net periodic benefit plan income during 2022 is $0. The estimated amortization of the unrecognized transition obligation and actuarial loss for the postretirement health plan in 2022 is $7,000. The expected net periodic benefit plan benefit for 2022 is estimated to be $589,000 for both retirement plans in aggregate. Plan assets are invested in three diversified investment portfolios of the Pentegra Retirement Trust (the “Trust”, formerly known as RSI Retirement Trust), a private placement investment fund. The Trust has been given discretion by the Plan Sponsor to determine the appropriate strategic asset allocation versus plan liabilities, as governed by the Trust’s Investment Policy Statement. The Plan is structured to utilize a Total Return approach which seeks to fund the current and future liabilities o f the Plan via long-term growth in assets. The Plan’s asset allocation targets to hold 48% of assets in equity securities via investment in the Long-Term Growth – Equity Portfolio (‘LTGE’), 16% in intermediate-term investment grade bonds via investment in the Long-Term Growth – Fixed-Income Portfolio (‘LTGFI’), 35% in long duration bonds via the Liability Focused Fixed-Income Portfolio (‘LFFI’), and 1% in a cash equivalents portfolio (for liquidity). LTGE is a diversified portfolio that invests in a number of actively and passively managed equity-focused mutual funds and collective investment trusts. The Portfolio holds a diversified mix of equity funds in order to gain exposure to the U.S. and non-U.S. equity markets. LTGFI is a diversified portfolio that invests in a number of fixed-income mutual funds and collective investment trusts. The Portfolio invests primarily in intermediate-term bond funds with a focus on Core Plus fixed-income investment approaches. LFFI is a diversified high quality fixed-income portfolio that currently invests in passively managed collective investment trusts that hold long duration bonds. The investment objectives, investment strategies and risks of each of the daily valued and unitized Portfolios and the funds held within the Portfolios are detailed in the Private Placement Memorandum and the Trust’s Investment Policy Statement. The overall long-term investment objectives are to maintain plan assets at a level that will sufficiently cover long-term obligations and to generate a return on plan assets that will meet or exceed the rate at which long-term obligations will grow. The LTGE and LTGFI Portfolios are designed to provide long-term growth of equity and fixed-income assets with the objective of achieving an investment return in excess of the cost of funding the active life, deferred vested, and all 30-year term and longer obligations of retired lives in the Trust. The LFFI Portfolio is designed to fund the Trust’s estimated retired lives class of liabilities for 30 years. The ALT Strategy is designed to add diversification via the addition of relatively low correlation assets. Risk/volatility is further managed by the distinct investment objectives of each of the Trust’s Portfolios. Pension plan assets measured at fair value are summarized below: At December 31, 2021 (In thousands) Level 1 Level 2 Level 3 Total Fair Value Asset Category: Mutual Funds - Equity Large-cap value (a) $ - $ 1,763 $ - $ 1,763 Large-cap Growth (b) - 1,946 - 1,946 Large-cap Core (c) - 1,234 - 1,234 Mid-cap Value (d) - 475 - 475 Mid-cap Growth (e) - 442 - 442 Mid-cap Core (f) - 398 - 398 Small-cap Value (g) - 222 - 222 Small-cap Growth (h) - 533 - 533 Small-cap Core (i) - 332 - 332 International Equity (j) - 2,651 - 2,651 Equity -Total - 9,996 - 9,996 Fixed Income Funds Fixed Income - US Core (k) - 2,380 - 2,380 Intermediate Duration (l) - 4,249 - 4,249 Long Duration (m) - 3,521 - 3,521 Fixed Income-Total - 10,150 - 10,150 Cash Equivalents-Money market* 49 336 - 385 Total $ 49 $ 20,482 $ - $ 20,531 At December 31, 2020 (In thousands) Level 1 Level 2 Level 3 Total Fair Value Asset Category: Mutual Funds - Equity Large-cap value (a) $ - $ 1,830 $ - $ 1,830 Large-cap Growth (b) - 1,813 - 1,813 Large-cap Core (c) - 1,194 - 1,194 Mid-cap Value (d) - 356 - 356 Mid-cap Growth (e) - 498 - 498 Mid-cap Core (f) - 403 - 403 Small-cap Value (g) - 261 - 261 Small-cap Growth (h) - 684 - 684 Small-cap Core (i) - 268 - 268 International Equity (j) - 2,543 - 2,543 Equity -Total - 9,850 - 9,850 Fixed Income Funds Fixed Income - US Core (k) - 2,497 - 2,497 Intermediate Duration (l) - 3,746 - 3,746 Long Duration (m) - 2,968 - 2,968 Fixed Income-Total - 9,211 - 9,211 Cash Equivalents-Money market* 39 174 - 213 Total $ 39 $ 19,235 $ - $ 19,274 *Includes cash equivalents investments in equity and fixed income strategies a) This category contains large-cap stocks with above-average yield. The portfolio typically holds between 60 and 70 stocks b) This category seeks long-term capital appreciation by investing primarily in large growth companies based in the U.S. c) This fund tracks the performance of the S&P 500 index by purchasing the securities represented in the index in approximately the same weightings as the index. d) This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Value Index. e) This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Growth Index. f) This category seeks to track the performance of the S&P Midcap 400 Index. g) This category consists of a selection of investments based on the Russell 2000 Value Index. h) This category consists of a mutual fund invested in small capitalization growth companies along with a fund invested in a selection of investments based on the Russell 2000 Growth Index. i) This category consists of a mutual fund investing in readily marketable securities of U.S. companies with market capitalizations within the smallest 10% of the market universe, or smaller than the 1000th largest US company. j) This category invests primarily in medium to large non-US companies in developed and emerging markets. Under normal circumstances, at least 80% of total assets will be invested in equity securities, including common stocks, preferred stocks, and convertible securities. k) This category currently includes equal investments in three mutual funds, two of which usually hold at least 80% of fund assets in investment grade fixed income securities, seeking to outperform the Barclays US Aggregate Bond Index while maintaining a similar duration to that index. The third fund targets investments of 50% or more in mortgage-backed securities guaranteed by the US government and its agencies. l) This category consists mostly of a fund which seeks to track the Barclays Capital US Corporate A or Better 5- 20 Year m) This category consists of a fund that seeks to approximate the performance of the Barclays Capital US Corporate A or Better, 20+ Year Bullets Only Index over the long term. For the fiscal year ending December 31, 2022, the Company expects to contribute approximately $36,000 to the postretirement plan. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid from both retirement plans: Pension Postretirement (In thousands) Benefits Benefits Total Years ending December 31: 2022 $ 397 $ 36 $ 433 2023 471 24 495 2024 501 23 524 2025 563 22 585 2026 628 21 649 Thereafter 3,566 113 3,679 The Company also offers a 401(k) plan to its employees. Contributions to this plan by the Company were $414,000 and $395,000 for 2021 and 2020, respectively. In addition, the Company made $314,000 and $293,000 of safe harbor contributions to the plan in 2021 and 2020, respectively The Company maintains optional deferred compensation plans for its directors and certain executive officers, whereby fees and income normally received are deferred and paid by the Company based upon a payment schedule commencing between the ages of 65 and 70 and continuing monthly for 10 years. At December 31, 2021 and 2020, other liabilities include approximately $3.0 million deferred compensation. Deferred compensation expense for the years ended December 31, 2021 and 2020 amounted to To assist in the funding of the Company’s benefits under the supplemental executive retirement plan and deferred compensation plans, the Company is the owner of single premium life insurance policies on selected participants. At December 31, 2021 and 2020, the cash surrender values of these policies and $ The Bank adopted a Defined Contribution Supplemental Executive Retirement Plan (the “SERP”), effective January 1, 2014. The SERP benefits certain key senior executives of the Bank who are selected by the Board to participate, including our named executive officers. The SERP is intended to provide a benefit from the Bank upon retirement, death, disability or voluntary or involuntary termination of service (other than “for cause”), subject to the requirements of Section 409A of the Internal Revenue Code. Accordingly, the SERP obligates the Bank to make a contribution to each executive’s account on the last business day of each calendar year. In addition, the Bank, may, but is not required to, make additional discretionary contributions to the executive’s accounts from time to time. All executives currently participating in the plan, including the named executive officers, are fully vested in the Bank’s contribution to the plan. In the event the executive is terminated involuntarily or resigns for good reason within 24 months following a change in control, the Bank is required to make additional annual contributions the lesser of: (1) three years or (2) the number of years remaining until the executive’s benefit age, subject to potential reduction to avoid an excess parachute payment under Code Section 280G. In the event of the executive’s death, disability or termination within 24 months after a change in control, the executive’s account will be paid in a lump sum to the executive or his beneficiary, as applicable. In the event the executive is entitled to a benefit from the SERP due to retirement or other termination of employment, the benefit will be paid either in a lump sum or in 10 annual installments as detailed in his or her participant agreement. At December 31, 2021 and 2020, other liabilities included $578,000 and $928,000, respectively, accrued under this plan. |
Stock Based Compensation Plans
Stock Based Compensation Plans | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation Plans | NOTE 15: Stock Based Compensation PlanS All share and per share values have been adjusted, where appropriate, by the 1.6472 exchange rate used in the Conversion and Offering that occurred on October 16, 2014. April 2010 Stock Option Grants In June 2011, the board of directors of the Company approved the grant of stock option awards to its directors and executive officers under the 2010 Stock Option Plan that had 247,080 shares authorized for award. A total of 74,124 stock option awards were granted to the nine directors of the Company, at that time, and 123,540 stock option awards, in total, were granted to the Chief Executive Officer and the Company’s then four senior vice presidents. The awards vested ratably over five years (20% per year for each year of the participant’s service with the Company) with an expiration date ten years from the date of the grant, or June 2021. The fair value of each option grant was established at the date of grant using the Black-Scholes option pricing model. The Black-Scholes model used the following weighted average assumptions: risk-free interest rate of 2.2%; volatility factors of the expected market price of the Company's common stock of 0.45; weighted average expected lives of the options of 7.0 years: cash dividend yield of 1.49%. Based upon these assumptions, the weighted average fair value of options granted was $2.29. In July 2013, the board of directors of the Company approved the grant of 16,472 stock option awards in total to two newly elected directors of the Company. The awards vested ratably over five years (20% per year for each year of the participant’s service with the Company) with an expiration date ten years from the date of the grant, or July 2023. The fair value of each option grant was established at the date of grant using the Black-Scholes option pricing model. The Black-Scholes model used the following weighted average assumptions: risk-free interest rate of 2.0%; volatility factors of the expected market price of the Company's common stock of 0.45; weighted average expected lives of the options of 7.0 years: cash dividend yield of 1.0%. Based upon these assumptions, the weighted average fair value of options granted was $3.69. In November 2015, the board of directors of the Company approved the grant of 16,472 stock option awards in total to two newly elected directors of the Company. The awards vest ratably over five years (20% per year for each year of the participant’s service with the Company) and will expire ten years from the date of the grant, or November 2025. The fair value of each option grant was established at the date of grant using the Black-Scholes option pricing model. The Black-Scholes model used the following weighted average assumptions: risk-free interest rate of 1.9%; volatility factors of the expected market price of the Company's common stock of 0.23; weighted average expected lives of the options of 7.0 years: cash dividend yield of 1.4%. Based upon these assumptions, the weighted average fair value of options granted was $2.56. In April 2016, the board of directors of the Company approved the grant of 47,768 stock option awards in total to three officers and one recently promoted senior officer. The awards vest ratably over five years (20% per year for each year of the participant’s service with the Company) and will expire ten years from the date of the grant, or April 2026. The fair value of each option grant was established at the date of grant using the Black-Scholes option pricing model. The Black-Scholes model used the following weighted average assumptions: risk-free interest rate of 1.6%; volatility factors of the expected market price of the Company's common stock of 0.32; weighted average expected lives of the options of 7.0 years: cash dividend yield of 1.55%. Based upon these assumptions, the weighted average fair value of options granted was $3.17. May 2016 Stock Option Grants In May 2016, the board of directors of the Company approved the grant of stock option awards to its directors, executive officers, senior officers and officers under the 2016 Equity Incentive Plan that was approved at the Annual Meeting of Shareholders on May 4, 2016 when 263,605 shares were authorized for award. A total of 79,083 stock option awards were granted to the nine directors of the Company and 44,812 stock option awards, in total, were granted to thirteen officers. The awards vest ratably over five years (20% per year for each year of the participant’s service with the Company) and will expire ten years from the date of the grant, or May 2026. The fair value of each option grant was established at the date of grant using the Black-Scholes option pricing model. The Black-Scholes model used the following weighted average assumptions: risk-free interest rate of 1.6%; volatility factors of the expected market price of the Company's common stock of 0.32; weighted average expected lives of the options of 7.0 years: cash dividend yield of 1.55%. Based upon these assumptions, the weighted average fair value of options granted was $3.32. A total of 92,261 stock option awards were granted to the Chief Executive Officer, two executive officers and three senior officers. The awards vest ratably over seven years (approximately 14.28% per year for each year of the participant’s service with the Company) with the exception of one senior officer whose awards vested upon retirement on August 1, 2017 and will expire ten years from the date of the grant, or May 2026. The fair value of each option grant was established at the date of grant using the Black-Scholes option pricing model. The Black-Scholes model used the following weighted average assumptions: risk-free interest rate of 1.7%; volatility factors of the expected market price of the Company's common stock of 0.32; weighted average expected lives of the options of 8.5 years: cash dividend yield of 1.55%. Based upon these assumptions, the weighted average fair value of options granted was $3.59. In September 2020, the board of directors of the Company approved the grant of 3,000 stock option awards to one officer. The awards vest ratably over three years (approximately 33.3% per year for each year of the participant’s service with the Company) and will expire ten years from the date of the grant, or September 2030. The fair value of each option grant was established at the date of grant using the Black-Scholes option pricing model. The Black-Scholes model used the following weighted average assumptions: risk-free rate of 0.35%; volatility factors of the expected market price of the Company’s common stock of 0.21; weighted average expected lives of the options of 6.0 years: cash dividend yield of 2.46%. Based upon these assumptions, the weighted average fair value of options granted was $1.32. In October 2020, the board of directors of the Company approved the grant of 9,000 stock option awards in total to two senior officers and four officers. The awards vest ratably over three years (approximately 33.3% per year for each year of the participant’s service with the Company) and will expire ten years from the date of the grant, or October 2030. The fair value of each option grant was established at the date of grant using the Black-Scholes option pricing model. The Black-Scholes model used the following weighted average assumptions: risk-free rate of 0.45%; volatility factors of the expected market price of the Company’s common stock of 0.22; weighted average expected lives of the options of 6.0 years: cash dividend yield of 2.31%. Based upon these assumptions, the weighted average fair value of options granted was $1.51. In October 2020, the board of directors of the Company approved the grant of 39,668 stock option awards to one senior officer. The awards were split between incentive stock option awards and non-qualified stock option awards in accordance with applicable tax regulations that required that allocation of stock option distributions due to the aggregate value of the stock option awards vesting each year. The awards vest ratably over three years (approximately 33.3% per year for each year of the participant’s service with the Company) and will expire ten years from the date of the grant, or October 2030. The Black-Scholes model, for the 26,633 incentive stock option awards, used the following weighted average assumptions: risk-free rate of 0.45%; volatility factors of the expected market price of the Company’s common stock of 0.25; weighted average expected lives of the options of 6.0 years: cash dividend yield of 2.31%. The Black-Scholes model, for the 13,035 non-qualified stock option awards, used the following weighted average assumptions: risk-free rate of 0.44%; volatility factors of the expected market price of the Company’s common stock of 0.26; weighted average expected lives of the options of 5.9 years: cash dividend yield of 2.31%. Based upon these assumptions, the weighted average fair value of the incentive stock options and the non-qualified stock options granted were $1.83 and $1.85, respectively. Activity in the stock option plans is as follows: Options Outstanding Shares Exercisable Number of Weighted Average Number of Weighted Average (Shares in thousands) Shares Exercise Price Shares Exercise Price Outstanding at December 31, 2019 303 $ 10.51 191 $ 10.04 Granted 52 10.33 - - Newly vested - - 47 11.22 Exercised (34 ) - (34 ) - Expired (1 ) 11.35 - - Outstanding at December 31, 2020 320 $ 10.89 204 $ 10.91 Granted - $ - - $ - Newly vested - - 59 10.97 Exercised (53 ) - (53 ) - Expired (3 ) 9.48 - - Outstanding at December 31, 2021 264 $ 10.98 210 $ 11.05 The aggregate intrinsic value of a stock option represents the total pre-tax intrinsic value (the amount by which the current market value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options prior to the expiration date. The intrinsic value can change based on fluctuations in the market value of the Company’s stock. At December 31, 2021, the intrinsic value of the stock options was $1.6 million. At December 31, 2020, the intrinsic value of the stock options was $190,000 At December 31, 2021, the average remaining contractual life of outstanding options and shares exercisable were 5.1 5.9 May 2016 Restricted Stock Unit Grants In May 2016, the board of directors of the Company approved the grant of restricted stock units to its directors, executive officers, senior officers and officers under the 2016 Equity Incentive Plan that was approved at the Annual Meeting of Shareholders on May 4, 2016 when 105,442 shares were authorized for award. A total of 31,635 restricted stock units were granted to the nine directors of the Company and 8,436 restricted stock units, in total, were granted to two officers. The units vest ratably over five years (20% per year for each year of the participant’s service with the Company). A total of 46,570 restricted stock units, in total, were granted to the Chief Executive Officer, two executive officers and three senior officers. The units vest ratably over seven years (approximately 14.28% per year for each year of the participant’s service with the Company) with the exception of one senior officer whose units vested upon retirement on August 1, 2017. In September 2020, the board of directors of the Company approved the grant of 1,000 restricted stock units to one officer. The units vest ratably over three years (approximately 33.3% per year for each year of the participant’s service with the Company). In October 2020, the board of directors of the Company approved the grant of 17,801 restricted stock units to three senior officers and four officers. The units vest ratably over three years (approximately 33.3% per year for each year of the participant’s service with the Company). The compensation expense of the stock option awards and restricted stock units is based on the fair value of the instruments on the date of grant. The Company recorded compensation expense in the amount of $241,000 and $300,000 in 2021 and 2020, respectively, and is expected to record $185,315, and $108,893 |
Employee Stock Ownership Plan
Employee Stock Ownership Plan | 12 Months Ended |
Dec. 31, 2021 | |
Employee Stock Ownership Plan [Abstract] | |
Employee Stock Ownership Plan | NOTE 16: EMPLOYEE STOCK OWNERSHIP PLAN The Bank established the Pathfinder Bank Employee Stock Ownership Plan (“Plan”) to purchase stock of the Company for the benefit of its employees. In July 2011, the Plan received a $1.1 million loan from Community Bank, N.A., guaranteed by the Company, to fund the Plan’s purchase of 125,000 shares of the Company’s treasury stock. The loan was being repaid in equal quarterly installments of principal plus interest over ten years beginning October 1, 2011. Interest accrued at the Wall Street Journal Prime Rate plus 1.00%, and was secured by the unallocated shares of the ESOP stock. This loan was refinanced in connection with the Conversion and Offering that occurred on October 16, 2014. In connection with the Conversion and Offering, the ESOP purchased 105,442 shares issued in the offering by obtaining a loan from the Company which was used to purchase both the additional shares and refinance the remaining outstanding balance on the loan from Community Bank N.A. There were 138,982.5 shares associated with the refinanced loan resulting in a total of 244,424.5 shares associated with the new loan provided by the Company. The ESOP loan from the Company has a ten year term and is being repaid in equal payments of principal and interest under a fixed rate of interest equal to 3.25% which was the prime rate of interest on the date of the closing of the offering. This ESOP loan from the Company, also referred to as an internally leveraged ESOP, does not appear as a liability on the Company’s consolidated statement of condition as of December 31, 2021 in accordance with ASC 718-40-25-9d . In accordance with the payment of principal on the loan, a proportionate number of shares are allocated to the employees over the ten year time horizon of the loan. Participants’ vesting interest in the shares of Company stock is at the rate of 20% per year. Compensation expense is recorded based on the number of shares released to the participants times the average market value of the Company’s stock over that same period. Dividends on unallocated shares, recorded as compensation expense on the income statement, are made available to the participants' account. The Company recorded $397,000 $21,000 67,217 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 17: Income Taxes The provision for income taxes for the years ended December 31, is as follows: (In thousands) 2021 2020 Current $ 3,018 $ 2,600 Deferred 481 (1,305 ) $ 3,499 $ 1,295 The provision for income taxes includes the following (In thousands) 2021 2020 Federal Income Tax $ 3,273 $ 1,093 State Tax 226 202 $ 3,499 $ 1,295 The components of the net deferred tax asset (liability), included in other assets as of December 31, are as follows: (In thousands) 2021 2020 Assets: Deferred compensation $ 983 $ 1,063 Allowance for loan losses 3,381 3,339 Postretirement benefits 85 96 Subordinated loan interest 19 25 Loan origination fees 335 324 Held-to-maturity securities - 6 Stock-based compensation 80 108 Capital loss carryover 149 - Cash flow hedges 138 342 Other 319 702 Total 5,489 6,005 Liabilities: Prepaid pension (2,041 ) (1,648 ) Investment securities (151 ) (296 ) Depreciation (1,902 ) (1,860 ) Accretion (124 ) (164 ) Intangible assets (1,004 ) (1,004 ) Mortgage servicing rights (99 ) (98 ) Prepaid expenses and transaction fees (91 ) (115 ) Total (5,412 ) (5,185 ) 77 820 Less: deferred tax asset valuation allowance (80 ) - Net deferred tax (liability) asset $ (3 ) $ 820 Realization of deferred tax assets is dependent upon the generation of future taxable income or the existence of sufficient taxable income within the carry back period. A valuation allowance is provided when it is more likely than not that some portion, or all of the deferred tax assets, will not be realized. In assessing the need for a valuation allowance, management considers the scheduled reversal of the deferred tax liabilities, the level of historical taxable income and the projected future level of taxable income over the periods in which the temporary differences comprising the deferred tax assets will be deductible. On the basis of this evaluation, as of December 31, 2021, a valuation allowance of $80,000 has been recorded to recognize only the portion of the deferred tax asset that is more likely than not to be realized. The amount of the deferred tax asset considered realizable, could be adjusted if estimates of future taxable income during the carryforward period are reduced or increased. Deferred income tax assets and liabilities are determined using the liability method. Under this method, the net deferred tax asset or liability is recognized for the future tax consequences. This is attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases as well as net operating and capital loss carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense in the period that includes the enactment date. If current available evidence about the future raises doubt about the likelihood of a deferred tax asset being realized, a valuation allowance is established. The judgment about the level of future taxable income, including that which is considered capital, is inherently subjective and is reviewed on a continual basis as regulatory and business factors change. During 2021, the Company disposed of an equity security investment that resulted in a capital loss. Under current IRS law, capital losses are allowed to be carried back for a period of three years and carried forward five years. The allowable portion that can be carried back will result in an approximate tax benefit of $56,000. The Company believes that forecasted future capital gains make it likely that such capital losses will not be utilized in future periods, therefore, a valuation allowance has been provided on these capital losses at December 31, 2021 . Banking corporations operating in New York State are taxed under the New York State General Business Corporation Franchise Tax provisions. Under this New York tax law, the tax rate on the business income base is 6.5%. However, various modifications are available to community banks (defined as banks with less than $8 billion in total assets) regarding certain deductions associated with interest income. Effective in January 2018, the Company adopted a modification methodology that at the time was newly made available under the New York State tax code, affecting how the Company’s state income tax liability is computed. Under this adopted methodology, management determined in the first quarter of 2019, it was unlikely that the Company would pay income taxes to New York State in future periods and therefore in the quarter ended March 31, 2019, the Company established, through a charge to earnings, a valuation allowance in the amount of $136,000 in order to reserve against deferred tax assets related to New York State income taxes. This valuation allowance against the value of those deferred tax assets was established to reduce the net deferred tax asset related to New York State income taxes to $-0-. Management is continuously monitoring its future tax consequences to determine if the Company’s deferred taxes are properly stated. 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. In the first quarter of 2021, the Company filed amended New York State tax returns for 2015 through 2017 (the “carryback years”). The returns were amended from their original filings in order to file carryback claims utilizing New York State net operating losses generated under New York State tax law in 2018. As a result, the Company received $316,000 in tax refunds from New York State for taxes previously paid in the carryback years. This refund was applied to the effective tax rate of the Company in 2020 in accordance with GAAP. In 2021, the Company’s effective tax rate was 22.4%, as compared to 15.9% in 2020. A reconciliation of the federal statutory income tax rate to the effective income tax rate for the years ended December 31, is as follows: 2021 2020 Federal statutory income tax rate 21.0 % 21.0 % State tax, net of federal benefit 1.2 2.0 Tax-exempt interest income (0.6 ) (0.9 ) Increase in value of bank owned life insurance less premiums paid (0.7 ) (1.1 ) Change in valuation allowance 0.5 (1.6 ) NYS net operating loss carryback filing receivable, net of federal benefit - (3.8 ) Other 0.5 (0.1 ) Effective income tax rate - Pathfinder Bancorp, Inc. 21.9 % 15.5 % Minority interest 0.5 0.4 Effective income tax rate 22.4 % 15.9 % |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 18: Commitments and Contingencies The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Such commitments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the consolidated statement of condition. The contractual amount of those commitments to extend credit reflects the extent of involvement the Company has in this particular class of financial instrument. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of the instrument. The Company uses the same credit policies in making commitments as it does for on-balance sheet instruments. At December 31, 2021 and 2020, the following financial instruments were outstanding whose contract amounts represent credit risk: Contract Amount (In thousands) 2021 2020 Commitments to grant loans $ 93,364 $ 58,217 Unfunded commitments under lines of credit 136,749 102,404 Unfunded commitments related to construction loans in progress 12,308 6,103 Standby letters of credit 2,735 2,450 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since some of the commitment amounts are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the counter party. Collateral held varies but may include residential real estate and income-producing commercial properties. Loan commitments outstanding at December 31, 2021 with variable interest rates and fixed interest rates were to approximately $222.2 million and $22.9 Unfunded commitments under standby letters of credit, revolving credit lines and overdraft protection agreements are commitments for possible future extensions of credit to existing customers. These lines of credit usually do not contain a specified maturity date and may not be drawn upon to the total extent to which the Company is committed. Letters of credit written are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Generally, all letters of credit, when issued have expiration dates within one year. The credit risk involved in issuing letters of credit is essentially the same as those that are involved in extending loan facilities to customers. The Company generally holds collateral and/or personal guarantees supporting these commitments. Management believes that the proceeds obtained through a liquidation of collateral and the enforcement of guarantees would be sufficient to cover the potential amount of future payments required under the corresponding guarantees. |
Dividends and Restrictions
Dividends and Restrictions | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Restrictions On Dividends Loans And Advances Disclosure [Abstract] | |
Dividends and Restrictions | NOTE 19: Dividends and Restrictions The Company's ability to pay dividends to its shareholders is largely dependent on the Bank's ability to pay dividends to the Company. In addition to state law requirements and the capital requirements discussed in Note 20, regulatory matters, regulations and policies limit the circumstances under which the Bank may pay dividends. The amount of retained earnings legally available under these regulations approximated $27.4 million as of December 31, 2021. Dividends paid by the Bank to the Company would be prohibited if the effect thereof would cause the Bank’s capital to be reduced below applicable minimum capital requirements. The Bank made no dividend payments to the Company in the years ended December 31, 2021, December 31, 2020 or December 31, 2019. Capital adequacy is evaluated primarily by the use of ratios which measure capital against total assets, as well as against total assets that are weighted based on defined risk characteristics. The Company’s goal is to maintain a strong capital position, consistent with the risk profile of its banking operations. This strong capital position serves to support growth and expansion activities while at the same time exceeding regulatory standards. At December 31, 2021, the Bank met the regulatory definition of a “well-capitalized” institution, i.e. a leverage capital ratio exceeding 5%, a Tier 1 risk-based capital ratio exceeding 8%, Tier 1 common equity exceeding 6.5%, and a total risk-based capital ratio exceeding 10%. In addition to establishing the minimum regulatory capital requirements, the regulations limit capital distributions and certain discretionary bonus payments to management if the institution does not hold a “capital conservation buffer” consisting of 2.5% of common equity Tier 1 capital to risk-weighted assets above the amount necessary to meet its minimum risk-based capital requirements. The buffer is separate from the capital ratios required under the Prompt Corrective Action (“PCA”) standards. In order to avoid these restrictions, the capital conservation buffer effectively increases the minimum levels of the following capital to risk-weighted assets ratios: (1) Core Capital, (2) Total Capital and (3) Common Equity. The capital conservation buffer requirement is now fully implemented at 2.5% of risk-weighted assets. At December 31, 2021, the Bank exceeded all regulatory required minimum capital ratios, including the capital buffer requirements. As a result of the Economic Growth, Regulatory Relief, and Consumer Protection Act, the federal banking agencies developed a “Community Bank Leverage Ratio” (the ratio of a bank's tier 1 capital to average total consolidated assets) for financial institutions with assets of less than $10 billion. A “qualifying community bank” that exceeds this ratio will be deemed to be in compliance with all other capital and leverage requirements, including the capital requirements to be considered “well capitalized” under Prompt Corrective Action statutes. The federal banking agencies may consider a financial institution's risk profile when evaluating whether it qualifies as a community bank for purposes of the capital ratio requirement. The federal banking agencies had set the Community Bank Leverage Ratio at 9%. Pursuant to the CARES Act, the federal banking agencies issued final rules to set the Community Bank Leverage Ratio at 8% beginning in the second quarter of 2020 through the end of 2020. In 2021, the Community Bank Leverage Ratio increased to 8.5% for the calendar year. Community banks had until January 1, 2022, before the Community Bank Leverage Ratio requirement returned to 9%. A financial institution can elect to be subject to this new definition. The new rule took effect on January 1, 2020. The Bank did not elect to become subject to the Community Bank Leverage Ratio. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2021 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Matters | NOTE 20: Regulatory Matters The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of its assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain amounts and ratios (set forth in the table below) of total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital (as defined) to average assets (as defined). As of December 31, 2021, the Bank’s most recent notification from the Federal Deposit Insurance Corporation categorized the Bank as “well-capitalized”, under the regulatory framework for prompt corrective action. To be categorized as “well-capitalized”, the Bank must maintain total risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth in the tables below. There are no conditions or events since that notification that management believes have changed the Bank’s category. As noted above, the regulations also impose a “capital conservation buffer” consisting of 2.5% of common equity Tier 1 capital to risk-weighted assets above the amount necessary to meet its minimum risk-based capital requirements. The buffer is separate from the capital ratios required under the Prompt Corrective Action (“PCA”) standards and imposes restrictions on dividend distributions and discretionary bonuses. In order to avoid these restrictions, the capital conservation buffer effectively increases the minimum levels of the following capital to risk-weighted assets ratios: (1) Core Capital, (2) Total Capital and (3) Common Equity. The capital conservation buffer requirement is now fully implemented at 2.5% of risk-weighted assets. At December 31, 2021, the Bank exceeded all regulatory required minimum capital ratios, including the capital buffer requirements. The Bank’s actual capital amounts and ratios as of December 31, 2021 and 2020 are presented in the following table. Actual Minimum For Capital Adequacy Purposes Minimum To Be "Well-Capitalized" Under Prompt Corrective Provisions Minimum for Capital Adequacy With Buffer (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2021: Total Core Capital (to Risk-Weighted Assets) $ 129,166 15.19 % $ 68,013 8.00 % $ 85,016 10.00 % $ 89,266 10.50 % Tier 1 Capital (to Risk-Weighted Assets) $ 118,511 13.94 % $ 51,009 6.00 % $ 68,013 8.00 % $ 72,263 8.50 % Tier 1 Common Equity (to Risk-Weighted Assets) $ 118,511 13.94 % $ 38,257 4.50 % $ 55,260 6.50 % $ 59,511 7.00 % Tier 1 Capital (to Assets) $ 118,511 9.52 % $ 49,804 4.00 % $ 62,255 5.00 % $ 62,255 5.00 % As of December 31, 2020: Total Core Capital (to Risk-Weighted Assets) $ 115,289 13.13 % $ 70,270 8.00 % $ 87,838 10.00 % $ 92,230 10.50 % Tier 1 Capital (to Risk-Weighted Assets) $ 104,287 11.87 % $ 52,703 6.00 % $ 70,270 8.00 % $ 74,662 8.50 % Tier 1 Common Equity (to Risk-Weighted Assets) $ 104,287 11.87 % $ 39,527 4.50 % $ 57,095 6.50 % $ 61,487 7.00 % Tier 1 Capital (to Assets) $ 104,287 8.63 % $ 48,314 4.00 % $ 60,392 5.00 % $ 60,392 5.00 % The Company’s goal is to maintain a strong capital position, consistent with the risk profile of its subsidiary bank that supports growth and expansion activities while at the same time exceeding regulatory standards. At December 31, 2021, the Bank exceeded all regulatory required minimum capital ratios and met the regulatory definition of a “well-capitalized” institution, i.e. a leverage capital ratio exceeding 5%, a Tier 1 risk-based capital ratio exceeding 6% and a total risk-based capital ratio exceeding 10%. The Federal Reserve Board regulations require banks to maintain non-interest-earning reserves on deposit at the Federal Reserve Bank (“FRB”), against their transaction accounts (primarily negotiable order of withdrawal (“NOW”) and regular checking accounts). In March 2020, due to a change in in its approach to monetary policy due to the COVID-19 pandemic, the Federal Reserve Board announced an interim rule to amend Regulation D requirements and reduce reserve requirement ratios to zero. The Federal Reserve Board has indicated that it has no plans to re-impose reserve requirements, but may do so in the future. |
Interest Rate Derivative
Interest Rate Derivative | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Interest Rate Derivative | NOTE 21: INTEREST RATE DERIVATIVE The Company is exposed to certain risks from both its business operations and changes in economic conditions. As part of managing interest rate risk, the Company enters into standardized interest rate derivative contracts (designated as hedging agreements) to modify the repricing characteristics of certain portions of the Company’s portfolios of earning assets and interest-bearing liabilities. The Company designates interest rate hedging agreements utilized in the management of interest rate risk as either fair value hedges or cash flow hedges. Interest rate hedging agreements are generally entered into with counterparties that meet established credit standards and the agreements contain master netting, collateral and/or settlement provisions protecting the at-risk party. Based on adherence to the Company’s credit standards and the presence of the netting, collateral or settlement provisions, the Company believes that the credit risk inherent in these contracts was not material at December 31, 2021. Interest rate hedging agreements are recorded at fair value as other assets or liabilities. The Company had no material derivative contracts not designated as hedging agreements at December 31, 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 changes in the fair value of derivative instruments that are linked to the hedged assets and liabilities. This strategy is referred to as a fair value hedge. In a fair value hedge, the fair value of the derivative (the interest rate hedging agreement) and changes in the fair value of the hedged item are recorded in the Company’s Consolidated Statements of Condition with the corresponding gain or loss recognized in current earnings. The difference between changes in the fair value of the interest rate hedging agreements and the hedged items represents hedge ineffectiveness and is recorded as an adjustment to the interest income or interest expense of the respective hedged item. Cash flows related to floating rate assets and liabilities will fluctuate with changes in underlying rate indices. When effectively hedged, the increases or decreases in cash flows related to the floating-rate asset or liability will generally be offset by changes in cash flows of the derivative instruments designated as a hedge. This strategy is referred to as a cash flow hedge. In a cash flow hedge, the effective portion of the derivative’s gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings when the forecasted transaction affects earnings. The ineffective portion of the derivative’s gain or loss on cash flow hedges is accounted for similar to that associated with fair value hedges. Among the array of interest rate hedging contracts, potentially available to the Company, are interest rate swap and interest rate cap (or floor) contracts. The Company uses interest rate swaps, cap or floor contracts as part of its interest rate risk management strategy. Interest rate swaps involve the receipt of variable (or fixed) amounts from a counterparty in exchange for the Company making fixed (or variable) payments over the life of the agreements without the exchange of the underlying notional amount. An interest rate cap is a type of interest rate derivative in which the buyer receives payments at the end of each contractual period in which the index interest rate exceeds the contractually agreed upon strike price rate. The purchaser of a cap contract will continue to benefit from any rise in interest rates above the strike price. Similarly, an interest rate floor is a derivative contract in which the buyer receives payments at the end of each period in which the interest rate is below the agreed strike price. The purchaser of a floor contract will continue to benefit from any rise in interest rates above the strike price. As of December 31, 2021 and 2020, the following amounts were recorded on the Consolidated Statements of Condition related to the cumulative basis adjustments for fair value hedges: (In thousands) Carrying Amount of the Hedged Assets at December 31, 2021 Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets at December 31, 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) $ 61,808 $ (1,308 ) $ 17,055 $ (191 ) Loans receivable (3) $ 41,651 $ (152 ) $ - $ - (1) These amounts include the amortized historical cost basis of a specific (2) These amounts represent the amortized cost basis of specifically December 31 , 2021 and 2020. (3) These amounts include the amortized cost of a specific loan pool designated as the underlying I n February 2020, the Company entered into an interest rate cap contract, designated as a cash flow hedging transaction at its inception, in the notional amount of $40.0 million, intended to reduce the Company’s exposure to potential rises in short-term interest rates above the contractual level. The Company paid $228,000 in a one-time premium for the cap contract and has no further contractual obligations to the contractual counterparty over the remaining life of the contract. The premium was expected to be amortized ratably over the contractual term of the cap contract, which matures in February 2023. In September of 2021, the Company determined that the specific underlying funding stream, for which the interest rate cap was originally intended to hedge, was no longer going to be a continuing component of the Bank’s overall funding strategies. Therefore, although the cap contract continues to remain in force, it will no longer be considered to be a hedge against any specific funding liability. Therefore under ASC 815, the Company has determined to re-designate the cap as a free-standing derivative and mark the fair value of the cap to market during each reporting period through earnings until the cap’s contractual maturity date. The changes in the expected future funding requirements of the Company occurred primarily as a result of the unprecedented, and previously unpredictable, measures undertaken by central banking authorities in response to the COVID-19 pandemic. The re-designation of the interest rate cap contract to a free-standing derivative resulted in the recognition of a $157,000 increase in interest expense in the third quarter of 2021. As a free-standing derivative, future changes in the fair value of this Cap contract, until its maturity date, will be recognized through earnings as an adjustment to interest expense In March 2020, the Bank entered into an interest rate swap contract with an unaffiliated counterparty that will expire in March 2023 instrument is a planned series of 90-day revolving borrowings totaling $ 40.0 million that will be obtained in the brokered certificate of deposit market. The following table shows the pre-tax losses of the Company’s derivatives designated as cash flow hedges in other comprehensive income at December 31: (In thousands) 2021 2020 Cash flow hedges: Total unamortized premium $ - $ 204 Fair market value adjustment interest rate cap - (197 ) Total unamortized cap - 7 Fair market value adjustment interest rate swap (387 ) (1,111 ) Total loss in comprehensive income $ (387 ) $ (1,308 ) For the years ended (In thousands) December 31, 2021 December 31, 2020 Balance as of December 31: $ (1,308 ) $ - Amount of gains (losses) recognized in other comprehensive income 921 (1,308 ) Losses in other comprehensive income: $ (387 ) $ (1,308 ) The amounts of hedge ineffectiveness, recognized during the year ended December 31, 2021, and December 31, 2020, for cash flow hedges were not material to the Company’s Consolidated Statements of Income. A portion of, or the entire amount included in accumulated other comprehensive loss would be reclassified into current earnings should a portion of, or the entire hedge, no longer be considered effective. Management believes that the hedges will remain fully effective during the remaining term of the respective hedging contracts. The changes in the fair values of the interest rate hedging agreements primarily result from the effects of changing index interest rates and the reduction of the time each quarter between the measurement date and the contractual maturity date of the hedging instrument. The Company manages its potential credit exposure on interest rate swap transactions by entering into a bilateral credit support agreements with each counterparty. These agreements require collateralization of credit exposures beyond specified minimum threshold amounts. The Company posted cash in an interest earning escrow account in the amount of $1.6 million under collateral arrangements to satisfy collateral requirements associated with the interest rate swap contract.` |
Fair Value Measurements and Dis
Fair Value Measurements and Disclosures | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Disclosures | NOTE 22: Fair Value MEASUREMENTS AND DISCLOSURES Accounting guidance related to fair value measurements and disclosures specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs have created the following fair value hierarchy: Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 – Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 3 – Model-derived valuations in which one or more significant inputs or significant value drivers are unobservable. An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs, minimize the use of unobservable inputs, to the extent possible, and considers counterparty credit risk in its assessment of fair value. The Company used the following methods and significant assumptions to estimate fair value: Investment securities: The fair values of securities available-for-sale are obtained from an independent third party and are based on quoted prices on nationally recognized securities exchanges where available (Level 1). If quoted prices are not available, fair values are measured by utilizing matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2). Management made no adjustment to the fair value quotes that were received from the independent third party pricing service. Level 3 securities are assets whose fair value cannot be determined by using observable measures, such as market prices or pricing models. Level 3 assets are typically very illiquid, and fair values can only be calculated using estimates or risk-adjusted value ranges. Management applies known factors, such as currently applicable discount rates, to the valuation of those investments in order to determine fair value at the reporting date. The Company holds two corporate investment securities with an aggregate amortized historical cost of $4.1 million and an aggregate fair market value of $4.5 million as of December 31, 2021. The securities had a valuation that is determined using published net asset values (NAV) derived by an analysis of the security’s underlying assets. The securities are comprised primarily of broadly-diversified real estate loans and are traded in secondary markets on an infrequent basis. While these securities are redeemable through tender offers made by their respective issuers, the liquidation value of the securities may be below their stated NAVs and also subject to restrictions as to the amount of securities that can be redeemed at any single scheduled redemption. The Company anticipates that these securities will be redeemed by their respective issuers on indeterminate future dates as a consequence of the ultimate liquidation strategies employed by the management of these investments. The Company holds one equity security investment, with an aggregate value of $677,000 at December 31, 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. The following tables summarize assets measured at fair value on a recurring basis as of December 31, segregated by the level of valuation inputs within the hierarchy utilized to measure fair value: December 31, 2021 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Available-for-Sale Portfolio Debt investment securities: US Treasury, agencies and GSEs $ - $ 32,273 $ - $ 32,273 State and political subdivisions - 39,199 - 39,199 Corporate - 9,630 - 9,630 Asset backed securities - 13,613 - 13,613 Residential mortgage-backed - US agency - 22,164 - 22,164 Collateralized mortgage obligations - US agency - 12,285 - 12,285 Collateralized mortgage obligations - Private label - 56,731 - 56,731 Total - 185,895 - 185,895 Corporate measured at NAV - - - 4,497 Total available-for-sale securities $ - $ 185,895 $ - $ 190,392 Marketable equity securities $ 677 $ - $ - $ 677 Interest rate swap derivative fair value hedge $ - $ (152 ) $ - $ (152 ) Interest rate swap derivative cash flow hedge $ - $ (387 ) $ - $ (387 ) 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 $ - $ (244 ) $ - $ (244 ) Interest rate swap derivative cash flow hedge $ - $ (1,308 ) $ - $ (1,308 ) The following tables summarize assets measured at fair value on a nonrecurring basis as of December 31, segregated by the level of valuation inputs within the hierarchy utilized to measure fair value: December 31, 2021 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ - $ - $ 4,182 $ 4,182 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. Quantitative Information about Level 3 Fair Value Measurements Valuation Unobservable Range Techniques Input (Weighted Avg.) At December 31, 2021 Impaired loans Appraisal of collateral Appraisal Adjustments 5% - 30% (15%) (Sales Approach) Costs to Sell 7% - 14% (10%) Discounted Cash Flow 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 The Company held one equity security investment, with a fair value of $677,000, determined using Level 1 inputs at December 31, 2021. At December 31, 2020, the Company held two equity security investments with a fair value of $1.9 million. Required disclosures include fair value information of financial instruments, whether or not recognized in the consolidated statement of condition, for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. The Company has various processes and controls in place to ensure that fair value is reasonably estimated. The Company performs due diligence procedures over third-party pricing service providers in order to support their use in the valuation process. While the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction on the dates indicated. The estimated fair value amounts have been measured as of their respective period-ends, and have not been re-evaluated or updated for purposes of these financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each period-end. FASB ASC Topic 820 for Fair Value Measurements and Disclosures, the financial assets and liabilities were valued at a price that represents the Company’s exit price or the price at which these instruments would be sold or transferred. The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. The Company, in estimating its fair value disclosures for financial instruments, used the following methods and assumptions: Cash and cash equivalents – The carrying amounts of these assets approximate their fair value and are classified as Level 1. Federal Home Loan Bank stock – The carrying amount of these assets approximates their fair value and are classified as Level 2. Net loans – For variable-rate loans that re-price frequently, fair value is based on carrying amounts. The fair value of other loans (for example, fixed-rate commercial real estate loans, mortgage loans, and commercial and industrial loans) is estimated using discounted cash flow analysis, based on interest rates currently being offered in the market for loans with similar terms to borrowers of similar credit quality. Loan value estimates include judgments based on expected prepayment rates. The measurement of the fair value of loans, including impaired loans, is classified within Level 3 of the fair value hierarchy. Accrued interest receivable and payable – The carrying amount of these assets approximates their fair value and are classified as Level 1. Deposits – The fair values disclosed for demand deposits (e.g., interest-bearing and noninterest-bearing checking, passbook savings and certain types of money management accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts) and are classified within Level 1 of the fair value hierarchy. Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market on certificates of deposits to a schedule of aggregated expected monthly maturities on time deposits. Measurements of the fair value of time deposits are classified within Level 2 of the fair value hierarchy. Borrowings – Fixed/variable term structures are valued using a replacement cost of funds approach. These borrowings are discounted to the FHLBNY advance curve. Option structured borrowings’ fair values are determined by the FHLB for borrowings that include a call or conversion option. If market pricing is not available from this source, current market indications from the FHLBNY are obtained and the borrowings are discounted to the FHLBNY advance curve less an appropriate spread to adjust for the option. These measurements are classified as Level 2 within the fair value hierarchy. Subordinated 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 December 31 are presented in the following table: December 31, 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 $ 37,149 $ 37,149 $ 43,464 $ 43,464 Investment securities - available-for-sale 2 185,895 185,895 125,330 125,330 Investment securities - available-for-sale NAV 4,497 4,497 2,725 2,725 Investment securities - marketable equity 1 677 677 1,850 1,850 Investment securities - held-to-maturity 2 160,923 162,805 171,224 174,935 Federal Home Loan Bank stock 2 4,189 4,189 4,390 4,390 Net loans 3 819,524 819,721 812,718 816,626 Accrued interest receivable 1 4,520 4,520 4,549 4,549 Interest rate swap derivative fair value hedges 2 1,308 1,308 191 191 Financial liabilities: Demand Deposits, Savings, NOW and MMDA 1 $ 694,089 $ 694,089 $ 598,683 $ 598,683 Time Deposits 2 361,257 360,680 397,224 398,863 Borrowings 2 77,098 76,957 82,050 84,065 Subordinated loans 2 29,563 30,627 39,400 39,416 Accrued interest payable 2 106 106 193 193 Interest rate swap derivative fair value hedges 2 152 152 244 244 Interest rate swap derivative cash flow hedges 2 387 387 1,308 1,308 |
Parent Company - Financial Info
Parent Company - Financial Information | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Parent Company - Financial Information | NOTE 23: Parent Company – Financial Information The following represents the condensed financial information of Pathfinder Bancorp, Inc. as of and for the years ended December 31: Statements of Condition 2021 2020 (In thousands) Assets Cash $ 13,633 $ 26,213 Investments 677 682 Investment in bank subsidiary 122,241 106,986 Investment in non-bank subsidiary 155 155 Other assets 4,216 3,975 Total assets $ 140,922 $ 138,011 Liabilities and Shareholders' Equity Accrued liabilities $ 722 $ 889 Subordinated loans 29,564 39,400 Shareholders' equity 110,636 97,722 Total liabilities and shareholders' equity $ 140,922 $ 138,011 Statements of Income 2021 2020 (In thousands) Income Dividends from non-bank subsidiary $ 3 $ 3 Dividends from marketable equity security 20 13 Gain (loss) on marketable equity securities (5 ) 413 Operating, net 116 107 Total income 134 536 Expenses Interest 1,790 1,100 Operating, net 705 629 Total expenses 2,495 1,729 Loss before taxes and equity in undistributed net income of subsidiaries (2,361 ) (1,193 ) Tax benefit 527 261 Loss before equity in undistributed net income of subsidiaries (1,834 ) (932 ) Equity in undistributed net income of subsidiaries 14,241 7,882 Net income $ 12,407 $ 6,950 Statements of Cash Flows 2021 2020 (In thousands) Operating Activities Net Income $ 12,407 $ 6,950 Equity in undistributed net income of subsidiaries (14,241 ) (7,882 ) Stock based compensation and ESOP expense 617 570 Amortization of deferred financing from subordinated loan 163 55 Net change in other assets and liabilities (298 ) (166 ) Net cash flows from operating activities (1,352 ) (473 ) Investing Activities Capital contributed to wholly-owned bank subsidiary - (10,000 ) Purchase of premises and equipment (143 ) (824 ) Net cash flows from investing activities (143 ) (10,824 ) Financing activities Proceeds from exercise of stock options 551 223 Proceeds from subordinated debt offering - 25,000 Payments on redemption of subordinated debt (10,000 ) - Issuance costs of subordinated loan - (783 ) Cash dividends paid to common shareholders (1,227 ) (1,137 ) Cash dividends paid to non-voting common shareholders (194 ) - Cash dividends paid to preferred shareholders (180 ) (277 ) Cash dividends paid on warrants (35 ) (30 ) Net cash flows from financing activities (11,085 ) 22,996 Change in cash and cash equivalents (12,580 ) 11,699 Cash and cash equivalents at beginning of year 26,213 14,514 Cash and cash equivalents at end of year $ 13,633 $ 26,213 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 24: RELATED PARTY TRANSACTIONS In the ordinary course of business, the Company has granted loans to certain directors, executive officers and their affiliates (collectively referred to as “related parties”). None of the related party loans were classified as nonaccrual, past due, restructured, or potential problem loans at December 31, 2021 or 2020. The following represents the activity associated with loans to related parties during the year ended December 31, 2021: (In thousands) 2021 2020 Balance at the beginning of the year $ 22,445 $ 19,301 Originations and related party additions 8,007 5,134 Principal payments and related party removals (8,025 ) (1,990 ) Balance at the end of the year $ 22,427 $ 22,445 Deposit accounts of each related party at December 31, 2021 and December 31, 2020 were $ 18.4 In December 2020, the Bank sold a parcel of property and an existing dwelling, that was in the process of being developed into a new branch location, to a limited liability corporation (“LLC”) co-owned by a member of its board of directors. The purchase price of the property was $612,000. The property will continue to be developed by the LLC up to a total project cost of $2.8 million. All development costs over $2.8 million, which are expected to be partially offset by available tax credits, will be the responsibility of the Bank and treated in the future as leasehold improvements. In January of 2021, the Bank entered into a lease agreement with the LLC to lease the entire building located at the site in Syracuse, New York and an adjacent property. Once these sites are developed, the Bank intends to operate the building as a full-service branch banking facility. The term of this lease shall be for a period of thirty-two years and sixty days commencing on February 1, 2021. The Bank will pay the landlord, as total rent for the first twelve months of the lease, the annual sum of $201,000. After the first anniversary of the lease, and for every 12 month period following until the end of the lease term, the Bank will pay the landlord, as total rent, the annual sum of $262,000. |
Conversion and Reorganization
Conversion and Reorganization | 12 Months Ended |
Dec. 31, 2021 | |
Conversion And Reorganization [Abstract] | |
CONVERSION AND REORGANIZATION | NOTE 25: CONVERSION AND REORGANIZATION On October 16, 2014, the former Pathfinder Bancorp (“former Pathfinder”) completed the conversion and reorganization pursuant to which Pathfinder Bancorp, MHC converted to the stock holding company form of organization under a “second step” conversion (the “Conversion”), and the Bank reorganized from the two-tier mutual holding company structure to the stock holding company structure. Prior to the completion of the Conversion, the MHC owned approximately 60.4% of the common stock of the Company. The Company, the new stock holding company for Pathfinder Bank, sold 2,636,053 shares of common stock at $10.00 per share, for gross offering proceeds of $26.4 million in its stock offering. In addition, $197,000 in cash was received by the Company from the MHC upon it ceasing to exist. Concurrent with the completion of the offering, shares of common stock of the Company owned by the public were exchanged for shares of the Company’s common stock so that the shareholders now own approximately the same percentage of the Company’s common stock as they owned of the former Pathfinder’s common stock immediately prior to the Conversion. Shareholders of the former Pathfinder received 1.6472 shares of the Company’s common stock for each share of the former Pathfinder’s common stock that they owned immediately prior to completion of the transaction. As a result of the offering and the exchange of shares, the Company had 4,353,850 shares outstanding at December 31, 2014. The Company has 5,983,467 The Conversion was accounted for as a change in corporate form with no resulting change in the historical basis of the Company’s assets, liabilities, and equity. Costs related to the offering were primarily marketing fees paid to the Company’s investment banking firm, legal and professional fees, registration fees, printing and mailing costs and totaled $1.5 million. Accordingly, net proceeds were $24.9 million. In addition, as part of the Conversion and dissolution of the MHC, the Company received $197,000 of cash previously held by the MHC. As a result of the Conversion and Offering, Pathfinder Bancorp, Inc., a federal corporation, was succeeded by a new fully public Maryland corporation with the same name and the MHC ceased to exist. The shares of common stock sold in the offering and issued began trading on the NASDAQ Capital Market on October 17, 2014 under the trading symbol “PBHC.” In accordance with Board of Governors of the Federal Reserve System regulations, at the time of the reorganization, the Company substantially restricted retained earnings by establishing a liquidation account. The liquidation account will be maintained for the benefit of eligible account holders who continue to maintain their accounts at the Bank after conversion. The Bank will establish a parallel liquidation account to support the Company’s liquidation account in the event the Company does not have sufficient assets to fund its obligations under its liquidation account. The liquidation accounts will be reduced annually to the extent that eligible account holders have reduced their qualifying deposits. Subsequent increases will not restore an eligible account holder’s interest in the liquidation accounts. In the event of a complete liquidation of the Bank or the Company, each account holder will be entitled to receive a distribution in an amount proportionate to the adjusted qualifying account balances then held. The Bank may not pay dividends if those dividends would reduce equity capital below the required liquidation account amount. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2021 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | NOTE 26: ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Changes in the components of accumulated other comprehensive income (loss) (“AOCI”), net of tax, for the periods indicated are summarized in the table below. For the years ended December 31, 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 603 (395 ) 680 16 904 Amounts reclassified from AOCI 78 (14 ) - - 64 Ending balance $ (1,412 ) $ 428 $ (286 ) $ 2 $ (1,268 ) For the years ended December 31, 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 ) Other comprehensive income before reclassifications 451 1,737 (966 ) 24 1,246 Amounts reclassified from AOCI 173 (684 ) - - (511 ) Ending balance $ (2,093 ) $ 837 $ (966 ) $ (14 ) $ (2,236 ) The following table presents the amounts reclassified out of each component of AOCI for the indicated annual period: (In thousands) For the years ended Details about AOCI 1 December 31, 2021 December 31, 2020 Affected Line Item in the Statement of Income Retirement plan items Retirement plan net losses recognized in plan expenses 2 $ (105 ) $ (234 ) Salaries and employee benefits 27 61 Provision for income taxes $ (78 ) $ (173 ) Net Income Available-for-sale securities Realized gain on sale of securities $ 19 $ 926 Net gains on sales and redemptions of investment securities (5 ) (242 ) Provision for income taxes $ 14 $ 684 Net Income (1) Amounts in parentheses indicates debits in net income. (2) These items are included in net periodic pension cost. See Note 14 for additional information. |
Noninterest Income
Noninterest Income | 12 Months Ended |
Dec. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Noninterest Income | NOTE 27: NONINTEREST INCOME The Company has included the following table regarding the Company’s noninterest income for the periods presented. For the years ended (In thousands) December 31, 2021 December 31, 2020 Service fees Insufficient funds fees $ 888 $ 871 Deposit related fees 393 373 ATM fees 183 151 Total service fees 1,464 1,395 Fee Income Insurance commissions 1,048 955 Investment services revenue 399 303 ATM fees surcharge 227 213 Banking house rents collected 243 235 Total fee income 1,917 1,676 Card income - - Debit card interchange fees 923 771 Merchant card fees 73 70 Total card income 996 841 Mortgage fee income and realized gain on sale of loans and foreclosed real estate Loan servicing fees 246 361 Net gains on sales of loans and foreclosed real estate 313 1,179 Total mortgage fee income and realized gain on sale of loans and foreclosed real estate 559 1,540 Total 4,936 5,452 Earnings and gain on bank owned life insurance 559 460 Net gains on sales and redemptions of investment securities 37 1,076 Gains (losses) on marketable equity securities 382 (629 ) Gain on sales of premises and equipment 201 - Other miscellaneous income 116 96 Total noninterest income $ 6,231 $ 6,485 The following is a discussion of key revenues within the scope of ASC 606: • 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 SBA loans, and sales of foreclosed real estate, and is earned as the transaction occurs. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | NOTE 28: LEASES The Company has operating and finance leases for certain banking offices and land under noncancelable agreements. Our leases have remaining lease terms that vary from less than one year up to 30 years, some of which include options to extend the leases for various renewal periods. All options to renew are included in the current lease term when we believe it is reasonably certain that the renewal options will be exercised. The components of lease expense are as follows: For the years ended (In thousands) December 31, 2021 December 31, 2020 Operating lease cost $ 226 $ 241 Finance lease cost 81 80 Supplemental cash flow information related to leases was as follows: For the years ended (In thousands) December 31, 2021 December 31, 2020 Cash paid for amount included in the measurement of lease liabilities: Operating cash flows from operating leases $ 207 $ 221 Operating cash flows from finance leases 81 80 Financing cash flows from finance leases 72 71 Supplemental balance sheet information related to leases was as follows: (In thousands, except lease term and discount rate) December 31, 2021 December 31, 2020 Operating Leases: Operating lease right-of-use assets $ 2,136 $ 2,240 Operating lease liabilities $ 2,440 $ 2,525 Finance Leases: Financial Liability $ 596 $ 587 Weighted Average Remaining Lease Term: Operating Leases 18 19.08 years Finance Leases 27 28.42 years Weighted Average Discount Rate: Operating Leases 3.73 % 3.73 % Finance Leases 13.75 % 13.75 % Maturities of lease liabilities were as follows: Years Ending December 31, (In thousands) 2022 $ 115 2023 118 2024 118 2025 126 2026 133 Thereafter 2,427 Total minimum lease payments $ 3,037 The Company owns certain properties that it leases to unaffiliated third parties at market rates. Lease rental income was $ 235,000 and $235,000 for the years ended December 31, 2021 and 2020, respectively. All lease agreements are accounted for as operating leases. |
COVID-19
COVID-19 | 12 Months Ended |
Dec. 31, 2021 | |
Extraordinary And Unusual Items [Abstract] | |
COVID-19 | NOTE 29: COVID-19 In early January 2020, the World Health Organization (the “WHO”) issued an alert that a novel coronavirus outbreak was emanating from Wuhan, Hubei Province in China. Over the course of the next several weeks, the outbreak continued to spread to various regions of the world, prompting the WHO to declare 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 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 widely varying degrees, largely dependent upon the level of regional and national outbreaks and the resultant levels of capacity constraints on available medical resources, these very substantial mandated curtailments of social and economic activity were relaxed globally in the third and fourth quarters of 2020. However, within various time periods during 2021 that extended into early 2022, the number of reported positive cases in the United States spiked to very high levels due to the emergence of new variants of the virus. At the date of this filing, the majority of the United States, including the areas in which the Company has its operations, have returned to substantively normal business and social activities. 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. The Company has many employees working remotely and has significantly reduced physical customer contact with employees and other customers. Initially, branch activities were limited to drive-thru transactions whenever possible, teleconferencing and in-branch “appointments only” services. The Bank’s branches were made fully accessible to the public in the early fall of 2020, but remained in strict compliance with all applicable social distancing and sanitization guidelines. Since the start of the pandemic, transactional volume has also increased through the Bank’s telephone, mobile and internet banking channels. We will take further actions, focused on safety, as may be required 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 remained as of December 31, 2021. 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. 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. 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 also issued guidance encouraging financial institutions to work prudently with borrowers who were, or were potentially, unable to meet their contractual payment obligations because of the effects of COVID-19. The Company worked throughout the pandemic to assist its business and consumer customers affected by COVID-19. The Bank participated in all phases of the PPP funded by the U.S. Treasury Department and administered by the U.S. SBA pursuant to the CARES Act and subsequent legislation. PPP loans have an interest rate of 1.0% and a two-year five-year Through December 31, 2020, the Bank granted payment deferral requests for an initial period of 90 days on 618 loans representing approximately $137.4 million of existing loan balances. Upon the receipt of borrower requests, additional 90 day deferral periods were generally granted. Consistent with industry regulatory guidance, borrowers that were granted COVID-19 related deferrals but were otherwise current on loan payments continued to have their loans reported as current loans during the agreed upon deferral period(s), accrue interest and not be accounted for as troubled debt restructurings. Of these granted deferrals, 303 loans, totaling $24.0 million, were residential mortgage or consumer loans. At December 31, 2020, 265 residential and consumer loans, totaling $ 21.3 million, ha d returned to non-deferral status. Of these granted deferrals, 315 loans, totaling $ 113.3 million, were commercial real estate or other commercial and industrial loans. At December 31, 2020, 291 commercial real estate or other commercial and industrial loans, totaling $ 98.9 million, ha d returned to non-deferral status. Therefore, at December 31, 2020, 38 residential mortgage and consumer loans, totaling $ 2.7 million and 24 commercial real estate and other commercial and industrial loans, totaling $ 14.4 million remained in deferral status. These loans still in deferral status therefore totaled $ 17.1 million and represented 2.1 % of all loans outstanding at December 31, 2020. After consultations with certain of these commercial loan borrowers, 11 loans, representing $ 8.3 million, were granted an additional 90 day deferral period beyond 180 days as of December 31, 2020. These loans are included in the $ 17.1 million in loans still in deferred status at December 31, 2020. On an extremely limited basis, additional deferral periods were granted subject to further analysis and discussion with specific borrowers. To the extent that such modifications met the criteria previously described these loans were not classified as troubled debt restructurings nor classified as nonperforming at December 31, 2020. Loans not granted additional deferral periods were categorized as nonaccrual loans if the borrowers failed to make the first scheduled payment following the end of the deferral period, or became seriously delinquent thereafter. During the course of 2021, all deferred loans were either returned to accrual status or appropriately characterized as nonaccrual as dictated by their repayment activities. Therefore, the Company had no loans in deferral status at December 31, 2021. In addition, the future credit-related performance of a loan portfolio generally depends upon the types of loans within the portfolio, concentrations by type of loan and the quality of the collateral securing the loans. The following table details the Company's loan portfolio by collateral type within major categories as of December 31, 2021: (Dollars in thousands) Balance Number of Loans Average Loan Balance Minimum/ Maximum Loan Balance Allowance for Loan Losses Percent of Total Loans Residential Mortgage Loans $ 247,276 # 2,109 $ 117 $ 0 - $ 1,522 $ 872 30 % Commercial Real Estate: Mixed Use $ 42,798 55 $ 778 $ 28 - $ 6,185 $ 788 5 % Multi-Family Residential 40,992 58 707 21 - 6,209 754 5 % Hotels and Motels 35,398 10 3,540 315 - 11,500 651 4 % Office 37,886 68 557 1 - 4,744 697 5 % Retail 26,600 50 532 29 - 5,028 489 3 % 1-4 Family Residential 19,658 156 126 0 - 1,363 362 2 % Automobile Dealership 15,072 8 1,884 161 - 6,589 277 2 % Skilled Nursing Facility 11,893 2 5,947 3,800 - 8,092 219 1 % Recreation/ Golf Course/ Marina 13,423 14 959 13 - 3,150 247 2 % Warehouse 8,463 14 605 67 - 2,599 156 1 % Manufacturing/Industrial 6,296 17 370 54 - 1,378 116 1 % Restaurant 6,339 24 264 39 - 1,188 117 1 % Automobile Repair 4,528 12 377 36 - 2,244 83 1 % Hospitals 4,086 3 1,362 75 - 3,105 75 0 % Not-For-Profit & Community Service Real Estate 3,360 3 1,120 103 - 1,719 62 0 % Land 5,624 8 703 63 - 2,287 103 1 % All Other 6,034 29 208 14 - 734 111 1 % Total Commercial Real Estate Loans $ 288,450 531 $ 543 $ 5,308 35 % Commercial and Industrial: Secured Term Loans $ 56,437 369 $ 153 $ - - $ 4,485 $ 1,593 7 % Unsecured Term Loans 12,698 105 121 - - 920 358 2 % Secured Lines of Credit 54,716 266 206 - - 4,813 1,544 7 % Unsecured Lines of Credit 7,168 146 49 - - 1,600 202 90 % Total Commercial and Industrial Loans $ 131,019 886 $ 148 $ 3,698 16 % Tax Exempt Loans $ 5,811 20 $ 291 $ 3 - $ 2,248 $ 3 1 % Paycheck Protection Loans $ 19,338 256 $ 76 $ 0 - $ 870 $ - 2 % Consumer: Home Equity Lines of Credit $ 31,738 902 $ 35 $ - - $ 504 $ 774 4 % Vehicle 18,629 1,337 14 0 - 436 219 2 % Consumer Secured 80,466 4,205 19 18 - 107 948 10 % Consumer Unsecured 9,013 1,795 5 - - 90 106 1 % All Others 1,999 745 3 - - 57 24 0 % Total Consumer Loans $ 141,845 8,984 $ 16 $ 2,071 17 % Net deferred loan fees (1,280 ) - - - - Unallocated allowance for loan losses (12,935 ) - - 983 - Total Loans $ 819,524 12,786 $ 64 $ 12,935 100 % |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 30: SUBSEQUENT EVENTS On March 25, 2022, the Company announced that its Board of Directors had declared a cash dividend of $0.09 per common share, and a cash dividend of $0.09 per notional share for the issued Warrant. The dividend will be payable on May 6, 2022 to shareholders of record on April 22, 2022. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations The accompanying consolidated financial statements include the accounts of Pathfinder Bancorp, Inc. (the “Company”) and its wholly owned subsidiary, Pathfinder Bank (the “Bank”). The Company is a Maryland corporation headquartered in Oswego, New York. On October 16, 2014, the Company completed its conversion from the mutual holding company structure and the related public offering and is now a stock holding company that is fully owned by the public. As a result of the conversion, the mutual holding company and former mid-tier holding company were merged into Pathfinder Bancorp, Inc. The primary business of the Company is its investment in Pathfinder Bank (the "Bank") which is 100% owned by the Company. The Bank has two wholly owned operating subsidiaries, Pathfinder Risk Management Company, Inc. (“PRMC”) and Whispering Oaks Development Corp. All significant inter-company accounts and activity have been eliminated in consolidation. Although the Company owns, through its subsidiary PRMC, 51% of the membership interest in FitzGibbons Agency, LLC (“FitzGibbons”), the Company is required to consolidate 100% of FitzGibbons within the consolidated financial statements. The 49% of which the Company does not own is accounted for separately as noncontrolling interests within the consolidated financial statements. The Company received $24.9 million in net proceeds from the sale of approximately 2.6 million shares of common stock as a result of the Conversion in October 2014. In October 2015, the Company executed the issuance of a $10.0 million non-amortizing Subordinated Loan and subsequently used those proceeds in February 2016 to substantially fund the full retirement of $13.0 million in SBLF Preferred stock. The Company received $19.6 million in net proceeds from the sale of 37,700 shares of common stock and 1,155,283 shares of preferred stock as a result of the Private Placement in May 2019. The Company has seven branch offices located in Oswego County, three branch offices in Onondaga County and one limited purpose office in Oneida County. The Company is primarily engaged in the business of attracting deposits from the general public in the Company’s market area, and investing such deposits, together with other sources of funds, in loans secured by commercial real estate, business assets, one-to-four family residential real estate and investment securities. |
Discussion of COVID-19 Pandemic | Discussion of COVID-19 Pandemic A discussion of the effect of the COVID-19 pandemic on the operations of the Company is contained herein in Note 29. |
Use of Estimates in the Preparation of Consolidated Financial Statements | Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management has identified the allowance for loan losses, deferred income taxes, pension obligations, the annual evaluation of the Company’s goodwill for possible impairment and the evaluation of investment securities for other than temporary impairment and the estimation of fair values for accounting and disclosure purposes to be the accounting areas that require the most subjective and complex judgments, and as such, could be the most subject to revision as new information becomes available. The Company is subject to the regulations of various governmental agencies. The Company also undergoes periodic examinations by the regulatory agencies which may subject it to further changes with respect to asset valuations, amounts of required loss allowances, and operating restrictions resulting from the regulators' judgments based on information available to them at the time of their examinations. |
Significant Group Concentrations of Credit Risk | Significant Group Concentrations of Credit Risk Most of the Company’s activities are with customers located primarily in Oswego and Onondaga counties of New York State. A large portion of the Company’s portfolio is centered in residential and commercial real estate. The Company closely monitors real estate collateral values and requires additional reviews of commercial real estate appraisals by a qualified third party for commercial real estate loans in excess of $400,000. All residential loan appraisals are reviewed by an individual or third party who is independent of the loan origination or approval process and was not involved in the approval of appraisers or selection of the appraiser for the transaction, and has no direct or indirect interest, financial or otherwise in the property or the transaction. |
Advertising | Advertising The Company generally follows the policy of charging the costs of advertising to expense as incurred. Expenditures for new marketing and advertising material designs and/or media content, related to specifically-identifiable marketing campaigns are capitalized and expensed over the estimated life of the campaign. Such periods of time are generally 12-24 months in duration and do not exceed 36 months. |
Noncontrolling Interest | Noncontrolling Interest Noncontrolling interest represents the portion of ownership and profit or loss that is attributable to the minority owners of FitzGibbons. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand, amounts due from banks and interest-bearing deposits (with original maturity of three months or less). |
Investment Securities | Investment Securities The Company classifies investment securities as either available-for-sale or held-to-maturity. The Company does not hold any securities considered to be trading. Available-for-sale securities are reported at fair value, with net unrealized gains and losses reflected as a separate component of shareholders’ equity, net of the applicable income tax effect. Held-to-maturity securities are those that the Company has the ability and intent to hold until maturity and are reported at amortized cost. Gains or losses on investment security transactions are based on the amortized cost of the specific securities sold. Premiums and discounts on securities are amortized and accreted into income using the interest method over the period to maturity. The Company records its investment in marketable equity securities (“MES”) at fair value. Changes in the fair value of MES are recorded as additions to, or subtractions from, net income in the period that the change occurs. These changes in fair value are separately disclosed as gains (losses) on equity securities on the Consolidated Statements of Income. Note 4 to the consolidated financial statements includes additional information about the Company’s accounting policies with respect to the impairment of investment securities. |
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock Federal law requires a member institution of the Federal Home Loan Bank (“FHLB”) system to hold stock of its district FHLB according to a predetermined formula. The stock is carried at cost. |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets, including sales of loans and loan participations, are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Loans | Loans The Company grants mortgage, commercial, municipal, and consumer loans to customers. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are stated at their outstanding unpaid principal balances, less the allowance for loan losses plus net deferred loan origination costs. The ability of the Company’s debtors to honor their contracts is dependent upon the real estate and general economic conditions in the market area. Interest income is generally recognized when income is earned using the interest method. Nonrefundable loan fees received and related direct origination costs incurred are deferred and amortized over the life of the loan using the interest method, resulting in a constant effective yield over the loan term. Deferred fees are recognized into income and deferred costs are charged to income immediately upon prepayment of the related loan. The loans receivable portfolio is segmented into residential mortgage, commercial and consumer loans. The residential mortgage segment consists of one-to-four family first-lien residential mortgages and construction loans. Commercial loans consist of the following classes: real estate, lines of credit, other commercial and industrial, and tax-exempt loans. Consumer loans include both home equity lines of credit and loans with junior liens and other consumer loans. |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses represents management’s estimate of losses inherent in the loan portfolio as of the date of the statement of condition and it is recorded as a reduction of loans. The allowance is increased by the provision for loan losses, and decreased by charge-offs, net of recoveries. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. All, or part, of the principal balance of loans receivable are charged off to the allowance as soon as it is determined that the repayment of all, or part, of the principal balance is highly unlikely. Non-residential consumer loans are generally charged off no later than 120 days past due on a contractual basis, unless productive collection efforts are providing results. Consumer loans may be charged off earlier in the event of bankruptcy, or if there is an amount that is deemed uncollectible. No portion of the allowance for loan losses is restricted to any individual loan product and the entire allowance is available to absorb any and all loan losses. The allowance for loan losses is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management performs a quarterly evaluation of the adequacy of the allowance. The allowance is based on three major components which are; specific components for larger loans, recent historical losses and several qualitative factors applied to a general pool of loans, and an unallocated component. The first component is the specific component that relates to loans that are classified as impaired. For these loans, an allowance is established when the discounted cash flows or collateral value of the impaired loan is lower than the carrying value of that loan. The second or general component covers pools of loans, by loan class, not considered impaired, smaller balance homogeneous loans, such as residential real estate, home equity and other consumer loans. These pools of loans are evaluated for loss exposure first based on historical loss rates for each of these categories of loans. The ratio of net charge-offs to loans outstanding within each product class, over the most recent eight quarters, lagged by one quarter, is used to generate the historical loss rates. In addition, qualitative factors are added to the historical loss rates in arriving at the total allowance for loan loss need for this general pool of loans. The qualitative factors include changes in national and local economic trends, the rate of growth in the portfolio, trends of delinquencies and nonaccrual balances, changes in loan policy, and changes in lending management experience and related staffing. Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. These qualitative factors, applied to each product class, make the evaluation inherently subjective, as it requires material estimates that may be susceptible to significant revision as more information becomes available. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan loss analysis and calculation. As a result of the COVID-19 pandemic, the Company’s management extensively reviewed a broad array of econometric projections and the potential effect of changes in those projections on anticipated loan performance. As a result, certain qualitative factors were modified in order to determine the adequacy of the allowance for loan losses during the year and at December 31, 2021 and 2020. The third or unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio and generally comprises less than 10% of the total allowance for loan loss. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and shortfalls on a case-by case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length and reason for the delay, the borrower’s prior payment record and the amount of shortfall in relation to what is owed. Impairment is measured by either the present value of the expected future cash flows discounted at the loan’s effective interest rate or the fair value of the underlying collateral, if the loan is collateral dependent. The majority of the Company’s loans utilize the fair value of the underlying collateral. The CARES Act, signed into law on March 27, 2020, provided financial assistance in various forms to both businesses and consumers. One of the technical provisions of the CARES Act was to allow financial institutions not to characterize loan modifications specifically related to the COVID-19 pandemic as TDRs although financial institutions must make impairment determinations for accounting purposes if certain impairment triggers are met. Notwithstanding the Bank’s policies with respect to impaired and potentially impaired loans, as discussed above, certain loans on deferred payment status were not classified as TDRs at December 31, 2021, as a result of the application of the provisions of the CARES Act. An allowance for loan loss is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of substantially all of the Company’s impaired loans are measured based on the estimated fair value of the loan’s collateral. For loans secured by real estate, estimated fair values are determined primarily through third-party appraisals, less costs to sell. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. For commercial and industrial loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower’s financial statements, inventory reports, accounts receivable agings or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Large groups of homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual residential mortgage loans less than $300,000, home equity and other consumer loans for impairment disclosures, unless such loans are related to borrowers with impaired commercial loans or they are subject to a troubled debt restructuring agreement. Loans that are related to borrowers with impaired commercial loans or are subject to a troubled debt restructuring agreement are evaluated individually for impairment. Commercial loans whose terms are modified are classified as troubled debt restructurings if the Company grants such borrowers concessions and it is deemed that those borrowers are experiencing financial difficulty. Concessions granted under a troubled debt restructuring generally include but are not limited to a temporary reduction in the interest rate or an extension of a loan’s stated maturity date. Commercial loans classified as troubled debt restructurings are designated as impaired and evaluated individually as discussed above. The allowance calculation methodology includes further segregation of loan classes into risk rating categories. The borrower’s overall financial condition, repayment sources, guarantors and value of the collateral, if appropriate, are evaluated not less than annually for commercial loans or when credit deficiencies arise on all loans. Credit quality risk ratings include regulatory classifications of special mention, substandard, doubtful and loss. See Note 5 for a description of these regulatory classifications. In addition, Federal and State regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses and may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination, which may not be currently available to management. Based on management’s comprehensive analysis of the loan portfolio, management believes the current level of the allowance for loan losses is adequate. |
Income Recognition on Impaired and Nonaccrual Loans | Income Recognition on Impaired and Nonaccrual Loans With the exception of certain loans in deferral at December 31, 2020 as a result of COVID-19 pandemic-related factors, for all classes of loans receivable, the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan may be currently performing. A loan may remain on accrual status if it is either well secured or guaranteed and in the process of collection. When a loan is placed on nonaccrual status, unpaid interest is reversed and charged to interest income. Interest received on nonaccrual loans, including impaired loans, generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. Generally, loans are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, generally six months, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. Nonaccrual troubled debt restructurings are restored to accrual status if principal and interest payments, under the modified terms, are current for six consecutive months after modification. For nonaccrual loans, when future collectability of the recorded loan balance is expected, interest income may be recognized on a cash basis. In the case where a nonaccrual loan had been partially charged off, recognition of interest on a cash basis is limited to that which would have been recognized on the recorded loan balance at the contractual interest rate. Cash interest receipts in excess of that amount are recorded as recoveries to the allowance for loan losses until prior charge-offs have been fully recovered. |
Off-Balance Sheet Credit Related Financial Instruments | Off-Balance Sheet Credit Related Financial Instruments In the ordinary course of business, the Company has entered into commitments to extend credit, including commitments under standby letters of credit. Such financial instruments are recorded when they are funded. |
Premises and Equipment | Premises and Equipment Premises and equipment are stated at cost, less accumulated depreciation. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets, ranging up to 40 years for premises and 10 years for equipment. Maintenance and repairs are charged to operating expenses as incurred. The asset cost and accumulated depreciation are removed from the accounts for assets sold or retired and any resulting gain or loss is included in the determination of income. |
Foreclosed Real Estate | Foreclosed Real Estate Physical possession of residential real estate property collateralizing a residential mortgage loan occurs when legal title is obtained upon completion of foreclosure or when the borrower conveys all interest in the property to satisfy the loan through completion of a deed-in-lieu of foreclosure or through a similar legal agreement. Properties acquired through foreclosure, or by deed-in-lieu of foreclosure, are recorded at their fair value less estimated costs to sell. Fair value is typically determined based on evaluations by third parties. Costs incurred in connection with preparing the foreclosed real estate for disposition are capitalized to the extent that they enhance the overall fair value of the property. Any write-downs on the asset’s fair value less costs to sell at the date of acquisition are charged to the allowance for loan losses. Subsequent write downs and expenses of foreclosed real estate are included as a valuation allowance and recorded in noninterest expense. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill represents the excess cost of an acquisition over the fair value of the net assets acquired. Goodwill is not amortized, but is evaluated annually or when there is a triggering event for impairment. Intangible assets, such as customer lists, are amortized over their useful lives, generally 15 years. |
Mortgage Servicing Rights | Mortgage Servicing Rights Originated mortgage servicing rights are recorded at their fair value at the time of transfer of the related loans and are amortized in proportion to, and over the period of, estimated net servicing income or loss. The carrying value of the originated mortgage servicing rights is periodically evaluated for impairment or between annual evaluations under certain circumstances. |
Stock-Based Compensation | Stock-Based Compensation Compensation costs related to share-based payment transactions are recognized based on the grant-date fair value of the stock-based compensation issued. Compensation costs are recognized over the period that an employee provides service in exchange for the award. Compensation costs related to the Employee Stock Ownership Plan are dependent upon the average stock price and the shares committed to be released to plan participants through the period in which income is reported. |
Retirement Benefits | Retirement Benefits The Company has a non-contributory defined benefit pension plan that covered substantially all employees. On May 14, 2012, the Company informed its employees of its decision to freeze participation and benefit accruals under the plan, primarily to reduce some of the volatility in earnings that can accompany the maintenance of a defined benefit plan. The plan was frozen on June 30, 2012. Compensation earned by employees up to June 30, 2012 is used for purposes of calculating benefits under the plan but there will be no future benefit accruals after this date. Participants as of June 30, 2012 will continue to earn vesting credit with respect to their frozen accrued benefits as they continue to work. Pension expense under these plans is charged to current operations and consists of several components of net pension cost based on various actuarial assumptions regarding future experience under the plans. Gains and losses, prior service costs and credits, and any remaining transition amounts that have not yet been recognized through net periodic benefit cost are recognized in accumulated other comprehensive loss, net of tax effects, until they are amortized as a component of net periodic cost. Plan assets and obligations are measured as of the Company’s statement of condition date. The Company has unfunded deferred compensation and supplemental executive retirement plans for selected current and former employees and officers that provide benefits that cannot be paid from a qualified retirement plan due to Internal Revenue Code restrictions. These plans are nonqualified under the Internal Revenue Code, and assets used to fund benefit payments are not segregated from other assets of the Company, therefore, in general, a participant's or beneficiary's claim to benefits under these plans is as a general creditor. The Bank sponsors an Employee Stock Ownership Plan (“ESOP”) covering substantially all full time employees. The cost of shares issued to the ESOP but not committed to be released to the participants is presented in the consolidated statement of condition as a reduction of shareholders’ equity. ESOP shares are released to the participants on an annual basis in accordance with a predetermined schedule. The Company records ESOP compensation expense based on the shares committed to be released and allocated to the participant’s accounts multiplied by the average share price of the Company’s stock over the period. Dividends related to unallocated shares are recorded as compensation expense. |
Derivative Financial Instruments | Derivative Financial Instruments Derivatives are recorded on the statement of condition as assets and liabilities measured at their fair value. The accounting for changes in the fair value of a derivative depends on whether or not the derivative has been designated and qualifies as part of a hedging relationship. The Company acquires derivatives with the intent of designating and qualifying those instruments as part of hedging relationships to other balance sheet assets or liabilities. The specific accounting treatment for increases and decreases in the value of derivatives further depends upon the use of the specific derivatives. There are two primary types of interest rate derivatives that may be employed by the Company: • Fair Value Hedge - As a result of interest rate fluctuations, fixed-rate assets and liabilities will appreciate or depreciate in fair value over the course of their economic lives prior to maturity. When effectively hedged, this appreciation or depreciation will generally be offset by fluctuations in the fair value of derivative instruments that are linked to the hedged assets and liabilities. This strategy is referred to as a fair value hedge. For a fair value hedge, changes in the fair value of the derivative instrument and changes in the fair value of the hedged asset or liability are expected to substantially offset each other and these changes are recognized currently in earnings. • Cash Flow Hedge - Cash flows related to floating rate assets and liabilities will fluctuate with changes in the underlying rate index. When effectively hedged, the increases or decreases in cash flows related to the floating-rate asset or liability will generally be offset by changes in cash flows of the derivative instruments designated as a hedge. This strategy is referred to as a cash flow hedge. For a cash flow hedge, changes in the fair value of the derivative instrument, to the extent that it is effective, are recorded in other comprehensive income and subsequently reclassified to earnings as the hedged transaction impacts net income. Any ineffective portion of a cash flow hedge is recognized currently in earnings. |
Income Taxes | Income Taxes Provisions for income taxes are based on taxes currently payable or refundable and deferred income taxes on temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements. Deferred tax assets and liabilities are reported in the consolidated financial statements at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized or settled. |
Earning Per Share | Earnings Per Share Basic net income per share was calculated using the two-class method by dividing net income (less any dividends on participating securities) by the weighted average number of shares of common stock and participating securities outstanding for the period. Diluted earnings per share may include the additional effect of other securities, if dilutive, in which case the dilutive effect of such securities is calculated by applying either the two-class method or the Treasury Stock method to the assumed exercise or vesting of potentially dilutive common shares. The method yielding the more dilutive result is ultimately reported for the applicable period. Potentially dilutive common stock equivalents primarily consist of employee stock options and restricted stock units. Unallocated common shares held by the ESOP are not included in the weighted average number of common shares outstanding for purposes of calculating earnings per common share until they are committed to be released to plan participants. Note 3 provides more information related to earnings per share. |
Segment Reporting | Segment Reporting The Company has evaluated the activities relating to its strategic business units. The controlling interest in the FitzGibbons Agency is dissimilar in nature and management when compared to the Company’s other strategic business units which are judged to be similar in nature and management. The Company has determined that the FitzGibbons Agency is below the reporting threshold in size in accordance with Accounting Standards Codification 280. Accordingly, the Company has determined it has no reportable segments. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Accounting principles generally require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities are reported as a separate component of the equity section of the statement of condition, such items, along with net income, are components of comprehensive income. Accumulated other comprehensive loss represents the sum of these items, with the exception of net income, as of the balance sheet date and is represented in the table below. As of December 31, Accumulated Other Comprehensive Loss By Component: 2021 2020 Unrealized loss for pension and other postretirement obligations $ (1,907 ) $ (2,832 ) Tax effect 495 739 Net unrealized loss for pension and other postretirement obligations (1,412 ) (2,093 ) Unrealized gain (loss) on available-for-sale securities 579 1,133 Tax effect (151 ) (296 ) Net unrealized gain on available-for-sale securities 428 837 Unrealized holding losses on hedging activities arising during the period (388 ) (1,308 ) Tax effect 102 342 Net unrealized loss on hedging activities (286 ) (966 ) Unrealized loss on securities transferred to held-to-maturity (2 ) (22 ) Tax effect 4 8 Net unrealized gain (loss) on securities transferred to held-to-maturity 2 (14 ) Accumulated other comprehensive loss $ (1,268 ) $ (2,236 ) |
Reclassifications | Reclassifications Certain amounts in the 2020 consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications had no effect on net income as previously reported. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss represents the sum of these items, with the exception of net income, as of the balance sheet date and is represented in the table below. As of December 31, Accumulated Other Comprehensive Loss By Component: 2021 2020 Unrealized loss for pension and other postretirement obligations $ (1,907 ) $ (2,832 ) Tax effect 495 739 Net unrealized loss for pension and other postretirement obligations (1,412 ) (2,093 ) Unrealized gain (loss) on available-for-sale securities 579 1,133 Tax effect (151 ) (296 ) Net unrealized gain on available-for-sale securities 428 837 Unrealized holding losses on hedging activities arising during the period (388 ) (1,308 ) Tax effect 102 342 Net unrealized loss on hedging activities (286 ) (966 ) Unrealized loss on securities transferred to held-to-maturity (2 ) (22 ) Tax effect 4 8 Net unrealized gain (loss) on securities transferred to held-to-maturity 2 (14 ) Accumulated other comprehensive loss $ (1,268 ) $ (2,236 ) For the years ended (In thousands) December 31, 2021 December 31, 2020 Balance as of December 31: $ (1,308 ) $ - Amount of gains (losses) recognized in other comprehensive income 921 (1,308 ) Losses in other comprehensive income: $ (387 ) $ (1,308 ) |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 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. Years Ended December 31, (In thousands, except per share data) 2021 2020 Net income attributable to Pathfinder Bancorp, Inc. $ 12,407 $ 6,950 Convertible preferred stock dividends 180 291 Series A Non-Voting Common Stock dividends 206 - Warrant dividends 35 30 Undistributed earnings allocated to participating securities 2,699 1,224 Net income available to common shareholders- Voting $ 9,287 $ 5,405 Net income attributable to Pathfinder Bancorp, Inc. $ 12,407 $ - Convertible preferred stock dividends 180 - Voting Common Stock dividends 1,258 - Warrant dividends 35 - Undistributed earnings allocated to participating securities 9,392 - Net income available to common shareholders- Series A Non-Voting $ 1,542 $ - Basic weighted average common shares outstanding- Voting 4,478 4,608 Basic weighted average common shares outstanding- Series A Non-Voting 745 - Diluted weighted average common shares outstanding- Voting 4,478 4,608 Diluted weighted average common shares outstanding- Series A Non-Voting 745 - Basic earnings per common share- Voting $ 2.07 $ 1.17 Basic earnings per common share- Series A Non-Voting $ 2.07 $ - Diluted earnings per common share- Voting $ 2.07 $ 1.17 Diluted earnings per common share- Series A Non-Voting $ 2.07 $ - |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 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: December 31, 2021 Gross Gross Estimated Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value Available-for-Sale Portfolio Debt investment securities: US Treasury, agencies and GSEs $ 32,669 $ 17 $ (413 ) $ 32,273 State and political subdivisions 37,860 1,383 (44 ) 39,199 Corporate 13,603 562 (38 ) 14,127 Asset backed securities 13,693 9 (89 ) 13,613 Residential mortgage-backed - US agency 22,482 148 (466 ) 22,164 Collateralized mortgage obligations - US agency 12,658 30 (403 ) 12,285 Collateralized mortgage obligations - Private label 56,848 285 (402 ) 56,731 Total 189,813 2,434 (1,855 ) 190,392 Equity investment securities: Common stock - financial services industry 206 - - 206 Total 206 - - 206 Total available-for-sale $ 190,019 $ 2,434 $ (1,855 ) $ 190,598 Held-to-Maturity Portfolio Debt investment securities: US Treasury, agencies and GSEs $ - $ - $ - $ - State and political subdivisions 14,790 416 (140 ) 15,066 Corporate 46,290 1,252 (102 ) 47,440 Asset backed securities 14,636 67 (188 ) 14,515 Residential mortgage-backed - US agency 9,740 277 (18 ) 9,999 Collateralized mortgage obligations - US agency 11,362 367 (9 ) 11,720 Collateralized mortgage obligations - Private label 64,105 222 (262 ) 64,065 Total held-to-maturity $ 160,923 $ 2,601 $ (719 ) $ 162,805 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 December 31, 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 $ 5,886 $ 6,294 $ 2,817 $ 2,865 Due after one year through five years 4,824 4,920 8,967 9,349 Due after five years through ten years 34,884 34,512 43,836 44,764 Due after ten years 52,231 53,486 20,096 20,043 Sub-total 97,825 99,212 75,716 77,021 Residential mortgage-backed - US agency 22,482 22,164 9,740 9,999 Collateralized mortgage obligations - US agency 12,658 12,285 11,362 11,720 Collateralized mortgage obligations - Private label 56,848 56,731 64,105 64,065 Totals $ 189,813 $ 190,392 $ 160,923 $ 162,805 |
Investment Securities' Gross Unrealized Losses and Fair Value by Investment Category and Length of Time that Individual Securities Have Continuous Unrealized Loss Position | The Company’s investment securities’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, is as follows: December 31, 2021 Less than Twelve Months Twelve Months or More Total Number of Number of Number of Individual Unrealized Fair Individual Unrealized Fair Individual Unrealized Fair (Dollars in thousands) Securities Losses Value Securities Losses Value Securities Losses Value Available-for-Sale Portfolio US Treasury, agencies and GSE's 3 $ (413 ) $ 31,195 - $ - $ - 3 $ (413 ) $ 31,195 State and political subdivisions 3 (44 ) 4,847 - - - 3 (44 ) 4,847 Corporate 2 (5 ) 1,162 1 (33 ) 722 3 (38 ) 1,884 Asset backed securities 5 (89 ) 11,206 - - - 5 (89 ) 11,206 Residential mortgage-backed - US agency 3 (466 ) 13,090 - - - 3 (466 ) 13,090 Collateralized mortgage obligations - US agency 3 (126 ) 6,504 2 (277 ) 2,204 5 (403 ) 8,708 Collateralized mortgage obligations - Private label 18 (388 ) 38,816 2 (14 ) 1,539 20 (402 ) 40,355 Totals 37 $ (1,531 ) $ 106,820 5 $ (324 ) $ 4,465 42 $ (1,855 ) $ 111,285 Held-to-Maturity Portfolio State and political subdivisions 4 $ (28 ) $ 2,013 2 $ (112 ) $ 3,988 6 $ (140 ) 6,001 Corporate 9 (102 ) 7,636 - - - 9 (102 ) 7,636 Asset backed securities 2 (130 ) 2,974 2 (58 ) 1,610 4 (188 ) 4,584 Residential mortgage-backed - US agency 1 (18 ) 1,941 - - - 1 (18 ) 1,941 Collateralized mortgage obligations - US agency - - - 1 (9 ) 1,109 1 (9 ) 1,109 Collateralized mortgage obligations - Private label 6 (163 ) 13,070 3 (99 ) 3,820 9 (262 ) 16,890 Totals 22 $ (441 ) $ 27,634 8 $ (278 ) $ 10,527 30 $ (719 ) $ 38,161 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 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 Sale of Securities | Proceeds of $42.0 million and $29.3 million , respectively on sales and redemptions of securities for the years ended December 31, 2021 and 2020 resulted in gross realized gains (losses) detailed below (In thousands) 2021 2020 Realized gains on investments $ 120 $ 1,107 Realized losses on investments (83 ) (31 ) $ 37 $ 1,076 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Major Classification of Loans | Major classifications of loans are as follows: December 31, December 31, (In thousands) 2021 2020 Residential mortgage loans: 1-4 family first-lien residential mortgages $ 240,434 $ 227,185 Construction 6,329 6,681 Loans held-for-sale (1) 513 1,526 Total residential mortgage loans 247,276 235,392 Commercial loans: Real estate 288,450 286,271 Lines of credit 61,884 49,103 Other commercial and industrial 69,135 78,629 Paycheck Protection Program loans 19,338 60,643 Tax exempt loans 5,811 7,166 Total commercial loans 444,618 481,812 Consumer loans: Home equity and junior liens 31,737 38,624 Other consumer 110,108 70,905 Total consumer loans 141,845 109,529 Total loans 833,739 826,733 Net deferred loan fees (1,280 ) (1,238 ) Less allowance for loan losses (12,935 ) (12,777 ) Loans receivable, net $ 819,524 $ 812,718 (1) Based on ASC 948, Mortgage Banking, loans shall be classified as held-for-sale once a decision has been made to sell the loans and shall be transferred to the held-for-sale category at lower of cost or fair value. At December 31, 2021, the loans under contract to be sold had a principal balance of $513,000. These loans were transferred at their amortized cost of $513,000 as of December 31, 2021, as the fair value of these loans was greater than the amortized cost. At December 31, 2020, the loans under contract to be sold had a principal balance of $1.5 million. These loans were transferred at their amortized cost of $1.5 million as of December 31, 2020, as the fair value of these loans was greater than the amortized cost. |
Summary of Information Related to Company's PPP Loans | Information related to the Company’s PPP loans are included in the following tables: Unaudited For the years ended (In thousands, except number of loans) December 31, 2021 December 31, 2020 Number of PPP loans originated in the period 478 699 Funded balance of PPP loans originated in the period $ 36,369 $ 75,352 Number of PPP loans forgiven in the period 796 136 Average balance of PPP loans in the period $ 75,538 $ 91,328 Balance of PPP loans forgiven in the period $ 77,054 $ 15,279 Deferred PPP fee income recognized in the period $ 2,150 $ 938 (In thousands, except number of loans) December 31, 2021 December 31, 2020 Unearned PPP deferred fee income at end of period $ 716 $ 1,216 (In thousands, except number of loans) Number Balance Total PPP loans originated since inception 1,177 $ 111,721 Total PPP loans forgiven since inception 932 $ 92,333 Total PPP loans remaining at December 31, 2021 256 $ 19,338 |
Summary of Purchased Loans Pools | The following table summarizes the positions, held by the Bank in purchased loans at year end: (In thousands, except number of loans) December 31, 2021 Original Balance Current Balance Unamortized Premium Percent Owned Number of Loans Maturity Range Cumulative net charge-offs Residential real estate loans 4,300 4,100 257 100 % 51 17-23 Years - Residential real estate loans 21,300 21,400 3,642 62 % 900 19-25 years - Other commercial and industrial loans 6,800 3,900 100 % 33 4-8 years - Commercial Line of Credit 1 11,600 7,100 26 5 % 1 0-1 year - Commercial Line of Credit 2 10,500 9,300 35 28 % 1 0-1 year - Home equity lines of credit 21,900 8,400 243 100 % 187 2-28 years - Automobile loans 50,400 8,800 301 90 % 855 0-5 years 239 Unsecured consumer loan pool 1 5,400 2,600 100 % 66 3-5 years - Unsecured consumer loan pool 2 26,600 6,300 30 59 % 1,438 1-3 years 42 Unsecured consumer loans pool 3 10,300 2,200 74 100 % 1,356 0-6 years 296 Unsecured consumer loans pool 4 14,500 12,600 1,776 68 % 563 15 years - Unsecured consumer loans pool 5 24,400 19,700 583 100 % 756 Over 15 years - Unsecured consumer loans pool 6 22,200 22,100 2,785 100 % 564 Over 15 years - (In thousands, except number of loans) December 31, 2020 Original Balance Current Balance Unamortized Premium Percent Owned Number of Loans Maturity Range Cumulative net charge-offs Residential real estate loans $ 4,300 $ 4,300 $ 273 100 % 51 17-25 years - Other commercial and industrial loans 6,800 5,500 - 100 % 39 5-9 years - Home equity lines of credit 21,900 13,900 309 100 % 275 3-29 years - Automobile loans 50,400 17,000 602 90 % 1,257 0-6 years 230 Unsecured consumer loan pool 1 5,400 3,600 - 100 % 76 3-6 years - Unsecured consumer loan pool 2 26,600 15,400 63 59 % 2,246 2-4 years - Unsecured consumer loans pool 3 10,300 5,500 138 100 % 2,958 0-6 years - Unsecured consumer loans pool 4 14,500 14,500 2,124 68 % 619 25 years - |
Summary of Classes of Loan Portfolio | The following table presents the segments and classes of the loan portfolio summarized by the aggregate pass rating and the criticized and classified ratings of special mention, substandard and doubtful within the Company's internal risk rating system: As of December 31, 2021 Special (In thousands) Pass Mention Substandard Doubtful Total Residential mortgage loans: 1-4 family first-lien residential mortgages $ 238,823 $ 269 $ 811 $ 531 $ 240,434 Construction 6,329 - - - 6,329 Loans held-for-sale 513 - - - 513 Total residential mortgage loans 245,665 269 811 531 247,276 Commercial loans: Real estate 267,388 9,879 10,604 579 288,450 Lines of credit 54,408 4,036 3,387 53 61,884 Other commercial and industrial 56,719 3,907 8,321 188 69,135 Paycheck Protection Program loans 19,338 - - - 19,338 Tax exempt loans 5,811 - - - 5,811 Total commercial loans 403,664 17,822 22,312 820 444,618 Consumer loans: Home equity and junior liens 30,740 133 606 258 31,737 Other consumer 109,979 44 77 8 110,108 Total consumer loans 140,719 177 683 266 141,845 Total loans $ 790,048 $ 18,268 $ 23,806 $ 1,617 $ 833,739 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, for the years ended December 31, are detailed in the following tables: As of December 31, 2021 30-59 Days 60-89 Days 90 Days Past Due Past Due and Total Total Loans (In thousands) and Accruing and Accruing Over Past Due Current Receivable Residential mortgage loans: 1-4 family first-lien residential mortgages $ 960 $ 416 $ 891 $ 2,268 $ 238,166 $ 240,434 Construction - - - - 6,329 6,329 Loans held-for-sale - - - - 513 513 Total residential mortgage loans 960 416 891 2,268 245,008 247,276 Commercial loans: Real estate 1,735 1,029 4,379 7,143 281,307 288,450 Lines of credit 156 1,180 576 1,913 59,971 61,884 Other commercial and industrial 1,799 1,686 1,056 4,541 64,594 69,135 Paycheck Protection Program loans - - - - 19,338 19,338 Tax exempt loans - - - - 5,811 5,811 Total commercial loans 3,691 3,895 6,011 13,597 431,021 444,618 Consumer loans: Home equity and junior liens 17 49 251 317 31,420 31,737 Other consumer 571 257 852 1,680 108,428 110,108 Total consumer loans 588 306 1,103 1,998 139,847 141,845 Total loans $ 5,239 $ 4,617 $ 8,006 $ 17,862 $ 815,877 $ 833,739 As of December 31, 2020 30-59 Days 60-89 Days 90 Days Past Due Past Due and Total Total Loans (In thousands) and Accruing and Accruing 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 | Year-end nonaccrual loans, segregated by class of loan, were as follows: December 31, December 31, (In thousands) 2021 2020 Residential mortgage loans: 1-4 family first-lien residential mortgages $ 891 $ 2,608 Total residential mortgage loans 891 2,608 Commercial loans: Real estate 4,407 11,286 Lines of credit 629 194 Other commercial and industrial 1,261 6,498 Total commercial loans 6,297 17,978 Consumer loans: Home equity and junior liens 252 473 Other consumer 852 274 Total consumer loans 1,104 747 Total nonaccrual loans $ 8,292 $ 21,333 |
Troubled Debt Restructurings on Financing Receivables | The table below details loans that had been modified as TDRs for the year ended December 31, 2021. For the year ended December 31, 2021 (In thousands) Number of loans Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Additional provision for loan losses Commercial real estate loans 1 $ 675 $ 675 $ - Commercial and industrial loans 1 200 675 - Residential mortgages 3 453 459 - Consumer loans 1 443 504 - The TDR's evaluated for impairment for the year ended December 31, 2021 have been classified as TDRs due to economic concessions granted, which include reductions in the stated interest rates or an extended maturity date that will result in a delay in payment from the original contractual maturity. One loan has been granted four deferrals and based on the known history of the borrower, Management has determined this loan to be a TDR. The table below details loans that have been modified as TDRs for the year ended December 31, 2020. For the year ended December 31, 2020 (In thousands) Number of loans Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Additional provision for loan losses Commercial real estate loans 1 $ 1,234 $ 1,234 $ - Commercial and industrial loans 2 397 427 129 |
Summary of Impaired Loans Information by Portfolio Class | The following table summarizes impaired loans information by portfolio class: December 31, 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 $ 666 $ 666 $ - $ 665 $ 665 $ - Commercial real estate 4,708 4,801 - 11,053 11,136 - Commercial lines of credit 100 104 - - - - Other commercial and industrial 357 396 - 5,114 5,132 - Home equity and junior liens 93 93 - 75 75 - Other consumer - - - 81 81 - With an allowance recorded: 1-4 family first-lien residential mortgages 539 539 90 1,182 1,182 205 Commercial real estate 2,450 2,450 300 1,729 1,729 231 Commercial lines of credit 53 53 53 925 925 925 Other commercial and industrial 1,852 1,852 1,318 1,864 1,864 1,278 Home equity and junior liens 539 539 114 142 142 142 Other consumer - - - - - - Total: 1-4 family first-lien residential mortgages 1,205 1,205 90 1,847 1,847 205 Commercial real estate 7,158 7,251 300 12,782 12,865 231 Commercial lines of credit 153 157 53 925 925 925 Other commercial and industrial 2,209 2,248 1,318 6,978 6,996 1,278 Home equity and junior liens 632 632 114 217 217 142 Other consumer - - - 81 81 - Totals $ 11,357 $ 11,493 $ 1,875 $ 22,830 $ 22,931 $ 2,781 |
Average Recorded Investment In Impaired Loans | The following table presents the average recorded investment in impaired loans for years ended December 31: (In thousands) 2021 2020 1-4 family first-lien residential mortgages $ 1,439 $ 1,647 Commercial real estate 9,538 6,327 Commercial lines of credit 640 360 Other commercial and industrial 5,041 2,448 Home equity and junior liens 516 219 Other consumer 50 86 Total $ 17,224 $ 11,087 |
Cash Basis Interest Income Recognized On Impaired Loans | The following table presents the cash basis interest income recognized on impaired loans for the years ended December 31: (In thousands) 2021 2020 1-4 family first-lien residential mortgages $ 62 $ 75 Commercial real estate 285 360 Commercial lines of credit 10 67 Other commercial and industrial 180 191 Home equity and junior liens 6 6 Other consumer - 6 Total $ 543 $ 705 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 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. December 31, 2021 1-4 family first-lien Other Paycheck residential Commercial Commercial commercial Protection (In thousands) mortgage Construction real estate lines of credit and industrial Program Allowance for loan losses: Beginning Balance $ 931 $ - $ 4,776 $ 1,670 $ 2,992 $ - Charge-offs (20 ) - (7 ) (50 ) (707 ) - Recoveries - - - 69 1 - Provisions (credits) (39 ) - 539 (754 ) 476 - Ending balance $ 872 $ - $ 5,308 $ 935 $ 2,762 $ - Ending balance: related to loans individually evaluated for impairment $ 90 $ - $ 300 $ 53 $ 1,318 $ - Ending balance: related to loans collectively evaluated for impairment $ 782 $ - $ 5,008 $ 882 $ 1,444 $ - Loans receivables: Ending balance $ 240,434 $ 6,329 $ 288,450 $ 61,884 $ 69,135 $ 19,338 Ending balance: individually evaluated for impairment $ 1,205 $ - $ 7,158 $ 153 $ 2,209 $ - Ending balance: collectively evaluated for impairment $ 239,229 $ 6,329 $ 281,292 $ 61,731 $ 66,926 $ 19,338 Home equity Other Tax exempt and junior liens consumer Unallocated (1) Total Allowance for loan losses: Beginning Balance $ 1 $ 739 $ 1,123 $ 545 $ 12,777 Charge-offs - - (240 ) - (1,024 ) Recoveries - - 88 - 158 Provisions 2 35 326 438 1,022 Ending balance $ 3 $ 774 $ 1,297 $ 983 $ 12,935 Ending balance: related to loans individually evaluated for impairment $ - $ 114 $ - $ - $ 1,875 Ending balance: related to loans collectively evaluated for impairment $ 3 $ 660 $ 1,297 $ 983 $ 11,060 Loans receivables: Ending balance $ 5,811 $ 31,737 $ 110,108 $ 513 $ 833,739 Ending balance: individually evaluated for impairment $ - $ 632 $ - $ - $ 11,357 Ending balance: collectively evaluated for impairment $ 5,811 $ 31,105 $ 110,108 $ 513 $ 822,382 (1) The ending balance of the loans receivable for the unallocated portion of the allowance includes loans held-for-sale. At December 31, 2021, the Bank had loans held-for-sale with a principal balance of $513,000. These loans were still part of the portfolio as of December 31, 2021. Based on ASC 948, Mortgage Banking, loans shall be classified as held-for-sale once a decision has been made to sell the loans and shall be transferred to the held-for-sale category at lower of cost or fair value. December 31, 2020 1-4 family first-lien Other Paycheck residential Commercial Commercial commercial Protection (In thousands) mortgage Construction real estate lines of credit and industrial Program Allowance for loan losses: Beginning Balance $ 580 $ - $ 4,010 $ 1,195 $ 1,645 $ - Charge-offs (125 ) - - (101 ) (121 ) - Recoveries 2 - - 4 - - Provisions (credits) 474 - 766 572 1,468 - Ending balance $ 931 $ - $ 4,776 $ 1,670 $ 2,992 $ - Ending balance: related to loans individually evaluated for impairment $ 205 $ - $ 231 $ 925 $ 1,278 $ - Ending balance: related to loans collectively evaluated for impairment $ 726 $ - $ 4,545 $ 745 $ 1,714 $ - Loans receivables: Ending balance $ 227,185 $ 6,681 $ 286,271 $ 49,103 $ 78,629 $ 60,643 Ending balance: individually evaluated for impairment $ 1,847 $ - $ 12,782 $ 925 $ 6,978 $ - Ending balance: collectively evaluated for impairment $ 225,338 $ 6,681 $ 273,489 $ 48,178 $ 71,651 $ 60,643 Home equity Other Tax exempt and junior liens consumer Unallocated (1) Total Allowance for loan losses: Beginning Balance $ 1 $ 553 $ 413 $ 272 $ 8,669 Charge-offs - (28 ) (325 ) - (700 ) Recoveries - 29 66 - 101 Provisions - 185 969 273 4,707 Ending balance $ 1 $ 739 $ 1,123 $ 545 $ 12,777 Ending balance: related to loans individually evaluated for impairment $ - $ 142 $ - $ - $ 2,781 Ending balance: related to loans collectively evaluated for impairment $ 1 $ 597 $ 1,123 $ 545 $ 9,996 Loans receivables: Ending balance $ 7,166 $ 38,624 $ 70,905 $ 1,526 $ 826,733 Ending balance: individually evaluated for impairment $ - $ 217 $ 81 $ - $ 22,830 Ending balance: collectively evaluated for impairment $ 7,166 $ 38,407 $ 70,824 $ 1,526 $ 803,903 (1) The ending balance of the loans receivable for the unallocated portion of the allowance includes loans held-for-sale. At December 31, 2020, the Bank had loans held-for-sale with a principal balance of $1.5 million. These loans were still part of the portfolio as of December 31, 2020. Based on ASC 948, Mortgage Banking, loans shall be classified as held-for-sale once a decision has been made to sell the loans and shall be transferred to the held-for-sale category at lower of cost or fair value. |
Schedule of Allowance for Loan Losses on Basis of Calculation Methodology | The allocation of the allowance for loan losses summarized on the basis of the Company’s calculation methodology was as follows: December 31, 2021 1-4 family first-lien Other residential Commercial Commercial commercial (In thousands) mortgage Construction real estate lines of credit and industrial Specifically reserved $ 90 $ - $ 300 $ 53 $ 1,319 Historical loss rate 82 - 2 25 227 Qualitative factors 700 - 5,006 857 1,217 Total $ 872 $ - $ 5,308 $ 935 $ 2,762 Home equity Other Tax exempt and junior liens consumer Unallocated Total Specifically reserved $ - $ 114 $ - $ - $ 1,876 Historical loss rate - 324 1,028 - 1,688 Qualitative factors 3 336 269 - 8,388 Other - - - 983 983 Total $ 3 $ 774 $ 1,297 $ 983 $ 12,935 December 31, 2020 1-4 family first-lien Other residential Commercial Commercial commercial (In thousands) mortgage Construction real estate lines of credit and industrial Specifically reserved $ 205 $ - $ 231 $ 925 $ 1,278 Historical loss rate 88 - 80 92 56 Qualitative factors 638 - 4,465 653 1,658 Total $ 931 $ - $ 4,776 $ 1,670 $ 2,992 Home equity Other Tax exempt and junior liens consumer Unallocated Total Specifically reserved $ - $ 142 $ - $ - $ 2,781 Historical loss rate - 325 863 - 1,504 Qualitative factors 1 272 260 - 7,947 Other - - - 545 545 Total $ 1 $ 739 $ 1,123 $ 545 $ 12,777 |
Servicing (Tables)
Servicing (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Servicing Asset [Abstract] | |
Mortgage Servicing Rights Capitalized and Amortized | The following summarizes mortgage servicing rights capitalized and amortized: (In thousands) 2021 2020 Mortgage servicing rights capitalized $ 72 $ 407 Mortgage servicing rights amortized 69 54 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Summary of Premises and Equipment | A summary of premises and equipment at December 31, is as follows: (In thousands) 2021 2020 Land $ 2,434 $ 2,454 Buildings 23,000 21,403 Furniture, fixtures and equipment 16,861 17,364 Construction in progress 548 500 42,843 41,721 Less: Accumulated depreciation 21,184 19,457 $ 21,659 $ 22,264 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Gross Carrying Amount and Accumulated Amortization for Identifiable Intangible Asset | The gross carrying amount and annual amortization for this identifiable intangible asset are as follows: December 31, (In thousands) 2021 2020 Gross carrying amount $ 243 $ 243 Accumulated amortization (126 ) (110 ) Net amortizing intangibles $ 117 $ 133 |
Estimated Amortization Expense for Each of the Five Succeeding Years | The estimated amortization expense for each of the five succeeding years ended December 31, is as follows: (In thousands) 2022 $ 16 2023 16 2024 16 2025 16 2026 16 Thereafter 37 Total $ 117 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Summary of Deposits | A summary of deposits at December 31 is as follows: (In thousands) 2021 2020 Savings accounts $ 131,176 $ 103,093 Time accounts 253,564 305,074 Time accounts in excess of $250,000 67,450 91,976 Money management accounts 16,124 15,650 MMDA accounts 256,963 227,970 Demand deposit interest-bearing 130,816 83,129 Demand deposit noninterest-bearing 191,858 162,057 Mortgage escrow funds 7,395 6,958 Total Deposits $ 1,055,346 $ 995,907 |
Scheduled Maturities of Time Deposits | At December 31, 2021, the scheduled maturities of time deposits are as follows: (In thousands) Year of Maturity: 2022 $ 185,868 2023 39,503 2024 6,212 2025 65,288 2026 21,763 Thereafter 2,380 Total $ 321,014 |
Summary of Deposits by Type | In addition to deposits obtained from its business operations within its target market areas, the Bank also obtains brokered deposits through various programs administered by IntraFi Network and through other unaffiliated third-party financial institutions. At December 31, 2021 2020 (In thousands) Non-Brokered Brokered Total Non-Brokered Brokered Total Savings accounts $ 131,176 $ 131,176 $ 103,093 $ - $ 103,093 Time accounts 135,804 117,760 253,564 135,101 169,973 305,074 Time accounts of $250,000 or more 67,450 67,450 91,976 - 91,976 Money management accounts 16,124 16,124 15,650 - 15,650 MMDA accounts 256,963 256,963 227,970 - 227,970 Demand deposit interest-bearing 90,771 40,045 130,816 83,129 - 83,129 Demand deposit noninterest-bearing 191,858 191,858 162,057 - 162,057 Mortgage escrow funds 7,395 7,395 6,958 - 6,958 Total Deposits $ 897,541 $ 157,805 $ 1,055,346 $ 825,934 $ 169,973 $ 995,907 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Composition of Borrowings | The composition of borrowings (excluding subordinated loans) at December 31 is as follows: (In thousands) 2021 2020 Short-term: FHLB advances $ 12,500 $ 4,020 Total short-term borrowings $ 12,500 $ 4,020 Long-term: FHLB advances $ 64,598 $ 78,030 Total long-term borrowings $ 64,598 $ 78,030 |
Scheduled Maturities of Debt | The principal balances, interest rates and maturities of the outstanding long-term borrowings, all of which are at a fixed rate, at December 31, 2021 are as follows: Term Principal Rates (Dollars in thousands) Advances with FHLB Due within 1 year $ 18,227 0.27 - 2.55% Due within 2 years 12,006 0.34 - 3.17% Due within 10 years 34,365 0.39-1.23% Total advances with FHLB $ 64,598 Total long-term fixed rate borrowings $ 64,598 At December 31, 2021, scheduled repayments of long-term debt are as follows: (In thousands) 2022 $ 18,227 2023 12,006 2024 15,413 2025 17,252 2026 1,700 Total $ 64,598 |
Subordinated Loans (Tables)
Subordinated Loans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subordinated Borrowings [Abstract] | |
Composition of Subordinated Loans | The composition of subordinated loans at December 31 is as follows: (In thousands) 2021 2020 Subordinated loans: Junior subordinated debenture $ 5,155 $ 5,155 Subordinated loans $ 25,000 $ 35,000 Deferred Financing Charges (592 ) (755 ) Total subordinated loans $ 29,563 $ 39,400 |
Schedule of Principal Balances, Interest Rates and Maturities of the Subordinated Loans | The principal balances, interest rates and maturities of the subordinated loans at December 31, 2021 are as follows: Term Principal Rates (Dollars in thousands) Subordinated loans: Due within 9 years $ 25,000 5.5% Due within 16 years 5,155 3-Month Libor + 1.65% Total subordinated loans $ 30,155 |
Scheduled Repayments of the Subordinated Loans | At December 31, 2021, scheduled repayments of the subordinated loans: (In thousands) 2022 $ - 2023 - 2024 - 2025 25,000 Thereafter 5,155 Total $ 30,155 |
Employee Benefits and Deferre_2
Employee Benefits and Deferred Compensation and Supplemental Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Changes in Plan Benefit Obligations, Fair Value of Plan Assets and Plans' Funded Status | The following tables set forth the changes in the plans’ benefit obligations, fair value of plan assets and the plans’ funded status as of December 31: Pension Benefits Postretirement Benefits (In thousands) 2021 2020 2021 2020 Change in benefit obligations: Benefit obligations at beginning of year $ 12,967 $ 11,892 $ 369 $ 414 Service cost - - - - Interest cost 441 466 12 16 Plan participants' contribution - - 8 9 Actuarial (gain) loss (389 ) 873 (19 ) (25 ) Benefits paid (299 ) (264 ) (45 ) (45 ) Benefit obligations at end of year 12,720 12,967 325 369 Change in plan assets: Fair value of plan assets at beginning of year 19,274 16,985 - - Actual return on plan assets 1,556 2,553 - - Benefits paid (299 ) (264 ) (45 ) (45 ) Plan participants' contribution - - 8 9 Employer contributions - - 37 36 Fair value of plan assets at end of year 20,531 19,274 - - Funded (unfunded) status - asset (liability) $ 7,811 $ 6,307 $ (325 ) $ (369 ) |
Amounts Recognized in Other Comprehensive Loss | Amounts recognized in accumulated other comprehensive loss as of December 31 are as follows: Pension Benefits Postretirement Benefits (In thousands) 2021 2020 2021 2020 Net loss $ 1,843 $ 2,743 $ 64 $ 87 Tax Effect 480 716 15 23 $ 1,363 $ 2,027 $ 49 $ 64 |
Significant Assumptions Used in Determining Benefit Obligations and Net Periodic Benefit Plan Cost | The significant assumptions used in determining the benefit obligations as of December 31, are as follows: Pension Benefits Postretirement Benefits 2021 2020 2021 2020 Weighted average discount rate 3.71 % 3.45 % 3.71 % 3.45 % Rate of increase in future compensation levels - - - - The significant assumptions used in determining the net periodic benefit plan cost for years ended December 31, were as follows: Pension Benefits Postretirement Benefits 2021 2020 2021 2020 Weighted average discount rate 3.71 % 3.45 % 3.71 % 3.45 % Expected long term rate of return on plan assets 5.25 % 6.00 % - - Rate of increase in future compensation levels - - - - |
Composition of Net Periodic Benefit Plan (Benefit) Cost | The composition of the net periodic benefit plan (benefit) cost for the years ended December 31 is as follows: Pension Benefits Postretirement Benefits (In thousands) 2021 2020 2021 2020 Service cost $ - $ - $ - $ - Interest cost 441 466 12 16 Expected return on plan assets (1,146 ) (1,094 ) - - Amortization of transition obligation - - - - Amortization of net losses 101 228 9 10 Amortization of unrecognized past service liability - - (5 ) (5 ) Net periodic benefit plan (benefit) cost $ (604 ) $ (400 ) $ 16 $ 21 |
Pension Plan Assets Measured at Fair Value | Pension plan assets measured at fair value are summarized below: At December 31, 2021 (In thousands) Level 1 Level 2 Level 3 Total Fair Value Asset Category: Mutual Funds - Equity Large-cap value (a) $ - $ 1,763 $ - $ 1,763 Large-cap Growth (b) - 1,946 - 1,946 Large-cap Core (c) - 1,234 - 1,234 Mid-cap Value (d) - 475 - 475 Mid-cap Growth (e) - 442 - 442 Mid-cap Core (f) - 398 - 398 Small-cap Value (g) - 222 - 222 Small-cap Growth (h) - 533 - 533 Small-cap Core (i) - 332 - 332 International Equity (j) - 2,651 - 2,651 Equity -Total - 9,996 - 9,996 Fixed Income Funds Fixed Income - US Core (k) - 2,380 - 2,380 Intermediate Duration (l) - 4,249 - 4,249 Long Duration (m) - 3,521 - 3,521 Fixed Income-Total - 10,150 - 10,150 Cash Equivalents-Money market* 49 336 - 385 Total $ 49 $ 20,482 $ - $ 20,531 At December 31, 2020 (In thousands) Level 1 Level 2 Level 3 Total Fair Value Asset Category: Mutual Funds - Equity Large-cap value (a) $ - $ 1,830 $ - $ 1,830 Large-cap Growth (b) - 1,813 - 1,813 Large-cap Core (c) - 1,194 - 1,194 Mid-cap Value (d) - 356 - 356 Mid-cap Growth (e) - 498 - 498 Mid-cap Core (f) - 403 - 403 Small-cap Value (g) - 261 - 261 Small-cap Growth (h) - 684 - 684 Small-cap Core (i) - 268 - 268 International Equity (j) - 2,543 - 2,543 Equity -Total - 9,850 - 9,850 Fixed Income Funds Fixed Income - US Core (k) - 2,497 - 2,497 Intermediate Duration (l) - 3,746 - 3,746 Long Duration (m) - 2,968 - 2,968 Fixed Income-Total - 9,211 - 9,211 Cash Equivalents-Money market* 39 174 - 213 Total $ 39 $ 19,235 $ - $ 19,274 *Includes cash equivalents investments in equity and fixed income strategies a) This category contains large-cap stocks with above-average yield. The portfolio typically holds between 60 and 70 stocks b) This category seeks long-term capital appreciation by investing primarily in large growth companies based in the U.S. c) This fund tracks the performance of the S&P 500 index by purchasing the securities represented in the index in approximately the same weightings as the index. d) This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Value Index. e) This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Growth Index. f) This category seeks to track the performance of the S&P Midcap 400 Index. g) This category consists of a selection of investments based on the Russell 2000 Value Index. h) This category consists of a mutual fund invested in small capitalization growth companies along with a fund invested in a selection of investments based on the Russell 2000 Growth Index. i) This category consists of a mutual fund investing in readily marketable securities of U.S. companies with market capitalizations within the smallest 10% of the market universe, or smaller than the 1000th largest US company. j) This category invests primarily in medium to large non-US companies in developed and emerging markets. Under normal circumstances, at least 80% of total assets will be invested in equity securities, including common stocks, preferred stocks, and convertible securities. k) This category currently includes equal investments in three mutual funds, two of which usually hold at least 80% of fund assets in investment grade fixed income securities, seeking to outperform the Barclays US Aggregate Bond Index while maintaining a similar duration to that index. The third fund targets investments of 50% or more in mortgage-backed securities guaranteed by the US government and its agencies. l) This category consists mostly of a fund which seeks to track the Barclays Capital US Corporate A or Better 5- 20 Year m) This category consists of a fund that seeks to approximate the performance of the Barclays Capital US Corporate A or Better, 20+ Year Bullets Only Index over the long term. |
Expected Future Service Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid from both retirement plans: Pension Postretirement (In thousands) Benefits Benefits Total Years ending December 31: 2022 $ 397 $ 36 $ 433 2023 471 24 495 2024 501 23 524 2025 563 22 585 2026 628 21 649 Thereafter 3,566 113 3,679 |
Stock Based Compensation Plans
Stock Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Activity in the Stock Option Plans | Activity in the stock option plans is as follows: Options Outstanding Shares Exercisable Number of Weighted Average Number of Weighted Average (Shares in thousands) Shares Exercise Price Shares Exercise Price Outstanding at December 31, 2019 303 $ 10.51 191 $ 10.04 Granted 52 10.33 - - Newly vested - - 47 11.22 Exercised (34 ) - (34 ) - Expired (1 ) 11.35 - - Outstanding at December 31, 2020 320 $ 10.89 204 $ 10.91 Granted - $ - - $ - Newly vested - - 59 10.97 Exercised (53 ) - (53 ) - Expired (3 ) 9.48 - - Outstanding at December 31, 2021 264 $ 10.98 210 $ 11.05 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | The provision for income taxes for the years ended December 31, is as follows: (In thousands) 2021 2020 Current $ 3,018 $ 2,600 Deferred 481 (1,305 ) $ 3,499 $ 1,295 The provision for income taxes includes the following (In thousands) 2021 2020 Federal Income Tax $ 3,273 $ 1,093 State Tax 226 202 $ 3,499 $ 1,295 |
Components of the Net Deferred Tax Asset (Liability) Included in Other Assets | The components of the net deferred tax asset (liability), included in other assets as of December 31, are as follows: (In thousands) 2021 2020 Assets: Deferred compensation $ 983 $ 1,063 Allowance for loan losses 3,381 3,339 Postretirement benefits 85 96 Subordinated loan interest 19 25 Loan origination fees 335 324 Held-to-maturity securities - 6 Stock-based compensation 80 108 Capital loss carryover 149 - Cash flow hedges 138 342 Other 319 702 Total 5,489 6,005 Liabilities: Prepaid pension (2,041 ) (1,648 ) Investment securities (151 ) (296 ) Depreciation (1,902 ) (1,860 ) Accretion (124 ) (164 ) Intangible assets (1,004 ) (1,004 ) Mortgage servicing rights (99 ) (98 ) Prepaid expenses and transaction fees (91 ) (115 ) Total (5,412 ) (5,185 ) 77 820 Less: deferred tax asset valuation allowance (80 ) - Net deferred tax (liability) asset $ (3 ) $ 820 |
Reconciliation of the Federal Statutory Income Tax Rate to the Effective Income Tax Rate | A reconciliation of the federal statutory income tax rate to the effective income tax rate for the years ended December 31, is as follows: 2021 2020 Federal statutory income tax rate 21.0 % 21.0 % State tax, net of federal benefit 1.2 2.0 Tax-exempt interest income (0.6 ) (0.9 ) Increase in value of bank owned life insurance less premiums paid (0.7 ) (1.1 ) Change in valuation allowance 0.5 (1.6 ) NYS net operating loss carryback filing receivable, net of federal benefit - (3.8 ) Other 0.5 (0.1 ) Effective income tax rate - Pathfinder Bancorp, Inc. 21.9 % 15.5 % Minority interest 0.5 0.4 Effective income tax rate 22.4 % 15.9 % |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of the Contractual Amounts of Financial Instruments with Credit Risk | At December 31, 2021 and 2020, the following financial instruments were outstanding whose contract amounts represent credit risk: Contract Amount (In thousands) 2021 2020 Commitments to grant loans $ 93,364 $ 58,217 Unfunded commitments under lines of credit 136,749 102,404 Unfunded commitments related to construction loans in progress 12,308 6,103 Standby letters of credit 2,735 2,450 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Regulatory Capital Requirements [Abstract] | |
Actual Capital Amounts and Ratios | The Bank’s actual capital amounts and ratios as of December 31, 2021 and 2020 are presented in the following table. Actual Minimum For Capital Adequacy Purposes Minimum To Be "Well-Capitalized" Under Prompt Corrective Provisions Minimum for Capital Adequacy With Buffer (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of December 31, 2021: Total Core Capital (to Risk-Weighted Assets) $ 129,166 15.19 % $ 68,013 8.00 % $ 85,016 10.00 % $ 89,266 10.50 % Tier 1 Capital (to Risk-Weighted Assets) $ 118,511 13.94 % $ 51,009 6.00 % $ 68,013 8.00 % $ 72,263 8.50 % Tier 1 Common Equity (to Risk-Weighted Assets) $ 118,511 13.94 % $ 38,257 4.50 % $ 55,260 6.50 % $ 59,511 7.00 % Tier 1 Capital (to Assets) $ 118,511 9.52 % $ 49,804 4.00 % $ 62,255 5.00 % $ 62,255 5.00 % As of December 31, 2020: Total Core Capital (to Risk-Weighted Assets) $ 115,289 13.13 % $ 70,270 8.00 % $ 87,838 10.00 % $ 92,230 10.50 % Tier 1 Capital (to Risk-Weighted Assets) $ 104,287 11.87 % $ 52,703 6.00 % $ 70,270 8.00 % $ 74,662 8.50 % Tier 1 Common Equity (to Risk-Weighted Assets) $ 104,287 11.87 % $ 39,527 4.50 % $ 57,095 6.50 % $ 61,487 7.00 % Tier 1 Capital (to Assets) $ 104,287 8.63 % $ 48,314 4.00 % $ 60,392 5.00 % $ 60,392 5.00 % |
Interest Rate Derivative (Table
Interest Rate Derivative (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Cumulative Basis Adjustments for Fair Value Hedges | As of December 31, 2021 and 2020, the following amounts were recorded on the Consolidated Statements of Condition related to the cumulative basis adjustments for fair value hedges: (In thousands) Carrying Amount of the Hedged Assets at December 31, 2021 Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets at December 31, 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) $ 61,808 $ (1,308 ) $ 17,055 $ (191 ) Loans receivable (3) $ 41,651 $ (152 ) $ - $ - (1) These amounts include the amortized historical cost basis of a specific (2) These amounts represent the amortized cost basis of specifically December 31 , 2021 and 2020. (3) These amounts include the amortized cost of a specific loan pool designated as the underlying |
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 December 31: (In thousands) 2021 2020 Cash flow hedges: Total unamortized premium $ - $ 204 Fair market value adjustment interest rate cap - (197 ) Total unamortized cap - 7 Fair market value adjustment interest rate swap (387 ) (1,111 ) Total loss in comprehensive income $ (387 ) $ (1,308 ) |
Schedule of Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss represents the sum of these items, with the exception of net income, as of the balance sheet date and is represented in the table below. As of December 31, Accumulated Other Comprehensive Loss By Component: 2021 2020 Unrealized loss for pension and other postretirement obligations $ (1,907 ) $ (2,832 ) Tax effect 495 739 Net unrealized loss for pension and other postretirement obligations (1,412 ) (2,093 ) Unrealized gain (loss) on available-for-sale securities 579 1,133 Tax effect (151 ) (296 ) Net unrealized gain on available-for-sale securities 428 837 Unrealized holding losses on hedging activities arising during the period (388 ) (1,308 ) Tax effect 102 342 Net unrealized loss on hedging activities (286 ) (966 ) Unrealized loss on securities transferred to held-to-maturity (2 ) (22 ) Tax effect 4 8 Net unrealized gain (loss) on securities transferred to held-to-maturity 2 (14 ) Accumulated other comprehensive loss $ (1,268 ) $ (2,236 ) For the years ended (In thousands) December 31, 2021 December 31, 2020 Balance as of December 31: $ (1,308 ) $ - Amount of gains (losses) recognized in other comprehensive income 921 (1,308 ) Losses in other comprehensive income: $ (387 ) $ (1,308 ) |
Fair Value Measurements and D_2
Fair Value Measurements and Disclosures (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, segregated by the level of valuation inputs within the hierarchy utilized to measure fair value: December 31, 2021 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Available-for-Sale Portfolio Debt investment securities: US Treasury, agencies and GSEs $ - $ 32,273 $ - $ 32,273 State and political subdivisions - 39,199 - 39,199 Corporate - 9,630 - 9,630 Asset backed securities - 13,613 - 13,613 Residential mortgage-backed - US agency - 22,164 - 22,164 Collateralized mortgage obligations - US agency - 12,285 - 12,285 Collateralized mortgage obligations - Private label - 56,731 - 56,731 Total - 185,895 - 185,895 Corporate measured at NAV - - - 4,497 Total available-for-sale securities $ - $ 185,895 $ - $ 190,392 Marketable equity securities $ 677 $ - $ - $ 677 Interest rate swap derivative fair value hedge $ - $ (152 ) $ - $ (152 ) Interest rate swap derivative cash flow hedge $ - $ (387 ) $ - $ (387 ) 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 $ - $ (244 ) $ - $ (244 ) Interest rate swap derivative cash flow hedge $ - $ (1,308 ) $ - $ (1,308 ) |
Summary of Fair Value Assets Measured on Nonrecurring Basis | The following tables summarize assets measured at fair value on a nonrecurring basis as of December 31, segregated by the level of valuation inputs within the hierarchy utilized to measure fair value: December 31, 2021 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ - $ - $ 4,182 $ 4,182 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. Quantitative Information about Level 3 Fair Value Measurements Valuation Unobservable Range Techniques Input (Weighted Avg.) At December 31, 2021 Impaired loans Appraisal of collateral Appraisal Adjustments 5% - 30% (15%) (Sales Approach) Costs to Sell 7% - 14% (10%) Discounted Cash Flow 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 December 31 are presented in the following table: December 31, 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 $ 37,149 $ 37,149 $ 43,464 $ 43,464 Investment securities - available-for-sale 2 185,895 185,895 125,330 125,330 Investment securities - available-for-sale NAV 4,497 4,497 2,725 2,725 Investment securities - marketable equity 1 677 677 1,850 1,850 Investment securities - held-to-maturity 2 160,923 162,805 171,224 174,935 Federal Home Loan Bank stock 2 4,189 4,189 4,390 4,390 Net loans 3 819,524 819,721 812,718 816,626 Accrued interest receivable 1 4,520 4,520 4,549 4,549 Interest rate swap derivative fair value hedges 2 1,308 1,308 191 191 Financial liabilities: Demand Deposits, Savings, NOW and MMDA 1 $ 694,089 $ 694,089 $ 598,683 $ 598,683 Time Deposits 2 361,257 360,680 397,224 398,863 Borrowings 2 77,098 76,957 82,050 84,065 Subordinated loans 2 29,563 30,627 39,400 39,416 Accrued interest payable 2 106 106 193 193 Interest rate swap derivative fair value hedges 2 152 152 244 244 Interest rate swap derivative cash flow hedges 2 387 387 1,308 1,308 |
Parent Company - Financial In_2
Parent Company - Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Schedule of Condensed Financial Information | The following represents the condensed financial information of Pathfinder Bancorp, Inc. as of and for the years ended December 31: Statements of Condition 2021 2020 (In thousands) Assets Cash $ 13,633 $ 26,213 Investments 677 682 Investment in bank subsidiary 122,241 106,986 Investment in non-bank subsidiary 155 155 Other assets 4,216 3,975 Total assets $ 140,922 $ 138,011 Liabilities and Shareholders' Equity Accrued liabilities $ 722 $ 889 Subordinated loans 29,564 39,400 Shareholders' equity 110,636 97,722 Total liabilities and shareholders' equity $ 140,922 $ 138,011 Statements of Income 2021 2020 (In thousands) Income Dividends from non-bank subsidiary $ 3 $ 3 Dividends from marketable equity security 20 13 Gain (loss) on marketable equity securities (5 ) 413 Operating, net 116 107 Total income 134 536 Expenses Interest 1,790 1,100 Operating, net 705 629 Total expenses 2,495 1,729 Loss before taxes and equity in undistributed net income of subsidiaries (2,361 ) (1,193 ) Tax benefit 527 261 Loss before equity in undistributed net income of subsidiaries (1,834 ) (932 ) Equity in undistributed net income of subsidiaries 14,241 7,882 Net income $ 12,407 $ 6,950 Statements of Cash Flows 2021 2020 (In thousands) Operating Activities Net Income $ 12,407 $ 6,950 Equity in undistributed net income of subsidiaries (14,241 ) (7,882 ) Stock based compensation and ESOP expense 617 570 Amortization of deferred financing from subordinated loan 163 55 Net change in other assets and liabilities (298 ) (166 ) Net cash flows from operating activities (1,352 ) (473 ) Investing Activities Capital contributed to wholly-owned bank subsidiary - (10,000 ) Purchase of premises and equipment (143 ) (824 ) Net cash flows from investing activities (143 ) (10,824 ) Financing activities Proceeds from exercise of stock options 551 223 Proceeds from subordinated debt offering - 25,000 Payments on redemption of subordinated debt (10,000 ) - Issuance costs of subordinated loan - (783 ) Cash dividends paid to common shareholders (1,227 ) (1,137 ) Cash dividends paid to non-voting common shareholders (194 ) - Cash dividends paid to preferred shareholders (180 ) (277 ) Cash dividends paid on warrants (35 ) (30 ) Net cash flows from financing activities (11,085 ) 22,996 Change in cash and cash equivalents (12,580 ) 11,699 Cash and cash equivalents at beginning of year 26,213 14,514 Cash and cash equivalents at end of year $ 13,633 $ 26,213 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Loans to Related Parties | The following represents the activity associated with loans to related parties during the year ended December 31, 2021: (In thousands) 2021 2020 Balance at the beginning of the year $ 22,445 $ 19,301 Originations and related party additions 8,007 5,134 Principal payments and related party removals (8,025 ) (1,990 ) Balance at the end of the year $ 22,427 $ 22,445 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 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 table below. For the years ended December 31, 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 603 (395 ) 680 16 904 Amounts reclassified from AOCI 78 (14 ) - - 64 Ending balance $ (1,412 ) $ 428 $ (286 ) $ 2 $ (1,268 ) For the years ended December 31, 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 ) Other comprehensive income before reclassifications 451 1,737 (966 ) 24 1,246 Amounts reclassified from AOCI 173 (684 ) - - (511 ) Ending balance $ (2,093 ) $ 837 $ (966 ) $ (14 ) $ (2,236 ) |
Schedule of Amounts Reclassified Out of Each Component of AOCI | The following table presents the amounts reclassified out of each component of AOCI for the indicated annual period: (In thousands) For the years ended Details about AOCI 1 December 31, 2021 December 31, 2020 Affected Line Item in the Statement of Income Retirement plan items Retirement plan net losses recognized in plan expenses 2 $ (105 ) $ (234 ) Salaries and employee benefits 27 61 Provision for income taxes $ (78 ) $ (173 ) Net Income Available-for-sale securities Realized gain on sale of securities $ 19 $ 926 Net gains on sales and redemptions of investment securities (5 ) (242 ) Provision for income taxes $ 14 $ 684 Net Income (1) Amounts in parentheses indicates debits in net income. (2) These items are included in net periodic pension cost. See Note 14 for additional information. |
Noninterest Income (Tables)
Noninterest Income (Tables) | 12 Months Ended |
Dec. 31, 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 years ended (In thousands) December 31, 2021 December 31, 2020 Service fees Insufficient funds fees $ 888 $ 871 Deposit related fees 393 373 ATM fees 183 151 Total service fees 1,464 1,395 Fee Income Insurance commissions 1,048 955 Investment services revenue 399 303 ATM fees surcharge 227 213 Banking house rents collected 243 235 Total fee income 1,917 1,676 Card income - - Debit card interchange fees 923 771 Merchant card fees 73 70 Total card income 996 841 Mortgage fee income and realized gain on sale of loans and foreclosed real estate Loan servicing fees 246 361 Net gains on sales of loans and foreclosed real estate 313 1,179 Total mortgage fee income and realized gain on sale of loans and foreclosed real estate 559 1,540 Total 4,936 5,452 Earnings and gain on bank owned life insurance 559 460 Net gains on sales and redemptions of investment securities 37 1,076 Gains (losses) on marketable equity securities 382 (629 ) Gain on sales of premises and equipment 201 - Other miscellaneous income 116 96 Total noninterest income $ 6,231 $ 6,485 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Components of Lease Expense | The components of lease expense are as follows: For the years ended (In thousands) December 31, 2021 December 31, 2020 Operating lease cost $ 226 $ 241 Finance lease cost 81 80 |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows: For the years ended (In thousands) December 31, 2021 December 31, 2020 Cash paid for amount included in the measurement of lease liabilities: Operating cash flows from operating leases $ 207 $ 221 Operating cash flows from finance leases 81 80 Financing cash flows from finance leases 72 71 |
Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows: (In thousands, except lease term and discount rate) December 31, 2021 December 31, 2020 Operating Leases: Operating lease right-of-use assets $ 2,136 $ 2,240 Operating lease liabilities $ 2,440 $ 2,525 Finance Leases: Financial Liability $ 596 $ 587 Weighted Average Remaining Lease Term: Operating Leases 18 19.08 years Finance Leases 27 28.42 years Weighted Average Discount Rate: Operating Leases 3.73 % 3.73 % Finance Leases 13.75 % 13.75 % |
Maturities of Lease Liabilities | Maturities of lease liabilities were as follows: Years Ending December 31, (In thousands) 2022 $ 115 2023 118 2024 118 2025 126 2026 133 Thereafter 2,427 Total minimum lease payments $ 3,037 |
COVID-19 (Tables)
COVID-19 (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Loan Portfolio by Collateral Type Within Major Categories | The following table details the Company's loan portfolio by collateral type within major categories as of December 31, 2021: (Dollars in thousands) Balance Number of Loans Average Loan Balance Minimum/ Maximum Loan Balance Allowance for Loan Losses Percent of Total Loans Residential Mortgage Loans $ 247,276 # 2,109 $ 117 $ 0 - $ 1,522 $ 872 30 % Commercial Real Estate: Mixed Use $ 42,798 55 $ 778 $ 28 - $ 6,185 $ 788 5 % Multi-Family Residential 40,992 58 707 21 - 6,209 754 5 % Hotels and Motels 35,398 10 3,540 315 - 11,500 651 4 % Office 37,886 68 557 1 - 4,744 697 5 % Retail 26,600 50 532 29 - 5,028 489 3 % 1-4 Family Residential 19,658 156 126 0 - 1,363 362 2 % Automobile Dealership 15,072 8 1,884 161 - 6,589 277 2 % Skilled Nursing Facility 11,893 2 5,947 3,800 - 8,092 219 1 % Recreation/ Golf Course/ Marina 13,423 14 959 13 - 3,150 247 2 % Warehouse 8,463 14 605 67 - 2,599 156 1 % Manufacturing/Industrial 6,296 17 370 54 - 1,378 116 1 % Restaurant 6,339 24 264 39 - 1,188 117 1 % Automobile Repair 4,528 12 377 36 - 2,244 83 1 % Hospitals 4,086 3 1,362 75 - 3,105 75 0 % Not-For-Profit & Community Service Real Estate 3,360 3 1,120 103 - 1,719 62 0 % Land 5,624 8 703 63 - 2,287 103 1 % All Other 6,034 29 208 14 - 734 111 1 % Total Commercial Real Estate Loans $ 288,450 531 $ 543 $ 5,308 35 % Commercial and Industrial: Secured Term Loans $ 56,437 369 $ 153 $ - - $ 4,485 $ 1,593 7 % Unsecured Term Loans 12,698 105 121 - - 920 358 2 % Secured Lines of Credit 54,716 266 206 - - 4,813 1,544 7 % Unsecured Lines of Credit 7,168 146 49 - - 1,600 202 90 % Total Commercial and Industrial Loans $ 131,019 886 $ 148 $ 3,698 16 % Tax Exempt Loans $ 5,811 20 $ 291 $ 3 - $ 2,248 $ 3 1 % Paycheck Protection Loans $ 19,338 256 $ 76 $ 0 - $ 870 $ - 2 % Consumer: Home Equity Lines of Credit $ 31,738 902 $ 35 $ - - $ 504 $ 774 4 % Vehicle 18,629 1,337 14 0 - 436 219 2 % Consumer Secured 80,466 4,205 19 18 - 107 948 10 % Consumer Unsecured 9,013 1,795 5 - - 90 106 1 % All Others 1,999 745 3 - - 57 24 0 % Total Consumer Loans $ 141,845 8,984 $ 16 $ 2,071 17 % Net deferred loan fees (1,280 ) - - - - Unallocated allowance for loan losses (12,935 ) - - 983 - Total Loans $ 819,524 12,786 $ 64 $ 12,935 100 % |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | May 08, 2019USD ($)shares | Feb. 29, 2016USD ($) | Oct. 16, 2014USD ($)shares | Oct. 31, 2020USD ($) | Dec. 31, 2021USD ($)SubsidiaryOfficeDerivative | Apr. 01, 2021USD ($) | Oct. 15, 2015USD ($) |
Nature of Operations [Abstract] | |||||||
Net proceeds from private placement | $ 19,600,000 | ||||||
Number of wholly-owned subsidiaries | Subsidiary | 2 | ||||||
Consolidation of membership interest in Fitzgibbons | 100.00% | ||||||
Number of offices located In Oswego County | Office | 7 | ||||||
Number of offices located in Onondaga County | Office | 3 | ||||||
Number of loan production office located in Oneida County | Office | 1 | ||||||
Significant Group Concentrations of Credit Risk [Abstract] | |||||||
Minimum commercial real estate loans amount required for additional review | $ 400,000 | ||||||
Advertising Expense [Abstract] | |||||||
Advertising contracts maturity description | Expenditures for new marketing and advertising material designs and/or media content, related to specifically-identifiable marketing campaigns are capitalized and expensed over the estimated life of the campaign. Such periods of time are generally 12-24 months in duration and do not exceed 36 months. | ||||||
Cash and Cash Equivalents [Abstract] | |||||||
Maturity period for classification as cash and cash equivalents, maximum | 3 months | ||||||
Allowance for Loan Losses [Abstract] | |||||||
Maximum percentage for estimating specific and general losses | 10.00% | ||||||
Minimum amount, of residential mortgage loans threshold for evaluations of impairment | $ 300,000 | ||||||
Income Recognition on Impaired and Non-accrual Loans [Abstract] | |||||||
Number of consecutive months of current payments before non-accrual troubled debt restructured loans are restored to accrual status | 6 months | ||||||
Goodwill and Intangible Assets [Abstract] | |||||||
Estimated useful life | 15 years | ||||||
Interest Rate Derivatives [Member] | |||||||
Goodwill and Intangible Assets [Abstract] | |||||||
Number of interest rate derivatives | Derivative | 2 | ||||||
Maximum [Member] | Premises [Member] | |||||||
Premises and Equipment [Abstract] | |||||||
Useful life | 40 years | ||||||
Maximum [Member] | Equipment [Member] | |||||||
Premises and Equipment [Abstract] | |||||||
Useful life | 10 years | ||||||
SBLF Preferred stock [Member] | |||||||
Nature of Operations [Abstract] | |||||||
Retirement of preferred stock | $ 13,000,000 | ||||||
Common Stock [Member] | Private Placement [Member] | |||||||
Nature of Operations [Abstract] | |||||||
Sale of stock | shares | 37,700 | ||||||
Preferred Stock [Member] | Private Placement [Member] | |||||||
Nature of Operations [Abstract] | |||||||
Sale of stock | shares | 1,155,283 | ||||||
Subordinated Debt [Member] | |||||||
Nature of Operations [Abstract] | |||||||
Subordinated loan face value | $ 10,000,000 | $ 10,000,000 | |||||
non-amortizing Subordinated Loan | $ 25,000,000 | ||||||
Pathfinder Bank [Member] | |||||||
Nature of Operations [Abstract] | |||||||
Amount received of net proceeds | $ 24,900,000 | ||||||
Number of shares of common stock sold (in shares) | shares | 2,636,053 | ||||||
FitzGibbons Agency LLC [Member] | Pathfinder Risk Management Company Inc [Member] | |||||||
Nature of Operations [Abstract] | |||||||
Membership interest own in Fitzgibbons through subsidiary | 51.00% | ||||||
Noncontrolling interest by subsidiary | 49.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Abstract] | ||
Unrealized loss for pension and other postretirement obligations | $ (1,907) | $ (2,832) |
Tax effect | 495 | 739 |
Net unrealized loss for pension and other postretirement obligations | (1,412) | (2,093) |
Unrealized gain (loss) on available-for-sale securities | 579 | 1,133 |
Tax effect | (151) | (296) |
Net unrealized gain on available-for-sale securities | 428 | 837 |
Unrealized holding losses on hedging activities arising during the period | (388) | (1,308) |
Tax effect | 102 | 342 |
Net unrealized loss on hedging activities | (286) | (966) |
Unrealized loss on securities transferred to held-to-maturity | (2) | (22) |
Tax effect | 4 | 8 |
Net unrealized gain (loss) on securities transferred to held-to-maturity | 2 | (14) |
Accumulated other comprehensive loss | $ (1,268) | $ (2,236) |
New Accounting Pronouncements -
New Accounting Pronouncements - Additional Information (Details) - Maximum [Member] - Accounting Standards Update 2021-06 [Member] | 12 Months Ended |
Dec. 31, 2021USD ($) | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Loans | $ 60,000 |
Percentage of loans not exceeded stockholders equity | 5.00% |
Earnings per Share - Additional
Earnings per Share - Additional Information (Details) - shares | Jul. 04, 2021 | Dec. 31, 2021 | Dec. 31, 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 | 175,996 |
Earnings per Share - Calculatio
Earnings per Share - Calculations of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Mar. 25, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Net income attributable to Pathfinder Bancorp, Inc. | $ 12,407 | $ 6,950 | |
Convertible preferred stock dividends | $ 180 | $ 291 | |
Dividends per common share (Voting and Series A Non-Voting) | $ 0.09 | $ 0.28 | $ 0.24 |
Series A Nonvoting Common Stock [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Net income attributable to Pathfinder Bancorp, Inc. | $ 1,542 | ||
Dividends per common share (Voting and Series A Non-Voting) | $ 206 | ||
Warrant dividends | $ 35 | ||
Undistributed earnings allocated to participating securities | $ 9,392 | ||
Basic weighted average common shares outstanding- Voting | 745 | ||
Diluted weighted average common shares outstanding- Voting | 745 | ||
Earnings per common share- basic | $ 2.07 | ||
Earnings per common share - diluted | 2.07 | ||
Voting Common Stock [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Dividends per common share (Voting and Series A Non-Voting) | $ 1,258 | ||
Warrant dividends | $ 35 | $ 30 | |
Undistributed earnings allocated to participating securities | 2,699 | 1,224 | |
Net income available to common shareholders- Voting | $ 9,287 | $ 5,405 | |
Basic weighted average common shares outstanding- Voting | 4,478 | 4,608 | |
Diluted weighted average common shares outstanding- Voting | 4,478 | 4,608 | |
Earnings per common share- basic | $ 2.07 | $ 1.17 | |
Earnings per common share - diluted | $ 2.07 | $ 1.17 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Estimated Fair Value of Investment Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | $ 189,813 | $ 126,922 |
Gross Unrealized Gains, Debt investment securities | 2,434 | 1,752 |
Gross Unrealized Losses, Debt investment securities | (1,855) | (619) |
Available-for-sale Securities, Debt investment securities | 190,392 | 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 | 190,019 | 127,128 |
Gross Unrealized Gains | 2,434 | 1,752 |
Gross Unrealized Losses | (1,855) | (619) |
Estimated Fair Value | 190,598 | 128,261 |
Held-to-maturity securities, debt maturities, Amortized Cost | 160,923 | 171,224 |
Held to maturity, gross unrealized gains | 2,601 | 4,074 |
Held to maturity, gross unrealized losses | (719) | (363) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 162,805 | 174,935 |
US Treasury, Agencies and GSEs [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 32,669 | 6,428 |
Gross Unrealized Gains, Debt investment securities | 17 | 12 |
Gross Unrealized Losses, Debt investment securities | (413) | (24) |
Available-for-sale Securities, Debt investment securities | 32,273 | 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 | 37,860 | 23,235 |
Gross Unrealized Gains, Debt investment securities | 1,383 | 538 |
Gross Unrealized Losses, Debt investment securities | (44) | (20) |
Available-for-sale Securities, Debt investment securities | 39,199 | 23,753 |
Held-to-maturity securities, debt maturities, Amortized Cost | 14,790 | 16,482 |
Held to maturity, gross unrealized gains | 416 | 527 |
Held to maturity, gross unrealized losses | (140) | (58) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 15,066 | 16,951 |
Corporate [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 13,603 | 12,393 |
Gross Unrealized Gains, Debt investment securities | 562 | 275 |
Gross Unrealized Losses, Debt investment securities | (38) | 0 |
Available-for-sale Securities, Debt investment securities | 14,127 | 12,668 |
Held-to-maturity securities, debt maturities, Amortized Cost | 46,290 | 36,441 |
Held to maturity, gross unrealized gains | 1,252 | 1,101 |
Held to maturity, gross unrealized losses | (102) | (7) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 47,440 | 37,535 |
Asset Backed Securities [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 13,693 | 8,572 |
Gross Unrealized Gains, Debt investment securities | 9 | 39 |
Gross Unrealized Losses, Debt investment securities | (89) | (4) |
Available-for-sale Securities, Debt investment securities | 13,613 | 8,607 |
Held-to-maturity securities, debt maturities, Amortized Cost | 14,636 | 18,414 |
Held to maturity, gross unrealized gains | 67 | 217 |
Held to maturity, gross unrealized losses | (188) | (176) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 14,515 | 18,455 |
Residential Mortgage-Backed - US Agency [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 22,482 | 24,856 |
Gross Unrealized Gains, Debt investment securities | 148 | 355 |
Gross Unrealized Losses, Debt investment securities | (466) | 0 |
Available-for-sale Securities, Debt investment securities | 22,164 | 25,211 |
Held-to-maturity securities, debt maturities, Amortized Cost | 9,740 | 11,807 |
Held to maturity, gross unrealized gains | 277 | 475 |
Held to maturity, gross unrealized losses | (18) | 0 |
Held-to-maturity Securities, Debt Maturities, Fair Value | 9,999 | 12,282 |
Collateralized Mortgage Obligations - US Agency [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 12,658 | 26,776 |
Gross Unrealized Gains, Debt investment securities | 30 | 149 |
Gross Unrealized Losses, Debt investment securities | (403) | (461) |
Available-for-sale Securities, Debt investment securities | 12,285 | 26,464 |
Held-to-maturity securities, debt maturities, Amortized Cost | 11,362 | 24,482 |
Held to maturity, gross unrealized gains | 367 | 850 |
Held to maturity, gross unrealized losses | (9) | (1) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 11,720 | 25,331 |
Collateralized Mortgage Obligations - Private Label [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 56,848 | 24,662 |
Gross Unrealized Gains, Debt investment securities | 285 | 384 |
Gross Unrealized Losses, Debt investment securities | (402) | (110) |
Available-for-sale Securities, Debt investment securities | 56,731 | 24,936 |
Held-to-maturity securities, debt maturities, Amortized Cost | 64,105 | 62,598 |
Held to maturity, gross unrealized gains | 222 | 902 |
Held to maturity, gross unrealized losses | (262) | (121) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 64,065 | 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 - Additio
Investment Securities - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2021USD ($)SecurityBond | Dec. 31, 2020USD ($)Security | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Proceeds on sales and redemptions of securities | $ 42,000,000 | $ 29,300,000 |
Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 5 | |
Available for sale securities continuous unrealized loss position twelve months or more amortized historical cost basis | $ 4,800,000 | |
Available for sale securities unrealized aggregate loss | $ 324,000 | |
Available for sale securities unrealized aggregate loss percentage | (6.70%) | |
Held-to-maturity Securities [Abstract] | ||
Held to maturity securities | Security | 8 | |
Held to maturity securities continuous unrealized loss position greater than twelve months amortized historical cost basis | $ 10,800,000 | |
Held-to-maturity securities aggregate unrealized loss | $ 278,000 | $ 146,000 |
Held To Maturity Securities Continuous Unrealized Loss Position Twelve Months Or Longer Accumulated Loss Percentage | (2.60%) | |
Number of securities in unrealized loss positions, twelve months or more | Security | 8 | 4 |
Held to maturity sale securities aggregate fair value | $ 10,527,000 | $ 5,463,000 |
Number of securities in unrealized loss positions, twelve months or more | Security | 13 | |
Number of securities amortized | Security | 3 | |
Percentage of securities amortized | 23.10% | |
Debt securities, amortized cost balance | $ 3,600,000 | |
Number of securities in unrealized loss positions, twelve months or more | Security | 5 | |
Available for sale securities continuous unrealized loss position twelve months or more amortized historical cost basis | $ 4,800,000 | |
Available for sale securities unrealized aggregate loss | 324,000 | |
Available for sale securities unrealized aggregate loss percentage | (6.70%) | |
Gain (Loss) on Sale of Investments [Abstract] | ||
Securities pledged to collateralize deposit | 103,200,000 | $ 96,400,000 |
Securities pledged to collateralize borrowing | $ 9,400,000 | $ 13,200,000 |
Corporate Bond [Member] | ||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Number of securities in unrealized loss positions, twelve months or more | Bond | 1 | |
Available for sale securities continuous unrealized loss position twelve months or more amortized historical cost basis | $ 755,000 | |
Available for sale securities unrealized aggregate loss | $ 33,000 | |
Available for sale securities unrealized aggregate loss percentage | 4.59% | |
Held-to-maturity Securities [Abstract] | ||
Number of securities in unrealized loss positions, twelve months or more | Bond | 1 | |
Available for sale securities continuous unrealized loss position twelve months or more amortized historical cost basis | $ 755,000 | |
Available for sale securities unrealized aggregate loss | $ 33,000 | |
Available for sale securities unrealized aggregate loss percentage | 4.59% | |
Municipal Bonds | ||
Held-to-maturity Securities [Abstract] | ||
Held to maturity securities continuous unrealized loss position greater than twelve months amortized historical cost basis | $ 4,100,000 | |
Held-to-maturity securities aggregate unrealized loss | $ 112,000 | |
Held To Maturity Securities Continuous Unrealized Loss Position Twelve Months Or Longer Accumulated Loss Percentage | 2.80% | |
Number of securities in unrealized loss positions, twelve months or more | Security | 2 | |
Collateralized Mortgage Obligations of Private Label [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Number of securities | Security | 68 | 54 |
Asset Backed Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Number of securities | Security | 20 | 22 |
Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 1 |
Available for sale securities unrealized aggregate loss | $ 0 | $ 2,000 |
Held-to-maturity Securities [Abstract] | ||
Held-to-maturity securities aggregate unrealized loss | $ 58,000 | $ 140,000 |
Number of securities in unrealized loss positions, twelve months or more | Security | 2 | 3 |
Held to maturity sale securities aggregate fair value | $ 1,610,000 | $ 4,683,000 |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 1 |
Available for sale securities unrealized aggregate loss | $ 0 | $ 2,000 |
68 Private-Label Mortgage-Backed Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Investment securities, aggregate book value | 120,900,000 | |
20 Private-Label Asset - Backed Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Investment securities, aggregate book value | $ 28,300,000 | |
54 Private-Label Mortgage-Backed Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Investment securities, aggregate book value | 87,300,000 | |
22 Private-Label Asset - Backed Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Investment securities, aggregate book value | $ 27,000,000 | |
Municipal Bonds | ||
Held-to-maturity Securities [Abstract] | ||
Months of unrealized loss positions | 12 months | |
Private Label Mortgaged Backed Securities Not Rated | ||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 2 | |
Available for sale securities unrealized aggregate loss | $ 14,000 | |
Available for sale securities unrealized aggregate loss percentage | 0.92% | |
Available for sale securities continuous unrealized loss position twelve months or more amortized historical cost basis | $ 1,600,000 | |
Held-to-maturity Securities [Abstract] | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 2 | |
Available for sale securities unrealized aggregate loss | $ 14,000 | |
Available for sale securities unrealized aggregate loss percentage | 0.92% | |
1 Private-Label Asset - Backed Securities by Small Business Loan [Member] | ||
Held-to-maturity Securities [Abstract] | ||
Held to maturity securities continuous unrealized loss position greater than twelve months amortized historical cost basis | $ 157,000 | |
Held-to-maturity securities aggregate unrealized loss | $ 2,000 | |
Held To Maturity Securities Continuous Unrealized Loss Position Twelve Months Or Longer Accumulated Loss Percentage | (0.92%) | |
Number of securities in unrealized loss positions, twelve months or more | Security | 1 | |
1 Private-Label Asset - Backed Securities by Private-Issue Student Loan [Member] | ||
Held-to-maturity Securities [Abstract] | ||
Held to maturity securities continuous unrealized loss position greater than twelve months amortized historical cost basis | $ 1,500,000 | |
Held-to-maturity securities aggregate unrealized loss | $ 56,000 | |
Held To Maturity Securities Continuous Unrealized Loss Position Twelve Months Or Longer Accumulated Loss Percentage | (3.75%) | |
Number of securities in unrealized loss positions, twelve months or more | Security | 1 | |
Held to maturity sale securities aggregate fair value | $ 1,500,000 | |
3 Private-Label Asset - Backed Securities by Commercial Mortgage Loan [Member] | N R S R O P | ||
Held-to-maturity Securities [Abstract] | ||
Held to maturity securities continuous unrealized loss position greater than twelve months amortized historical cost basis | 3,900,000 | |
Held-to-maturity securities aggregate unrealized loss | $ 99,000 | |
Held To Maturity Securities Continuous Unrealized Loss Position Twelve Months Or Longer Accumulated Loss Percentage | (2.59%) | |
Number of securities in unrealized loss positions, twelve months or more | Security | 3 | |
Held to maturity sale securities aggregate fair value | $ 3,800,000 |
Investment Securities - Amort_2
Investment Securities - Amortized Cost and Estimated Fair Value of Debt Investments by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Available-for-sale securities, debt maturities, amortized cost [Abstract] | ||
Due in one year or less | $ 5,886 | |
Due after one year through five years | 4,824 | |
Due after five years through ten years | 34,884 | |
Due after ten years | 52,231 | |
Sub-total | 97,825 | |
Amortized cost | 189,813 | $ 126,922 |
Available-for-sale securities, debt maturities, Estimated Fair Value [Abstract] | ||
Due in one year or less | 6,294 | |
Due after one year through five years | 4,920 | |
Due after five years through ten years | 34,512 | |
Due after ten years | 53,486 | |
Sub-total | 99,212 | |
Available-for-sale securities, debt maturities, fair value, totals | 190,392 | |
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | ||
Due in one year or less | 2,817 | |
Due after one year through five years | 8,967 | |
Due after five years through ten years | 43,836 | |
Due after ten years | 20,096 | |
Sub-total | 75,716 | |
Held-to-maturity securities, debt maturities, Amortized Cost | 160,923 | 171,224 |
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | ||
Due in one year or less | 2,865 | |
Due after one year through five years | 9,349 | |
Due after five years through ten years | 44,764 | |
Due after ten years | 20,043 | |
Sub-total | 77,021 | |
Held-to-maturity securities at fair value | 162,805 | 174,935 |
Residential Mortgage-Backed - US Agency [Member] | ||
Available-for-sale securities, debt maturities, amortized cost [Abstract] | ||
Amortized cost | 22,482 | 24,856 |
Available-for-sale securities, debt maturities, Estimated Fair Value [Abstract] | ||
Available-for-sale securities, debt maturities, fair value, totals | 22,164 | |
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | ||
Held-to-maturity securities, debt maturities, Amortized Cost | 9,740 | 11,807 |
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | ||
Held-to-maturity securities at fair value | 9,999 | 12,282 |
Collateralized Mortgage Obligations - US Agency [Member] | ||
Available-for-sale securities, debt maturities, amortized cost [Abstract] | ||
Amortized cost | 12,658 | 26,776 |
Available-for-sale securities, debt maturities, Estimated Fair Value [Abstract] | ||
Available-for-sale securities, debt maturities, fair value, totals | 12,285 | |
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | ||
Held-to-maturity securities, debt maturities, Amortized Cost | 11,362 | 24,482 |
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | ||
Held-to-maturity securities at fair value | 11,720 | 25,331 |
Collateralized Mortgage Obligations - Private Label [Member] | ||
Available-for-sale securities, debt maturities, amortized cost [Abstract] | ||
Amortized cost | 56,848 | 24,662 |
Available-for-sale securities, debt maturities, Estimated Fair Value [Abstract] | ||
Available-for-sale securities, debt maturities, fair value, totals | 56,731 | |
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | ||
Held-to-maturity securities, debt maturities, Amortized Cost | 64,105 | 62,598 |
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | ||
Held-to-maturity securities at fair value | $ 64,065 | $ 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) | Dec. 31, 2021USD ($)Security | Dec. 31, 2020USD ($)Security |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 5 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Twelve months or more Unrealized Losses | $ (324,000) | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 22 | 16 |
Number of securities in unrealized loss positions, twelve months or more | Security | 8 | 4 |
Number of securities in unrealized loss positions | Security | 30 | 20 |
Less than twelve months Fair Value | $ 27,634,000 | $ 22,985,000 |
Twelve months or more Fair Value | 10,527,000 | 5,463,000 |
Total Fair Value | 38,161,000 | 28,448,000 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (441,000) | (217,000) |
Twelve months or more Unrealized Losses | (278,000) | (146,000) |
Total Unrealized Losses | $ (719,000) | $ (363,000) |
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 | 3 | 0 |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 1 |
Number of securities in unrealized loss positions | Security | 3 | 1 |
Less than twelve months Fair Value | $ 31,195,000 | $ 0 |
Twelve months or more Fair Value | 0 | 4,954,000 |
Total Fair Value | 31,195,000 | 4,954,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (413,000) | 0 |
Twelve months or more Unrealized Losses | 0 | (24,000) |
Total Unrealized Losses | $ (413,000) | $ (24,000) |
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 | 3 | 1 |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 |
Number of securities in unrealized loss positions | Security | 3 | 1 |
Less than twelve months Fair Value | $ 4,847,000 | $ 2,521,000 |
Twelve months or more Fair Value | 0 | 0 |
Total Fair Value | 4,847,000 | 2,521,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (44,000) | (20,000) |
Twelve months or more Unrealized Losses | 0 | 0 |
Total Unrealized Losses | $ (44,000) | $ (20,000) |
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 | 2 | 0 |
Number of securities in unrealized loss positions | Security | 6 | 3 |
Less than twelve months Fair Value | $ 2,013,000 | $ 7,063,000 |
Twelve months or more Fair Value | 3,988,000 | 0 |
Total Fair Value | 6,001,000 | 7,063,000 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (28,000) | (58,000) |
Twelve months or more Unrealized Losses | (112,000) | 0 |
Total Unrealized Losses | $ (140,000) | $ (58,000) |
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 | 2 | 0 |
Number of securities in unrealized loss positions, twelve months or more | Security | 1 | 0 |
Number of securities in unrealized loss positions | Security | 3 | 0 |
Less than twelve months Fair Value | $ 1,162,000 | $ 0 |
Twelve months or more Fair Value | 722,000 | 0 |
Total Fair Value | 1,884,000 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (5,000) | 0 |
Twelve months or more Unrealized Losses | (33,000) | 0 |
Total Unrealized Losses | $ (38,000) | $ 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 9 | 4 |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 |
Number of securities in unrealized loss positions | Security | 9 | 4 |
Less than twelve months Fair Value | $ 7,636,000 | $ 3,775,000 |
Twelve months or more Fair Value | 0 | 0 |
Total Fair Value | 7,636,000 | 3,775,000 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (102,000) | (7,000) |
Twelve months or more Unrealized Losses | 0 | 0 |
Total Unrealized Losses | $ (102,000) | $ (7,000) |
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 | 5 | 2 |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 1 |
Number of securities in unrealized loss positions | Security | 5 | 3 |
Less than twelve months Fair Value | $ 11,206,000 | $ 2,487,000 |
Twelve months or more Fair Value | 0 | 80,000 |
Total Fair Value | 11,206,000 | 2,567,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (89,000) | (2,000) |
Twelve months or more Unrealized Losses | 0 | (2,000) |
Total Unrealized Losses | $ (89,000) | $ (4,000) |
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 | 2 | 3 |
Number of securities in unrealized loss positions | Security | 4 | 7 |
Less than twelve months Fair Value | $ 2,974,000 | $ 4,209,000 |
Twelve months or more Fair Value | 1,610,000 | 4,683,000 |
Total Fair Value | 4,584,000 | 8,892,000 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (130,000) | (36,000) |
Twelve months or more Unrealized Losses | (58,000) | (140,000) |
Total Unrealized Losses | $ (188,000) | $ (176,000) |
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 | 3 | 0 |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 |
Number of securities in unrealized loss positions | Security | 3 | 0 |
Less than twelve months Fair Value | $ 13,090,000 | $ 0 |
Twelve months or more Fair Value | 0 | 0 |
Total Fair Value | 13,090,000 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (466,000) | 0 |
Twelve months or more Unrealized Losses | 0 | 0 |
Total Unrealized Losses | $ (466,000) | $ 0 |
Held-to-maturity 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 | $ 1,941,000 | $ 0 |
Twelve months or more Fair Value | 0 | 0 |
Total Fair Value | 1,941,000 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (18,000) | 0 |
Twelve months or more Unrealized Losses | 0 | 0 |
Total Unrealized Losses | $ (18,000) | $ 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 | 2 | 2 |
Number of securities in unrealized loss positions | Security | 5 | 4 |
Less than twelve months Fair Value | $ 6,504,000 | $ 6,974,000 |
Twelve months or more Fair Value | 2,204,000 | 5,683,000 |
Total Fair Value | 8,708,000 | 12,657,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (126,000) | (45,000) |
Twelve months or more Unrealized Losses | (277,000) | (416,000) |
Total Unrealized Losses | $ (403,000) | $ (461,000) |
Held-to-maturity 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 | 1 | 0 |
Number of securities in unrealized loss positions | Security | 1 | 1 |
Less than twelve months Fair Value | $ 0 | $ 1,496,000 |
Twelve months or more Fair Value | 1,109,000 | 0 |
Total Fair Value | 1,109,000 | 1,496,000 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | 0 | (1,000) |
Twelve months or more Unrealized Losses | (9,000) | 0 |
Total Unrealized Losses | $ (9,000) | $ (1,000) |
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 | 18 | 3 |
Number of securities in unrealized loss positions, twelve months or more | Security | 2 | 4 |
Number of securities in unrealized loss positions | Security | 20 | 7 |
Less than twelve months Fair Value | $ 38,816,000 | $ 8,071,000 |
Twelve months or more Fair Value | 1,539,000 | 2,574,000 |
Total Fair Value | 40,355,000 | 10,645,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (388,000) | (78,000) |
Twelve months or more Unrealized Losses | (14,000) | (32,000) |
Total Unrealized Losses | $ (402,000) | $ (110,000) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 6 | 4 |
Number of securities in unrealized loss positions, twelve months or more | Security | 3 | 1 |
Number of securities in unrealized loss positions | Security | 9 | 5 |
Less than twelve months Fair Value | $ 13,070,000 | $ 6,442,000 |
Twelve months or more Fair Value | 3,820,000 | 780,000 |
Total Fair Value | 16,890,000 | 7,222,000 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (163,000) | (115,000) |
Twelve months or more Unrealized Losses | (99,000) | (6,000) |
Total Unrealized Losses | $ (262,000) | $ (121,000) |
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 | 37 | 8 |
Number of securities in unrealized loss positions, twelve months or more | Security | 5 | 8 |
Number of securities in unrealized loss positions | Security | 42 | 16 |
Less than twelve months Fair Value | $ 106,820,000 | $ 20,053,000 |
Twelve months or more Fair Value | 4,465,000 | 13,291,000 |
Total Fair Value | 111,285,000 | 33,344,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (1,531,000) | (145,000) |
Twelve months or more Unrealized Losses | (324,000) | (474,000) |
Total Unrealized Losses | $ (1,855,000) | $ (619,000) |
Investment Securities - Gross R
Investment Securities - Gross Realized Gains (Losses) on Sale of Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Gain Loss On Sale Of Investments [Abstract] | ||
Realized gains on investments | $ 120 | $ 1,107 |
Realized losses on investments | (83) | (31) |
Total | $ 37 | $ 1,076 |
Loans - Major Classification of
Loans - Major Classification of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | $ 833,739 | $ 826,733 | |
Net deferred loan fees | (1,280) | (1,238) | |
Less allowance for loan losses | (12,935) | (12,777) | |
Loans receivable, net | 819,524 | 812,718 | |
Loans Held For Sale [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 513,000 | 1,500 | |
Residential Mortgage Loans [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 247,276 | 235,392 | |
Less allowance for loan losses | (872) | ||
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 240,434 | 227,185 | |
Residential Mortgage Loans [Member] | Construction [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 6,329 | 6,681 | |
Residential Mortgage Loans [Member] | Loans Held For Sale [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | [1] | 513 | 1,526 |
Commercial Loans [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 444,618 | 481,812 | |
Commercial Loans [Member] | Real Estate [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 288,450 | 286,271 | |
Less allowance for loan losses | (5,308) | ||
Commercial Loans [Member] | Lines of Credit [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 61,884 | 49,103 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 69,135 | 78,629 | |
Commercial Loans [Member] | Tax Exempt Loans [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 5,811 | 7,166 | |
Commercial Loans [Member] | Paycheck Protection Program loans [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 19,338 | 60,643 | |
Consumer Loans [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 141,845 | 109,529 | |
Less allowance for loan losses | (2,071) | ||
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 31,737 | 38,624 | |
Consumer Loans [Member] | Other Consumer [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | $ 110,108 | $ 70,905 | |
[1] | Based on ASC 948, Mortgage Banking, loans shall be classified as held-for-sale once a decision has been made to sell the loans and shall be transferred to the held-for-sale category at lower of cost or fair value. At December 31, 2021, the loans under contract to be sold had a principal balance of $513,000. These loans were transferred at their amortized cost of $513,000 as of December 31, 2021, as the fair value of these loans was greater than the amortized cost. At December 31, 2020, the loans under contract to be sold had a principal balance of $1.5 million. These loans were transferred at their amortized cost of $1.5 million as of December 31, 2020, as the fair value of these loans was greater than the amortized cost. |
Loans - Major Classification _2
Loans - Major Classification of Loans (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | $ 833,739 | $ 826,733 |
Loans Held For Sale [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 513,000 | 1,500 |
Loans and leases receivable amortized cost | $ 513,000 | $ 1,500 |
Loans - Additional Information
Loans - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2021USD ($)Loan | Dec. 31, 2020USD ($)Loan | |
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | $ 833,739,000 | $ 826,733,000 |
Notes, Loans and Financing Receivable, Net [Abstract] | ||
Ninety days past due and still accruing interest | $ 0 | $ 0 |
Troubled Debt Restructuring During Prior Twelve Months [Member] | ||
Notes, Loans and Financing Receivable, Net [Abstract] | ||
Number of loans subsequently defaulted | Loan | 0 | 0 |
Residential Mortgage Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Number of loans outstanding | Loan | 2,109 | |
Total loans | $ 247,276,000 | $ 235,392,000 |
Residential mortgage loans pledged to FHLBNY as blanket collateral | $ 123,200,000 | $ 115,600,000 |
Real Estate [Member] | ||
Notes, Loans and Financing Receivable, Net [Abstract] | ||
Percentage of total loan portfolio | 68.00% | 68.00% |
Minimum [Member] | Residential Mortgage Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | $ 0 | |
Maximum [Member] | Residential Mortgage Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 1,522,000 | |
PPP Loan [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Deferred fee income | $ 2,150,000 | $ 938,000 |
Number of loans outstanding | Loan | 256 | |
Total loans | $ 19,338,000 | |
Unusual or Infrequent Item, or Both | Ninety Days Deferral [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Number of loans outstanding | Loan | 618 | |
Total loans | $ 137,400,000 | |
Unusual or Infrequent Item, or Both | Deferral [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Number of loans outstanding | Loan | 0 | |
Total loans | $ 17,100,000 | |
Loan outstanding | 2.10% | |
Unusual or Infrequent Item, or Both | Residential Mortgage or Consumer Loans [Member] | Ninety Days Deferral [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Number of loans outstanding | Loan | 303 | |
Total loans | $ 24,000,000 | |
Unusual or Infrequent Item, or Both | Residential Mortgage or Consumer Loans [Member] | Deferral [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Number of loans outstanding | Loan | 38 | |
Total loans | $ 2,700,000 | |
Unusual or Infrequent Item, or Both | Residential and Consumer Loans [Member] | Non-Deferral [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Number of loans outstanding | Loan | 265 | |
Total loans | $ 21,300,000 | |
Unusual or Infrequent Item, or Both | Commercial Real Estate or Other Commercial and Industrial Loans [Member] | Ninety Days Deferral [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Number of loans outstanding | Loan | 315 | |
Total loans | $ 113,300,000 | |
Unusual or Infrequent Item, or Both | Commercial Real Estate or Other Commercial and Industrial Loans [Member] | Non-Deferral [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Number of loans outstanding | Loan | 291 | |
Total loans | $ 98,900,000 | |
Unusual or Infrequent Item, or Both | Commercial Real Estate or Other Commercial and Industrial Loans [Member] | Deferral [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Number of loans outstanding | Loan | 24 | |
Total loans | $ 14,400,000 | |
Unusual or Infrequent Item, or Both | Commercial Loan | One Eighty Days and Beyond Deferral [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Number of loans outstanding | Loan | 11 | |
Total loans | $ 8,300,000 | |
Unusual or Infrequent Item, or Both | Minimum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans Payable Contractual Maturities Term | 2 years | |
Unusual or Infrequent Item, or Both | Maximum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans Payable Contractual Maturities Term | 5 years | |
Unusual or Infrequent Item, or Both | PPP Loan [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
InterestOnLoan | 1.00% | |
Loan origination fees | $ 4,000,000 | 4,000,000 |
Deferred fee income | 3,100,000 | |
Deferred fee income remaining | 912,000 | |
Unusual or Infrequent Item, or Both | PPP Loan [Member] | Interest Income [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loan origination fees | $ 2,200,000 | $ 900,000 |
Loans - Summary of Information
Loans - Summary of Information Related to Company's PPP Loans (Details) $ in Thousands | 12 Months Ended | 22 Months Ended | |
Dec. 31, 2021USD ($)Loan | Dec. 31, 2020USD ($)Loan | Dec. 31, 2021USD ($)Loan | |
Accounts Notes And Loans Receivable [Line Items] | |||
Total PPP loans remaining at December 31, 2021 | $ 833,739 | $ 826,733 | $ 833,739 |
PPP Loan [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Number of PPP loans originated in the period | Loan | 478 | 699 | 1,177 |
Funded balance of PPP loans originated in the period | $ 36,369 | $ 75,352 | $ 111,721 |
Number of PPP loans forgiven in the period | Loan | 796 | 136 | 932 |
Average balance of PPP loans in the period | $ 75,538 | $ 91,328 | |
Balance of PPP loans forgiven in the period | 77,054 | 15,279 | $ 92,333 |
Deferred PPP fee income recognized in the period | 2,150 | 938 | |
Unearned PPP deferred fee income at end of period | $ 716 | $ 1,216 | $ 716 |
Total PPP loans remaining at December 31, 2021 | Loan | 256 | 256 | |
Total PPP loans remaining at December 31, 2021 | $ 19,338 | $ 19,338 |
Loans - Summary of Purchased Lo
Loans - Summary of Purchased Loans Pools (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)Loan | Dec. 31, 2020USD ($)Loan | |
Residential Mortgage [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Original Balance | $ 4,300 | $ 4,300 |
Current Balance | 4,100 | 4,300 |
Unamortized Premium | $ 257 | $ 273 |
Percent Owned | 100.00% | 100.00% |
Number of Loans | Loan | 51 | 51 |
Purchased Residential Real Estate Loans Two [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Original Balance | $ 21,300 | |
Current Balance | 21,400 | |
Unamortized Premium | $ 3,642 | |
Percent Owned | 62.00% | |
Number of Loans | Loan | 900 | |
Commercial Loan [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Original Balance | $ 6,800 | $ 6,800 |
Current Balance | $ 3,900 | $ 5,500 |
Percent Owned | 100.00% | 100.00% |
Number of Loans | Loan | 33 | 39 |
Purchased Commercial Line of Credit 1 [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Original Balance | $ 11,600 | |
Current Balance | 7,100 | |
Unamortized Premium | $ 26 | |
Percent Owned | 5.00% | |
Number of Loans | Loan | 1 | |
Purchased Commercial Line of Credit 2 [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Original Balance | $ 10,500 | |
Current Balance | 9,300 | |
Unamortized Premium | $ 35 | |
Percent Owned | 28.00% | |
Number of Loans | Loan | 1 | |
Home Equity Line of Credit [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Original Balance | $ 21,900 | $ 21,900 |
Current Balance | 8,400 | 13,900 |
Unamortized Premium | $ 243 | $ 309 |
Percent Owned | 100.00% | 100.00% |
Number of Loans | Loan | 187 | 275 |
Automobile Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Original Balance | $ 50,400 | $ 50,400 |
Current Balance | 8,800 | 17,000 |
Unamortized Premium | $ 301 | $ 602 |
Percent Owned | 90.00% | 90.00% |
Number of Loans | Loan | 855 | 1,257 |
Cumulative net charge-offs | $ 239 | $ 230 |
Consumer Loan Pool 1 [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Original Balance | 5,400 | 5,400 |
Current Balance | $ 2,600 | $ 3,600 |
Percent Owned | 100.00% | 100.00% |
Number of Loans | Loan | 66 | 76 |
Consumer Loan Pool 2 [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Original Balance | $ 26,600 | $ 26,600 |
Current Balance | 6,300 | 15,400 |
Unamortized Premium | $ 30 | $ 63 |
Percent Owned | 59.00% | 59.00% |
Number of Loans | Loan | 1,438 | 2,246 |
Cumulative net charge-offs | $ 42 | |
Consumer Loan Pool 3 [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Original Balance | 10,300 | $ 10,300 |
Current Balance | 2,200 | 5,500 |
Unamortized Premium | $ 74 | $ 138 |
Percent Owned | 100.00% | 100.00% |
Number of Loans | Loan | 1,356 | 2,958 |
Cumulative net charge-offs | $ 296 | |
Consumer Loan Pool 4 [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Original Balance | 14,500 | $ 14,500 |
Current Balance | 12,600 | 14,500 |
Unamortized Premium | $ 1,776 | $ 2,124 |
Percent Owned | 68.00% | 68.00% |
Number of Loans | Loan | 563 | 619 |
Maturity Range | 15 years | 25 years |
Consumer Loan Pool 5 [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Original Balance | $ 24,400 | |
Current Balance | 19,700 | |
Unamortized Premium | $ 583 | |
Percent Owned | 100.00% | |
Number of Loans | Loan | 756 | |
Consumer Loan Pool 6 [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Original Balance | $ 22,200 | |
Current Balance | 22,100 | |
Unamortized Premium | $ 2,785 | |
Percent Owned | 100.00% | |
Number of Loans | Loan | 564 | |
Minimum [Member] | Residential Mortgage [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 17 years | 17 years |
Minimum [Member] | Purchased Residential Real Estate Loans Two [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 19 years | |
Minimum [Member] | Commercial Loan [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 4 years | 5 years |
Minimum [Member] | Purchased Commercial Line of Credit 1 [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 0 years | |
Minimum [Member] | Purchased Commercial Line of Credit 2 [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 0 years | |
Minimum [Member] | Home Equity Line of Credit [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 2 years | 3 years |
Minimum [Member] | Automobile Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 0 years | 0 years |
Minimum [Member] | Consumer Loan Pool 1 [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 3 years | 3 years |
Minimum [Member] | Consumer Loan Pool 2 [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 1 year | 2 years |
Minimum [Member] | Consumer Loan Pool 3 [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 0 years | 0 years |
Maximum [Member] | Residential Mortgage [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 23 years | 25 years |
Maximum [Member] | Purchased Residential Real Estate Loans Two [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 25 years | |
Maximum [Member] | Commercial Loan [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 8 years | 9 years |
Maximum [Member] | Purchased Commercial Line of Credit 1 [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 1 year | |
Maximum [Member] | Purchased Commercial Line of Credit 2 [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 1 year | |
Maximum [Member] | Home Equity Line of Credit [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 28 years | 29 years |
Maximum [Member] | Automobile Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 5 years | 6 years |
Maximum [Member] | Consumer Loan Pool 1 [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 5 years | 6 years |
Maximum [Member] | Consumer Loan Pool 2 [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 3 years | 4 years |
Maximum [Member] | Consumer Loan Pool 3 [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 6 years | 6 years |
Maximum [Member] | Consumer Loan Pool 5 [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 15 years | |
Maximum [Member] | Consumer Loan Pool 6 [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 15 years |
Loans - Credit Quality Indicato
Loans - Credit Quality Indicator (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Number of consecutive months current before loan is upgraded | 6 months | 6 months |
Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Number of consecutive months current before loan is upgraded | 6 months | 6 months |
Residential Mortgage and Consumer Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Number of days past due before a loan is classified as Special Mention | 60 days | 60 days |
Number of days past due before a loan is classified as Substandard | 90 days | 90 days |
Loans - Summary of Classes of L
Loans - Summary of Classes of Loan Portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | $ 833,739 | $ 826,733 | |
Residential Mortgage Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 247,276 | 235,392 | |
Commercial Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 444,618 | 481,812 | |
Consumer Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 141,845 | 109,529 | |
1-4 Family First Lien Residential Mortgages [Member] | Residential Mortgage Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 240,434 | 227,185 | |
Construction [Member] | Residential Mortgage Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 6,329 | 6,681 | |
Loans Held For Sale [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 513,000 | 1,500 | |
Loans Held For Sale [Member] | Residential Mortgage Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | [1] | 513 | 1,526 |
Real Estate [Member] | Commercial Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 288,450 | 286,271 | |
Lines of Credit [Member] | Commercial Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 61,884 | 49,103 | |
Other Commercial and Industrial [Member] | Commercial Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 69,135 | 78,629 | |
Tax Exempt Loans [Member] | Commercial Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 5,811 | 7,166 | |
Paycheck Protection Program loans [Member] | Commercial Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 19,338 | 60,643 | |
Home Equity and Junior Liens [Member] | Consumer Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 31,737 | 38,624 | |
Other Consumer [Member] | Consumer Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 110,108 | 70,905 | |
Loan Held For Sale | Residential Mortgage Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 1,526 | ||
Paycheck Protection Program [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 19,338 | 60,643 | |
Paycheck Protection Program [Member] | Commercial Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 60,643 | ||
Pass | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 790,048 | 780,740 | |
Pass | Residential Mortgage Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 245,665 | 230,593 | |
Pass | Commercial Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 403,664 | 441,719 | |
Pass | Consumer Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 140,719 | 108,428 | |
Pass | 1-4 Family First Lien Residential Mortgages [Member] | Residential Mortgage Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 238,823 | 222,386 | |
Pass | Construction [Member] | Residential Mortgage Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 6,329 | 6,681 | |
Pass | Loans Held For Sale [Member] | Residential Mortgage Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 513 | ||
Pass | Real Estate [Member] | Commercial Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 267,388 | 267,736 | |
Pass | Lines of Credit [Member] | Commercial Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 54,408 | 40,733 | |
Pass | Other Commercial and Industrial [Member] | Commercial Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 56,719 | 65,441 | |
Pass | Tax Exempt Loans [Member] | Commercial Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 5,811 | 7,166 | |
Pass | Paycheck Protection Program loans [Member] | Commercial Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 19,338 | ||
Pass | Home Equity and Junior Liens [Member] | Consumer Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 30,740 | 37,926 | |
Pass | Other Consumer [Member] | Consumer Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 109,979 | 70,502 | |
Pass | Loan Held For Sale | Residential Mortgage Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 1,526 | ||
Pass | Paycheck Protection Program [Member] | Commercial Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 60,643 | ||
Special Mention [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 18,268 | 20,752 | |
Special Mention [Member] | Residential Mortgage Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 269 | 1,151 | |
Special Mention [Member] | Commercial Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 17,822 | 19,443 | |
Special Mention [Member] | Consumer Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 177 | 158 | |
Special Mention [Member] | 1-4 Family First Lien Residential Mortgages [Member] | Residential Mortgage Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 269 | 1,151 | |
Special Mention [Member] | Construction [Member] | Residential Mortgage Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Special Mention [Member] | Loans Held For Sale [Member] | Residential Mortgage Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | ||
Special Mention [Member] | Real Estate [Member] | Commercial Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 9,879 | 9,541 | |
Special Mention [Member] | Lines of Credit [Member] | Commercial Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 4,036 | 5,132 | |
Special Mention [Member] | Other Commercial and Industrial [Member] | Commercial Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 3,907 | 4,770 | |
Special Mention [Member] | Tax Exempt Loans [Member] | Commercial Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Special Mention [Member] | Paycheck Protection Program loans [Member] | Commercial Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | ||
Special Mention [Member] | Home Equity and Junior Liens [Member] | Consumer Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 133 | 54 | |
Special Mention [Member] | Other Consumer [Member] | Consumer Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 44 | 104 | |
Special Mention [Member] | Loan Held For Sale | Residential Mortgage Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | ||
Special Mention [Member] | Paycheck Protection Program [Member] | Commercial Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | ||
Substandard [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 23,806 | 23,747 | |
Substandard [Member] | Residential Mortgage Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 811 | 3,196 | |
Substandard [Member] | Commercial Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 22,312 | 19,922 | |
Substandard [Member] | Consumer Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 683 | 629 | |
Substandard [Member] | 1-4 Family First Lien Residential Mortgages [Member] | Residential Mortgage Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 811 | 3,196 | |
Substandard [Member] | Construction [Member] | Residential Mortgage Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Substandard [Member] | Loans Held For Sale [Member] | Residential Mortgage Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | ||
Substandard [Member] | Real Estate [Member] | Commercial Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 10,604 | 8,615 | |
Substandard [Member] | Lines of Credit [Member] | Commercial Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 3,387 | 3,154 | |
Substandard [Member] | Other Commercial and Industrial [Member] | Commercial Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 8,321 | 8,153 | |
Substandard [Member] | Tax Exempt Loans [Member] | Commercial Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Substandard [Member] | Paycheck Protection Program loans [Member] | Commercial Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | ||
Substandard [Member] | Home Equity and Junior Liens [Member] | Consumer Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 606 | 411 | |
Substandard [Member] | Other Consumer [Member] | Consumer Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 77 | 218 | |
Substandard [Member] | Loan Held For Sale | Residential Mortgage Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | ||
Substandard [Member] | Paycheck Protection Program [Member] | Commercial Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | ||
Doubtful [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 1,617 | 1,494 | |
Doubtful [Member] | Residential Mortgage Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 531 | 452 | |
Doubtful [Member] | Commercial Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 820 | 728 | |
Doubtful [Member] | Consumer Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 266 | 314 | |
Doubtful [Member] | 1-4 Family First Lien Residential Mortgages [Member] | Residential Mortgage Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 531 | 452 | |
Doubtful [Member] | Construction [Member] | Residential Mortgage Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Doubtful [Member] | Loans Held For Sale [Member] | Residential Mortgage Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | ||
Doubtful [Member] | Real Estate [Member] | Commercial Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 579 | 379 | |
Doubtful [Member] | Lines of Credit [Member] | Commercial Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 53 | 84 | |
Doubtful [Member] | Other Commercial and Industrial [Member] | Commercial Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 188 | 265 | |
Doubtful [Member] | Tax Exempt Loans [Member] | Commercial Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Doubtful [Member] | Paycheck Protection Program loans [Member] | Commercial Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | ||
Doubtful [Member] | Home Equity and Junior Liens [Member] | Consumer Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 258 | 233 | |
Doubtful [Member] | Other Consumer [Member] | Consumer Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | $ 8 | 81 | |
Doubtful [Member] | Loan Held For Sale | Residential Mortgage Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | ||
Doubtful [Member] | Paycheck Protection Program [Member] | Commercial Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | $ 0 | ||
[1] | Based on ASC 948, Mortgage Banking, loans shall be classified as held-for-sale once a decision has been made to sell the loans and shall be transferred to the held-for-sale category at lower of cost or fair value. At December 31, 2021, the loans under contract to be sold had a principal balance of $513,000. These loans were transferred at their amortized cost of $513,000 as of December 31, 2021, as the fair value of these loans was greater than the amortized cost. At December 31, 2020, the loans under contract to be sold had a principal balance of $1.5 million. These loans were transferred at their amortized cost of $1.5 million as of December 31, 2020, as the fair value of these loans was greater than the amortized cost. |
Loans - Age Analysis of Past Du
Loans - Age Analysis of Past Due Loans Segregated by Portfolio Segment and Class of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Recorded Investment, Past Due [Line Items] | |||
Total Loans Receivable | $ 833,739 | $ 826,733 | |
30-59 Days Past Due and Accruing [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 5,239 | 3,766 | |
60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 4,617 | 5,400 | |
90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 8,006 | 6,154 | |
Total Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 17,862 | 15,320 | |
Current [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 815,877 | 811,413 | |
Loans Held For Sale [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Loans Receivable | 513,000 | 1,500 | |
Residential Mortgage Loans [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Loans Receivable | 247,276 | 235,392 | |
Residential Mortgage Loans [Member] | 30-59 Days Past Due and Accruing [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 960 | 1,250 | |
Residential Mortgage Loans [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 416 | 570 | |
Residential Mortgage Loans [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 891 | 1,098 | |
Residential Mortgage Loans [Member] | Total Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,268 | 2,918 | |
Residential Mortgage Loans [Member] | Current [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 245,008 | 232,474 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Loans Receivable | 240,434 | 227,185 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | 30-59 Days Past Due and Accruing [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 960 | 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 | 416 | 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 | 891 | 1,098 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | Total Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,268 | 2,918 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | Current [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 238,166 | 224,267 | |
Residential Mortgage Loans [Member] | Construction [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Loans Receivable | 6,329 | 6,681 | |
Residential Mortgage Loans [Member] | Construction [Member] | 30-59 Days Past Due and Accruing [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Residential Mortgage Loans [Member] | Construction [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Residential Mortgage Loans [Member] | Construction [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Residential Mortgage Loans [Member] | Construction [Member] | Total Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Residential Mortgage Loans [Member] | Construction [Member] | Current [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 6,329 | 6,681 | |
Residential Mortgage Loans [Member] | Loans Held For Sale [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Loans Receivable | [1] | 513 | 1,526 |
Residential Mortgage Loans [Member] | Loans Held For Sale [Member] | 30-59 Days Past Due and Accruing [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | ||
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 | ||
Residential Mortgage Loans [Member] | Loans Held For Sale [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | ||
Residential Mortgage Loans [Member] | Loans Held For Sale [Member] | Total Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | ||
Residential Mortgage Loans [Member] | Loans Held For Sale [Member] | Current [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 513 | ||
Residential Mortgage Loans [Member] | Loan Held For Sale | |||
Recorded Investment, Past Due [Line Items] | |||
Total Loans Receivable | 1,526 | ||
Residential Mortgage Loans [Member] | Loan Held For Sale | 30-59 Days Past Due and Accruing [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | ||
Residential Mortgage Loans [Member] | Loan Held For Sale | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | ||
Residential Mortgage Loans [Member] | Loan Held For Sale | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | ||
Residential Mortgage Loans [Member] | Loan Held For Sale | Total Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | ||
Residential Mortgage Loans [Member] | Loan Held For Sale | Current [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,526 | ||
Commercial Loans [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Loans Receivable | 444,618 | 481,812 | |
Commercial Loans [Member] | 30-59 Days Past Due and Accruing [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,691 | 1,825 | |
Commercial Loans [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,895 | 4,500 | |
Commercial Loans [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 6,011 | 4,396 | |
Commercial Loans [Member] | Total Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 13,597 | 10,721 | |
Commercial Loans [Member] | Current [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 431,021 | 471,091 | |
Commercial Loans [Member] | Real Estate [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Loans Receivable | 288,450 | 286,271 | |
Commercial Loans [Member] | Real Estate [Member] | 30-59 Days Past Due and Accruing [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,735 | 480 | |
Commercial Loans [Member] | Real Estate [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,029 | 913 | |
Commercial Loans [Member] | Real Estate [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 4,379 | 2,511 | |
Commercial Loans [Member] | Real Estate [Member] | Total Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 7,143 | 3,904 | |
Commercial Loans [Member] | Real Estate [Member] | Current [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 281,307 | 282,367 | |
Commercial Loans [Member] | Lines of Credit [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Loans Receivable | 61,884 | 49,103 | |
Commercial Loans [Member] | Lines of Credit [Member] | 30-59 Days Past Due and Accruing [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 156 | 734 | |
Commercial Loans [Member] | Lines of Credit [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,180 | 1,870 | |
Commercial Loans [Member] | Lines of Credit [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 576 | 194 | |
Commercial Loans [Member] | Lines of Credit [Member] | Total Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,913 | 2,798 | |
Commercial Loans [Member] | Lines of Credit [Member] | Current [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 59,971 | 46,305 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Loans Receivable | 69,135 | 78,629 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | 30-59 Days Past Due and Accruing [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,799 | 441 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,686 | 1,717 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,056 | 1,691 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | Total Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 4,541 | 3,849 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | Current [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 64,594 | 74,780 | |
Commercial Loans [Member] | Tax Exempt Loans [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Loans Receivable | 5,811 | 7,166 | |
Commercial Loans [Member] | Tax Exempt Loans [Member] | 30-59 Days Past Due and Accruing [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Commercial Loans [Member] | Tax Exempt Loans [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Commercial Loans [Member] | Tax Exempt Loans [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Commercial Loans [Member] | Tax Exempt Loans [Member] | Total Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Commercial Loans [Member] | Tax Exempt Loans [Member] | Current [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 5,811 | 7,166 | |
Commercial Loans [Member] | Paycheck Protection Program loans [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Loans Receivable | 19,338 | 60,643 | |
Commercial Loans [Member] | Paycheck Protection Program loans [Member] | 30-59 Days Past Due and Accruing [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 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] | Paycheck Protection Program loans [Member] | Total Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 170 | |
Commercial Loans [Member] | Paycheck Protection Program loans [Member] | Current [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 19,338 | 60,473 | |
Consumer Loans [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Loans Receivable | 141,845 | 109,529 | |
Consumer Loans [Member] | 30-59 Days Past Due and Accruing [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 588 | 691 | |
Consumer Loans [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 306 | 330 | |
Consumer Loans [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,103 | 660 | |
Consumer Loans [Member] | Total Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,998 | 1,681 | |
Consumer Loans [Member] | Current [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 139,847 | 107,848 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Loans Receivable | 31,737 | 38,624 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | 30-59 Days Past Due and Accruing [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 17 | 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 | 49 | 78 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 251 | 473 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | Total Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 317 | 799 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | Current [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 31,420 | 37,825 | |
Consumer Loans [Member] | Other Consumer [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Loans Receivable | 110,108 | 70,905 | |
Consumer Loans [Member] | Other Consumer [Member] | 30-59 Days Past Due and Accruing [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 571 | 443 | |
Consumer Loans [Member] | Other Consumer [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 257 | 252 | |
Consumer Loans [Member] | Other Consumer [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 852 | 187 | |
Consumer Loans [Member] | Other Consumer [Member] | Total Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,680 | 882 | |
Consumer Loans [Member] | Other Consumer [Member] | Current [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 108,428 | $ 70,023 | |
[1] | Based on ASC 948, Mortgage Banking, loans shall be classified as held-for-sale once a decision has been made to sell the loans and shall be transferred to the held-for-sale category at lower of cost or fair value. At December 31, 2021, the loans under contract to be sold had a principal balance of $513,000. These loans were transferred at their amortized cost of $513,000 as of December 31, 2021, as the fair value of these loans was greater than the amortized cost. At December 31, 2020, the loans under contract to be sold had a principal balance of $1.5 million. These loans were transferred at their amortized cost of $1.5 million as of December 31, 2020, as the fair value of these loans was greater than the amortized cost. |
Loans - Nonaccrual Loans Segreg
Loans - Nonaccrual Loans Segregated by Class of Loan (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | $ 8,292 | $ 21,333 |
Residential Mortgage Loans [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 891 | 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 | 891 | 2,608 |
Commercial Loans [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 6,297 | 17,978 |
Commercial Loans [Member] | Real Estate [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 4,407 | 11,286 |
Commercial Loans [Member] | Lines of Credit [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 629 | 194 |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 1,261 | 6,498 |
Consumer Loans [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 1,104 | 747 |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 252 | 473 |
Consumer Loans [Member] | Other Consumer [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | $ 852 | $ 274 |
Loans - Troubled Debt Restructu
Loans - Troubled Debt Restructurings on Financing Receivables (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)Loan | Dec. 31, 2020USD ($)Loan | |
Commercial Real Estate Loans [Member] | ||
Troubled Debt Restructuring, Modified [Abstract] | ||
Number of loans | Loan | 1 | 1 |
Pre-modification outstanding recorded investment | $ 675 | $ 1,234 |
Post-modification outstanding recorded investment | 675 | 1,234 |
Additional provision for loan losses | $ 0 | $ 0 |
Commercial and Industrial Loans [Member] | ||
Troubled Debt Restructuring, Modified [Abstract] | ||
Number of loans | Loan | 1 | 2 |
Pre-modification outstanding recorded investment | $ 200 | $ 397 |
Post-modification outstanding recorded investment | 675 | 427 |
Additional provision for loan losses | $ 0 | $ 129 |
Consumer Loans [Member] | ||
Troubled Debt Restructuring, Modified [Abstract] | ||
Number of loans | Loan | 1 | |
Pre-modification outstanding recorded investment | $ 443 | |
Post-modification outstanding recorded investment | 504 | |
Additional provision for loan losses | $ 0 | |
Residential Mortgage Loans [Member] | ||
Troubled Debt Restructuring, Modified [Abstract] | ||
Number of loans | Loan | 3 | |
Pre-modification outstanding recorded investment | $ 453 | |
Post-modification outstanding recorded investment | 459 | |
Additional provision for loan losses | $ 0 |
Loans - Summary of Impaired Loa
Loans - Summary of Impaired Loans Information by Portfolio Class (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
With an allowance recorded [Abstract] | ||
Related Allowance | $ 1,875 | $ 2,781 |
Total [Abstract] | ||
Recorded Investment | 11,357 | 22,830 |
Unpaid Principal Balance | 11,493 | 22,931 |
Related Allowance | 1,875 | 2,781 |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 666 | 665 |
Unpaid Principal Balance | 666 | 665 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 539 | 1,182 |
Unpaid Principal Balance | 539 | 1,182 |
Related Allowance | 90 | 205 |
Total [Abstract] | ||
Recorded Investment | 1,205 | 1,847 |
Unpaid Principal Balance | 1,205 | 1,847 |
Related Allowance | 90 | 205 |
Commercial Loans [Member] | Real Estate [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 4,708 | 11,053 |
Unpaid Principal Balance | 4,801 | 11,136 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 2,450 | 1,729 |
Unpaid Principal Balance | 2,450 | 1,729 |
Related Allowance | 300 | 231 |
Total [Abstract] | ||
Recorded Investment | 7,158 | 12,782 |
Unpaid Principal Balance | 7,251 | 12,865 |
Related Allowance | 300 | 231 |
Commercial Loans [Member] | Lines of Credit [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 100 | 0 |
Unpaid Principal Balance | 104 | 0 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 53 | 925 |
Unpaid Principal Balance | 53 | 925 |
Related Allowance | 53 | 925 |
Total [Abstract] | ||
Recorded Investment | 153 | 925 |
Unpaid Principal Balance | 157 | 925 |
Related Allowance | 53 | 925 |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 357 | 5,114 |
Unpaid Principal Balance | 396 | 5,132 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 1,852 | 1,864 |
Unpaid Principal Balance | 1,852 | 1,864 |
Related Allowance | 1,318 | 1,278 |
Total [Abstract] | ||
Recorded Investment | 2,209 | 6,978 |
Unpaid Principal Balance | 2,248 | 6,996 |
Related Allowance | 1,318 | 1,278 |
Commercial Loans [Member] | Other Consumer [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 0 | 81 |
Unpaid Principal Balance | 0 | 81 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Related Allowance | 0 | 0 |
Total [Abstract] | ||
Recorded Investment | 0 | 81 |
Unpaid Principal Balance | 0 | 81 |
Related Allowance | 0 | 0 |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 93 | 75 |
Unpaid Principal Balance | 93 | 75 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 539 | 142 |
Unpaid Principal Balance | 539 | 142 |
Related Allowance | 114 | 142 |
Total [Abstract] | ||
Recorded Investment | 632 | 217 |
Unpaid Principal Balance | 632 | 217 |
Related Allowance | $ 114 | $ 142 |
Loans - Summary of Average Reco
Loans - Summary of Average Recorded Investment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Average recorded investment [Abstract] | ||
Average recorded investment in impaired loans | $ 17,224 | $ 11,087 |
1-4 Family First Lien Residential Mortgages [Member] | ||
Average recorded investment [Abstract] | ||
Average recorded investment in impaired loans | 1,439 | 1,647 |
Commercial Real Estate [Member] | ||
Average recorded investment [Abstract] | ||
Average recorded investment in impaired loans | 9,538 | 6,327 |
Commercial Lines of Credit [Member] | ||
Average recorded investment [Abstract] | ||
Average recorded investment in impaired loans | 640 | 360 |
Other Commercial and Industrial [Member] | ||
Average recorded investment [Abstract] | ||
Average recorded investment in impaired loans | 5,041 | 2,448 |
Home Equity and Junior Liens [Member] | ||
Average recorded investment [Abstract] | ||
Average recorded investment in impaired loans | 516 | 219 |
Other Consumer [Member] | ||
Average recorded investment [Abstract] | ||
Average recorded investment in impaired loans | $ 50 | $ 86 |
Loans - Schedule of Cash Basis
Loans - Schedule of Cash Basis Interest Income Recognized on Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||
Cash basis interest income recognized on impaired loans | $ 543 | $ 705 |
1-4 Family First Lien Residential Mortgages [Member] | ||
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||
Cash basis interest income recognized on impaired loans | 62 | 75 |
Commercial Real Estate [Member] | ||
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||
Cash basis interest income recognized on impaired loans | 285 | 360 |
Commercial Lines of Credit [Member] | ||
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||
Cash basis interest income recognized on impaired loans | 10 | 67 |
Other Commercial and Industrial [Member] | ||
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||
Cash basis interest income recognized on impaired loans | 180 | 191 |
Home Equity and Junior Liens [Member] | ||
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||
Cash basis interest income recognized on impaired loans | 6 | 6 |
Other Consumer [Member] | ||
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||
Cash basis interest income recognized on impaired loans | $ 0 | $ 6 |
Allowance for Loan Losses - Cha
Allowance for Loan Losses - Changes in the Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | ||||
Allowance for loan losses: | |||||
Beginning Balance | $ 12,777 | $ 8,669 | |||
Charge-offs | (1,024) | (700) | |||
Recoveries | 158 | 101 | |||
Provisions (credits) | 1,022 | 4,707 | |||
Ending balance | 12,935 | 12,777 | |||
Ending balance: related to loans individually evaluated for impairment | 1,875 | 2,781 | |||
Ending balance: related to loans collectively evaluated for impairment | 11,060 | 9,996 | |||
Total Loans Receivable | 833,739 | 826,733 | |||
Ending balance: individually evaluated for impairment | 11,357 | 22,830 | |||
Ending balance: collectively evaluated for impairment | 822,382 | 803,903 | |||
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 | 19,338 | 60,643 | |||
Ending balance: individually evaluated for impairment | 0 | 0 | |||
Ending balance: collectively evaluated for impairment | 19,338 | 60,643 | |||
Unallocated [Member] | |||||
Allowance for loan losses: | |||||
Beginning Balance | [1] | 545 | [2] | 272 | |
Charge-offs | 0 | [2] | 0 | [1] | |
Recoveries | 0 | [2] | 0 | [1] | |
Provisions (credits) | 438 | [2] | 273 | [1] | |
Ending balance | [2] | 983 | 545 | [1] | |
Ending balance: related to loans individually evaluated for impairment | 0 | [2] | 0 | [1] | |
Ending balance: related to loans collectively evaluated for impairment | 983 | [2] | 545 | [1] | |
Total Loans Receivable | [2] | 513 | |||
Ending balance: individually evaluated for impairment | [2] | 0 | |||
Ending balance: collectively evaluated for impairment | [2] | 513 | |||
Residential Mortgage Loans [Member] | |||||
Allowance for loan losses: | |||||
Total Loans Receivable | 247,276 | 235,392 | |||
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | |||||
Allowance for loan losses: | |||||
Beginning Balance | 931 | 580 | |||
Charge-offs | (20) | (125) | |||
Recoveries | 0 | 2 | |||
Provisions (credits) | (39) | 474 | |||
Ending balance | 872 | 931 | |||
Ending balance: related to loans individually evaluated for impairment | 90 | 205 | |||
Ending balance: related to loans collectively evaluated for impairment | 782 | 726 | |||
Total Loans Receivable | 240,434 | 227,185 | |||
Ending balance: individually evaluated for impairment | 1,205 | 1,847 | |||
Ending balance: collectively evaluated for impairment | 239,229 | 225,338 | |||
Residential Mortgage Loans [Member] | Residential Construction Mortgage [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 | 6,329 | 6,681 | |||
Ending balance: individually evaluated for impairment | 0 | 0 | |||
Ending balance: collectively evaluated for impairment | 6,329 | 6,681 | |||
Commercial Loans [Member] | |||||
Allowance for loan losses: | |||||
Total Loans Receivable | 444,618 | 481,812 | |||
Commercial Loans [Member] | Real Estate [Member] | |||||
Allowance for loan losses: | |||||
Beginning Balance | 4,776 | 4,010 | |||
Charge-offs | (7) | 0 | |||
Recoveries | 0 | 0 | |||
Provisions (credits) | 539 | 766 | |||
Ending balance | 5,308 | 4,776 | |||
Ending balance: related to loans individually evaluated for impairment | 300 | 231 | |||
Ending balance: related to loans collectively evaluated for impairment | 5,008 | 4,545 | |||
Total Loans Receivable | 288,450 | 286,271 | |||
Ending balance: individually evaluated for impairment | 7,158 | 12,782 | |||
Ending balance: collectively evaluated for impairment | 281,292 | 273,489 | |||
Commercial Loans [Member] | Lines of Credit [Member] | |||||
Allowance for loan losses: | |||||
Beginning Balance | 1,670 | 1,195 | |||
Charge-offs | (50) | (101) | |||
Recoveries | 69 | 4 | |||
Provisions (credits) | (754) | 572 | |||
Ending balance | 935 | 1,670 | |||
Ending balance: related to loans individually evaluated for impairment | 53 | 925 | |||
Ending balance: related to loans collectively evaluated for impairment | 882 | 745 | |||
Total Loans Receivable | 61,884 | 49,103 | |||
Ending balance: individually evaluated for impairment | 153 | 925 | |||
Ending balance: collectively evaluated for impairment | 61,731 | 48,178 | |||
Commercial Loans [Member] | Other Commercial and Industrial [Member] | |||||
Allowance for loan losses: | |||||
Beginning Balance | 2,992 | 1,645 | |||
Charge-offs | (707) | (121) | |||
Recoveries | 1 | 0 | |||
Provisions (credits) | 476 | 1,468 | |||
Ending balance | 2,762 | 2,992 | |||
Ending balance: related to loans individually evaluated for impairment | 1,318 | 1,278 | |||
Ending balance: related to loans collectively evaluated for impairment | 1,444 | 1,714 | |||
Total Loans Receivable | 69,135 | 78,629 | |||
Ending balance: individually evaluated for impairment | 2,209 | 6,978 | |||
Ending balance: collectively evaluated for impairment | 66,926 | 71,651 | |||
Commercial Loans [Member] | Paycheck Protection Program [Member] | |||||
Allowance for loan losses: | |||||
Total Loans Receivable | 60,643 | ||||
Commercial Loans [Member] | Tax Exempt Loans [Member] | |||||
Allowance for loan losses: | |||||
Beginning Balance | 1 | 1 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
Provisions (credits) | 2 | 0 | |||
Ending balance | 3 | 1 | |||
Ending balance: related to loans individually evaluated for impairment | 0 | 0 | |||
Ending balance: related to loans collectively evaluated for impairment | 3 | 1 | |||
Total Loans Receivable | 5,811 | 7,166 | |||
Ending balance: individually evaluated for impairment | 0 | 0 | |||
Ending balance: collectively evaluated for impairment | 5,811 | 7,166 | |||
Consumer Loans [Member] | |||||
Allowance for loan losses: | |||||
Total Loans Receivable | 141,845 | 109,529 | |||
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | |||||
Allowance for loan losses: | |||||
Beginning Balance | 739 | 553 | |||
Charge-offs | 0 | (28) | |||
Recoveries | 0 | 29 | |||
Provisions (credits) | 35 | 185 | |||
Ending balance | 774 | 739 | |||
Ending balance: related to loans individually evaluated for impairment | 114 | 142 | |||
Ending balance: related to loans collectively evaluated for impairment | 660 | 597 | |||
Total Loans Receivable | 31,737 | 38,624 | |||
Ending balance: individually evaluated for impairment | 632 | 217 | |||
Ending balance: collectively evaluated for impairment | 31,105 | 38,407 | |||
Consumer Loans [Member] | Other Consumer [Member] | |||||
Allowance for loan losses: | |||||
Beginning Balance | 1,123 | 413 | |||
Charge-offs | (240) | (325) | |||
Recoveries | 88 | 66 | |||
Provisions (credits) | 326 | 969 | |||
Ending balance | 1,297 | 1,123 | |||
Ending balance: related to loans individually evaluated for impairment | 0 | 0 | |||
Ending balance: related to loans collectively evaluated for impairment | 1,297 | 1,123 | |||
Total Loans Receivable | 110,108 | 70,905 | |||
Ending balance: individually evaluated for impairment | 0 | 81 | |||
Ending balance: collectively evaluated for impairment | $ 110,108 | $ 70,824 | |||
[1] | The ending balance of the loans receivable for the unallocated portion of the allowance includes loans held-for-sale. At December 31, 2020, the Bank had loans held-for-sale with a principal balance of $1.5 million. These loans were still part of the portfolio as of December 31, 2020. Based on ASC 948, Mortgage Banking, loans shall be classified as held-for-sale once a decision has been made to sell the loans and shall be transferred to the held-for-sale category at lower of cost or fair value. | ||||
[2] | The ending balance of the loans receivable for the unallocated portion of the allowance includes loans held-for-sale. At December 31, 2021, the Bank had loans held-for-sale with a principal balance of $513,000. These loans were still part of the portfolio as of December 31, 2021. Based on ASC 948, Mortgage Banking, loans shall be classified as held-for-sale once a decision has been made to sell the loans and shall be transferred to the held-for-sale category at lower of cost or fair value. |
Allowance for Loan Losses - C_2
Allowance for Loan Losses - Changes in the Allowance for Loan Losses (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held-for-sale | $ 513 | $ 1,526 |
Unallocated [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans held-for-sale | $ 513,000,000 | $ 1,500 |
Allowance for Loan Losses - Sch
Allowance for Loan Losses - Schedule of Allowance for Loan Losses on Basis of Calculation Methodology (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | ||||||
Specifically reserved | $ 1,876 | $ 2,781 | ||||
Historical loss rate | 1,688 | 1,504 | ||||
Qualitative factors | 8,388 | 7,947 | ||||
Other | 983 | 545 | ||||
Total | 12,935 | 12,777 | $ 8,669 | |||
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 | 983 | 545 | ||||
Total | 983 | [1] | 545 | [1],[2] | 272 | [2] |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | ||||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | ||||||
Specifically reserved | 90 | 205 | ||||
Historical loss rate | 82 | 88 | ||||
Qualitative factors | 700 | 638 | ||||
Total | 872 | 931 | 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 | |||
Commercial Loans [Member] | Real Estate [Member] | ||||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | ||||||
Specifically reserved | 300 | 231 | ||||
Historical loss rate | 2 | 80 | ||||
Qualitative factors | 5,006 | 4,465 | ||||
Total | 5,308 | 4,776 | 4,010 | |||
Commercial Loans [Member] | Lines of Credit [Member] | ||||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | ||||||
Specifically reserved | 53 | 925 | ||||
Historical loss rate | 25 | 92 | ||||
Qualitative factors | 857 | 653 | ||||
Total | 935 | 1,670 | 1,195 | |||
Commercial Loans [Member] | Other Commercial and Industrial [Member] | ||||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | ||||||
Specifically reserved | 1,319 | 1,278 | ||||
Historical loss rate | 227 | 56 | ||||
Qualitative factors | 1,217 | 1,658 | ||||
Total | 2,762 | 2,992 | 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 | 3 | 1 | ||||
Other | 0 | 0 | ||||
Total | 3 | 1 | 1 | |||
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | ||||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | ||||||
Specifically reserved | 114 | 142 | ||||
Historical loss rate | 324 | 325 | ||||
Qualitative factors | 336 | 272 | ||||
Other | 0 | 0 | ||||
Total | 774 | 739 | 553 | |||
Consumer Loans [Member] | Other Consumer [Member] | ||||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | ||||||
Specifically reserved | 0 | 0 | ||||
Historical loss rate | 1,028 | 863 | ||||
Qualitative factors | 269 | 260 | ||||
Other | 0 | 0 | ||||
Total | $ 1,297 | $ 1,123 | $ 413 | |||
[1] | The ending balance of the loans receivable for the unallocated portion of the allowance includes loans held-for-sale. At December 31, 2021, the Bank had loans held-for-sale with a principal balance of $513,000. These loans were still part of the portfolio as of December 31, 2021. Based on ASC 948, Mortgage Banking, loans shall be classified as held-for-sale once a decision has been made to sell the loans and shall be transferred to the held-for-sale category at lower of cost or fair value. | |||||
[2] | The ending balance of the loans receivable for the unallocated portion of the allowance includes loans held-for-sale. At December 31, 2020, the Bank had loans held-for-sale with a principal balance of $1.5 million. These loans were still part of the portfolio as of December 31, 2020. Based on ASC 948, Mortgage Banking, loans shall be classified as held-for-sale once a decision has been made to sell the loans and shall be transferred to the held-for-sale category at lower of cost or fair value. |
Servicing - Additional Informat
Servicing - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2021USD ($)Loan | Dec. 31, 2020USD ($)Loan | |
Accounts Notes And Loans Receivable [Line Items] | ||
Unpaid principal balance of mortgage and other loans | $ 51,100,000 | $ 52,900,000 |
Capitalized servicing rights | $ 379,000 | $ 373,000 |
Residential Mortgage Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Number of loans | Loan | 493 | 501 |
Servicing - Mortgage Servicing
Servicing - Mortgage Servicing Rights Capitalized and Amortized (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Servicing Asset [Abstract] | ||
Mortgage servicing rights capitalized | $ 72 | $ 407 |
Mortgage servicing rights amortized | $ 69 | $ 54 |
Premises and Equipment - Summar
Premises and Equipment - Summary of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Premises and Equipment [Line Items] | ||
Premises and equipment, gross | $ 42,843 | $ 41,721 |
Less: Accumulated depreciation | 21,184 | 19,457 |
Premises and equipment, net | 21,659 | 22,264 |
Land [Member] | ||
Premises and Equipment [Line Items] | ||
Premises and equipment, gross | 2,434 | 2,454 |
Buildings [Member] | ||
Premises and Equipment [Line Items] | ||
Premises and equipment, gross | 23,000 | 21,403 |
Furniture, Fixtures and Equipment [Member] | ||
Premises and Equipment [Line Items] | ||
Premises and equipment, gross | 16,861 | 17,364 |
Construction in Progress [Member] | ||
Premises and Equipment [Line Items] | ||
Premises and equipment, gross | $ 548 | $ 500 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | ||
Depreciation expense | $ 1,787 | $ 1,696 |
Foreclosed Real Estate - Additi
Foreclosed Real Estate - Additional Information (Details) - Property | Dec. 31, 2021 | Dec. 31, 2020 |
Real Estate Owned Disclosure Of Detailed Components [Abstract] | ||
Number of properties | 0 | 0 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | ||
Goodwill | $ 4,536,000 | $ 4,536,000 |
Identifiable intangible asset | $ 117,000 | |
Weighted average remaining amortization period of intangible asset | 4 years 2 months 12 days | |
Branches [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill acquired | $ 3,800,000 | |
Fitzgibbons Agency [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill acquired | $ 696,000 |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets - Schedule of Gross Carrying Amount and Accumulated Amortization for Identifiable Intangible Asset (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Gross carrying amount and accumulated amortization for identifiable intangible asset [Abstract] | ||
Gross carrying amount | $ 243 | $ 243 |
Accumulated amortization | (126) | (110) |
Net amortizing intangibles | $ 117 | $ 133 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets - Schedule of Estimated Amortization Expense for Each of the Five Succeeding Years (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Estimated amortization expense for each of the five succeeding years [Abstract] | ||
2022 | $ 16 | |
2023 | 16 | |
2024 | 16 | |
2025 | 16 | |
2026 | 16 | |
Thereafter | 37 | |
Net amortizing intangibles | $ 117 | $ 133 |
Deposits - Summary of Deposits
Deposits - Summary of Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Summary of deposits [Abstract] | ||
Savings accounts | $ 131,176 | $ 103,093 |
Time accounts | 253,564 | 305,074 |
Time accounts in excess of $250,000 | 67,450 | 91,976 |
Money management accounts | 16,124 | 15,650 |
MMDA accounts | 256,963 | 227,970 |
Demand deposit interest-bearing | 130,816 | 83,129 |
Demand deposit noninterest-bearing | 191,858 | 162,057 |
Mortgage escrow funds | 7,395 | 6,958 |
Total deposits | $ 1,055,346 | $ 995,907 |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Time Deposits (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Maturities of time deposits [Abstract] | |
2022 | $ 185,868 |
2023 | 39,503 |
2024 | 6,212 |
2025 | 65,288 |
2026 | 21,763 |
Thereafter | 2,380 |
Total | $ 321,014 |
Deposits - Summary of Deposit_2
Deposits - Summary of Deposits by Type (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deposits [Line Items] | ||
Savings accounts | $ 131,176 | $ 103,093 |
Time accounts | 253,564 | 305,074 |
Time accounts of $250,000 or more | 67,450 | 91,976 |
Money management accounts | 16,124 | 15,650 |
MMDA accounts | 256,963 | 227,970 |
Demand deposit interest-bearing | 130,816 | 83,129 |
Demand deposit noninterest-bearing | 191,858 | 162,057 |
Mortgage escrow funds | 7,395 | 6,958 |
Total deposits | 1,055,346 | 995,907 |
Non-Brokered [Member] | ||
Deposits [Line Items] | ||
Savings accounts | 131,176 | 103,093 |
Time accounts | 135,804 | 135,101 |
Time accounts of $250,000 or more | 67,450 | 91,976 |
Money management accounts | 16,124 | 15,650 |
MMDA accounts | 256,963 | 227,970 |
Demand deposit interest-bearing | 90,771 | 83,129 |
Demand deposit noninterest-bearing | 191,858 | 162,057 |
Mortgage escrow funds | 7,395 | 6,958 |
Total deposits | 897,541 | 825,934 |
Brokered [Member] | ||
Deposits [Line Items] | ||
Time accounts | 117,760 | 169,973 |
Demand deposit interest-bearing | 40,045 | |
Total deposits | $ 157,805 | $ 169,973 |
Borrowed Funds - Composition of
Borrowed Funds - Composition of Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Short-term [Abstract] | ||
Total short-term borrowings | $ 12,500 | $ 4,020 |
Long-term [Abstract] | ||
Total long-term borrowings | 64,598 | 78,030 |
FHLB Advances [Member] | ||
Short-term [Abstract] | ||
Total short-term borrowings | 12,500 | 4,020 |
Long-term [Abstract] | ||
Total long-term borrowings | $ 64,598 | $ 78,030 |
Borrowed Funds - Scheduled Prin
Borrowed Funds - Scheduled Principal Balances, Interest Rates and Maturities of Outstanding Long-term Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Advances with FHLB [Abstract] | ||
Due within 1 year | $ 18,227 | |
Due within 2 years | 12,006 | |
Due within 10 years | 34,365 | |
Total advances with FHLB | 64,598 | |
Total long-term fixed rate borrowings | $ 64,598 | $ 78,030 |
Minimum [Member] | ||
Federal Home Loan Bank advances interest rate [Abstract] | ||
Due within 1 year interest rate | 27.00% | |
Due within 2 years interest rate | 34.00% | |
Due within 10 years interest rate | 39.00% | |
Maximum [Member] | ||
Federal Home Loan Bank advances interest rate [Abstract] | ||
Due within 1 year interest rate | 255.00% | |
Due within 2 years interest rate | 317.00% | |
Due within 10 years interest rate | 123.00% |
Borrowed Funds - Scheduled Repa
Borrowed Funds - Scheduled Repayments of Long-Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2022 | $ 18,227 | |
2023 | 12,006 | |
2024 | 15,413 | |
2025 | 17,252 | |
2026 | 1,700 | |
Total long-term fixed rate borrowings | $ 64,598 | $ 78,030 |
Borrowed Funds - Additional Inf
Borrowed Funds - Additional Information (Details) $ in Millions | Dec. 31, 2021USD ($)Bank |
Federal Reserve Bank of New York [Member] | Domestic Line of Credit [Member] | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | $ 9.4 |
Other Corresponding Banks [Member] | Domestic Line of Credit [Member] | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | $ 15 |
Number of corresponding banks with a line of credit available | Bank | 2 |
Maximum borrowing capacity, unsecured basis | $ 10 |
Maximum borrowing capacity, requiring collateral | 5 |
FHLB Advances [Member] | |
Line of Credit Facility [Line Items] | |
Carrying value of residential mortgage loans pledged under a blanket collateral agreement | 123.2 |
Carrying value of FHLB stock pledged under a blanket collateral agreement | $ 4.2 |
Subordinated Loans - Additional
Subordinated Loans - Additional Information (Details) - USD ($) | Oct. 15, 2015 | Dec. 31, 2021 | Dec. 31, 2020 | Apr. 01, 2021 |
Debt Instrument [Line Items] | ||||
Interest on subordinated loans | $ 1,790,000 | $ 1,101,000 | ||
Junior Subordinated Debentures [Member] | Pathfinder Statutory Trust II [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest on subordinated loans | $ 94,000 | 124,000 | ||
Ownership interest | 100.00% | |||
Subordinated loan face value | $ 5,000,000 | |||
Term of debt | 30 years | |||
Maturity date | Dec. 31, 2037 | |||
Call provision on trust securities | 5 years | |||
Junior Subordinated Debentures [Member] | 3-Month LIBOR [Member] | Pathfinder Statutory Trust II [Member] | ||||
Debt Instrument [Line Items] | ||||
Variable rate basis | 3-month LIBOR | |||
Debt instrument, term of variable rate | 3 months | |||
Basis spread on variable rate | 1.65% | |||
Subordinated Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective interest rate | 6.44% | |||
Subordinated loan interest rate | 6.25% | 6.25% | ||
Origination and legal fees | $ 172,000 | |||
Interest on subordinated loans | $ 650,000 | 156,000 | ||
Subordinated loan face value | 10,000,000 | $ 10,000,000 | ||
Maturity date | Oct. 1, 2025 | |||
Subordinated Debt [Member] | 3-Month LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.65% | |||
Private Placement [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from issuance of subordinate notes | $ 25,000,000 | |||
Subordinated borrowing, interest rate | 5.50% | |||
Subordinated note, maturity date | Oct. 15, 2030 | |||
Effective interest rate | 6.22% | |||
Subordinated loan interest rate | 5.50% | |||
Spread on variable rate | 0.532% | |||
Origination and legal fees | $ 783,000 | |||
Interest on subordinated loans | $ 1,500,000 | $ 327,000 |
Subordinated Loans - Compositio
Subordinated Loans - Composition of Subordinated Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total subordinated loans | $ 29,563 | $ 39,400 |
Deferred Financing Charges | (592) | (755) |
Junior Subordinated Debentures [Member] | ||
Debt Instrument [Line Items] | ||
Total subordinated loans | 5,155 | 5,155 |
Subordinated Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total subordinated loans | $ 25,000 | $ 35,000 |
Subordinated Loans - Schedule o
Subordinated Loans - Schedule of Principal Balances, Interest Rates and Maturities of the Subordinated Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Total subordinated loans | $ 29,563 | $ 39,400 |
Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Due within 9 years | 25,000 | |
Due within 16 years | 5,155 | |
Total subordinated loans | $ 30,155 | |
Due within 9 years | 5.50% | |
Subordinated Debt [Member] | 3-Month LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Due within 16 years | 1.65% |
Subordinated Loans - Scheduled
Subordinated Loans - Scheduled Repayments of the Subordinated Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2022 | $ 18,227 | |
2023 | 12,006 | |
2024 | 15,413 | |
2025 | 17,252 | |
Total subordinated loans | 29,563 | $ 39,400 |
Subordinated Debt [Member] | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2022 | 0 | |
2023 | 0 | |
2024 | 0 | |
2025 | 25,000 | |
Thereafter | 5,155 | |
Total subordinated loans | $ 30,155 |
Employee Benefits and Deferre_3
Employee Benefits and Deferred Compensation and Supplemental Retirement Plans - Additional Information (Details) | 12 Months Ended | ||||
Dec. 31, 2021USD ($)FundPayment | Dec. 31, 2020USD ($) | Dec. 31, 2022USD ($) | Dec. 31, 2019USD ($) | ||
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Minimum years of service to participate in the health and life insurance benefits as of January 1, 1995 | 14 years | ||||
Gains or losses greater of the benefit obligation or the fair value of assets amortized over the average remaining service period | 10.00% | ||||
Significant Assumptions Used in Determining Net Periodic Benefit Plan Cost [Abstract] | |||||
Long-term inflation rate | 2.50% | ||||
Target Allocations [Abstract] | |||||
Number of funds in which plan assets invested | Fund | 3 | ||||
401 (k) Plan [Abstract] | |||||
Employer contribution to 401 (k) plan | $ 414,000 | $ 395,000 | |||
Additional safe harbor contribution | $ 314,000 | $ 293,000 | |||
Deferred Compensation Arrangements [Abstract] | |||||
Period for additional annual contributions following change in control | 24 months | ||||
Number of years the Bank is required to make additional annual contributions | 3 years | ||||
Period for benefit payment in the event of death, disability or termination following change in control | 24 months | ||||
Number of annual installments for benefit payments | Payment | 10 | ||||
Directors and Certain Executive Officers [Member] | |||||
Deferred Compensation Arrangements [Abstract] | |||||
Deferred compensation benefit payments age | 65 years | 70 years | |||
Maximum contractual term | 10 years | ||||
Liability related to deferred compensation | $ 3,000,000 | $ 3,000,000 | |||
Deferred compensation expense | $ 349,000 | $ 359,000 | |||
Equity Securities [Member] | |||||
Target Allocations [Abstract] | |||||
Target plan asset allocations - well-funded | 48.00% | ||||
Mutual Funds - Fixed Income Intermediate duration [Member] | |||||
Target Allocations [Abstract] | |||||
Target plan asset allocations - well-funded | 16.00% | ||||
Estimated retirement life of assets in the trust | 30 years | ||||
Mutual Funds-Fixed Income Long Duration [Member] | |||||
Target Allocations [Abstract] | |||||
Target plan asset allocations - well-funded | 35.00% | ||||
Cash Equivalents [Member] | |||||
Target Allocations [Abstract] | |||||
Target plan asset allocations - well-funded | 1.00% | ||||
Pension Benefits [Member] | |||||
Significant Assumptions Used in Determining Benefit Obligations [Abstract] | |||||
Weighted average discount rate | 3.71% | 3.45% | |||
Change in Benefit Obligation [Roll Forward] | |||||
Accumulated benefit obligation | $ 12,720,000 | $ 12,967,000 | $ 11,892,000 | ||
Change in Plan Assets [Roll Forward] | |||||
Fair value of plan assets | $ 20,531,000 | $ 19,274,000 | 16,985,000 | ||
Significant Assumptions Used in Determining Net Periodic Benefit Plan Cost [Abstract] | |||||
Expected long term rate of return on plan assets | 5.25% | 6.00% | |||
Expected long term rate of return on plan assets - 2021 | 5.25% | ||||
Expected net periodic benefit cost in next fiscal year | $ 589,000 | ||||
Pension Benefits [Member] | Fixed Income Securities [Member] | |||||
Change in Plan Assets [Roll Forward] | |||||
Fair value of plan assets | 10,150,000 | $ 9,211,000 | |||
Pension Benefits [Member] | Mutual Funds - Fixed Income Intermediate duration [Member] | |||||
Change in Plan Assets [Roll Forward] | |||||
Fair value of plan assets | [1] | 4,249,000 | 3,746,000 | ||
Pension Benefits [Member] | Mutual Funds-Fixed Income Long Duration [Member] | |||||
Change in Plan Assets [Roll Forward] | |||||
Fair value of plan assets | [2] | $ 3,521,000 | $ 2,968,000 | ||
Pension Benefits [Member] | Minimum [Member] | Equity Securities [Member] | |||||
Significant Assumptions Used in Determining Net Periodic Benefit Plan Cost [Abstract] | |||||
Real rate of return on assets assumption | 6.00% | ||||
Expected long term rate of return on plan assets | 5.00% | ||||
Pension Benefits [Member] | Minimum [Member] | Fixed Income Securities [Member] | |||||
Significant Assumptions Used in Determining Net Periodic Benefit Plan Cost [Abstract] | |||||
Real rate of return on assets assumption | 3.00% | ||||
Pension Benefits [Member] | Maximum [Member] | Equity Securities [Member] | |||||
Significant Assumptions Used in Determining Net Periodic Benefit Plan Cost [Abstract] | |||||
Real rate of return on assets assumption | 8.00% | ||||
Expected long term rate of return on plan assets | 7.00% | ||||
Pension Benefits [Member] | Maximum [Member] | Fixed Income Securities [Member] | |||||
Significant Assumptions Used in Determining Net Periodic Benefit Plan Cost [Abstract] | |||||
Real rate of return on assets assumption | 5.00% | ||||
Postretirement Benefits [Member] | |||||
Significant Assumptions Used in Determining Benefit Obligations [Abstract] | |||||
Weighted average discount rate | 3.71% | 3.45% | |||
Change in Benefit Obligation [Roll Forward] | |||||
Accumulated benefit obligation | $ 325,000 | $ 369,000 | 414,000 | ||
Change in Plan Assets [Roll Forward] | |||||
Fair value of plan assets | $ 0 | $ 0 | $ 0 | ||
Significant Assumptions Used in Determining Net Periodic Benefit Plan Cost [Abstract] | |||||
Expected long term rate of return on plan assets | 0.00% | 0.00% | |||
Decrease in expected long-term rate of return in basis points | 5.00% | ||||
Decrease in percentage of expected long-term rate of return | 26.10% | ||||
Decrease in expected long-term rate of return | $ 76,000 | ||||
Expected net periodic benefit cost in next fiscal year | $ 589,000 | ||||
Postretirement Benefits [Member] | Scenario Forecast [Member] | |||||
Target Allocations [Abstract] | |||||
Estimated future employer contributions in next fiscal year | $ 36,000 | ||||
Postretirement Health Care Plan [Member] | |||||
Assumed Health Care Cost Trend Rates [Abstract] | |||||
Health care cost trend rate assumption | 4.50% | ||||
Ultimate health care cost trend rate | 4.20% | ||||
Year that rate reaches ultimate trend rate | 2025 | ||||
Significant Assumptions Used in Determining Net Periodic Benefit Plan Cost [Abstract] | |||||
Amounts that will be amortized from accumulated other comprehensive income (loss) in next fiscal year | $ 0 | ||||
Estimated amortization of the unrecognized transition obligation and actuarial loss in next fiscal year | 7,000 | ||||
Supplemental Executive Retirement Plans [Member] | |||||
Target Allocations [Abstract] | |||||
Cash surrender value of life insurance | 23,400,000 | $ 17,900,000 | |||
Other accrued liabilities | $ 578,000 | $ 928,000 | |||
[1] | l) This category consists mostly of a fund which seeks to track the Barclays Capital US Corporate A or Better 5- 20 Year | ||||
[2] | m) This category consists of a fund that seeks to approximate the performance of the Barclays Capital US Corporate A or Better, 20+ Year Bullets Only Index over the long term. |
Employee Benefits and Deferre_4
Employee Benefits and Deferred Compensation and Supplemental Retirement Plans - Changes in the Plans Benefit Obligations, Fair Value of Plan Assets and the Plans' Funded Status (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Benefits [Member] | ||
Change in Benefit Obligation [Roll Forward] | ||
Benefit obligations at beginning of year | $ 12,967,000 | $ 11,892,000 |
Service cost | 0 | 0 |
Interest cost | 441,000 | 466,000 |
Plan participants' contribution | 0 | 0 |
Actuarial (gain) loss | (389,000) | 873,000 |
Benefits paid | (299,000) | (264,000) |
Benefit obligations at end of year | 12,720,000 | 12,967,000 |
Change in Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 19,274,000 | 16,985,000 |
Actual return on plan assets | 1,556,000 | 2,553,000 |
Benefits paid | (299,000) | (264,000) |
Plan participants' contribution | 0 | 0 |
Employer contributions | 0 | 0 |
Fair value of plan assets at end of year | 20,531,000 | 19,274,000 |
Funded (unfunded) status - asset (liability) | 7,811,000 | 6,307,000 |
Postretirement Benefits [Member] | ||
Change in Benefit Obligation [Roll Forward] | ||
Benefit obligations at beginning of year | 369,000 | 414,000 |
Service cost | 0 | 0 |
Interest cost | 12,000 | 16,000 |
Plan participants' contribution | 8,000 | 9,000 |
Actuarial (gain) loss | (19,000) | (25,000) |
Benefits paid | (45,000) | (45,000) |
Benefit obligations at end of year | 325,000 | 369,000 |
Change in Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 0 | 0 |
Actual return on plan assets | 0 | 0 |
Benefits paid | (45,000) | (45,000) |
Plan participants' contribution | 8,000 | 9,000 |
Employer contributions | 37,000 | 36,000 |
Fair value of plan assets at end of year | 0 | 0 |
Funded (unfunded) status - asset (liability) | $ (325,000) | $ (369,000) |
Employee Benefits and Deferre_5
Employee Benefits and Deferred Compensation and Supplemental Retirement Plans - Amounts Recognized in Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Amounts Recognized in Accumulated Other Comprehensive Loss [Abstract] | ||
Accumulated other comprehensive income after tax | $ 1,412 | $ 2,093 |
Pension Benefits [Member] | ||
Amounts Recognized in Accumulated Other Comprehensive Loss [Abstract] | ||
Net loss | 1,843 | 2,743 |
Tax Effect | 480 | 716 |
Accumulated other comprehensive income after tax | 1,363 | 2,027 |
Postretirement Benefits [Member] | ||
Amounts Recognized in Accumulated Other Comprehensive Loss [Abstract] | ||
Net loss | 64 | 87 |
Tax Effect | 15 | 23 |
Accumulated other comprehensive income after tax | $ 49 | $ 64 |
Employee Benefits and Deferre_6
Employee Benefits and Deferred Compensation and Supplemental Retirement Plans - Significant Assumptions Used in Determining Benefit Obligations and Net Periodic Benefit Plan Cost (Details) | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Pension Benefits [Member] | |||
Significant Assumptions Used in Determining Benefit Obligations [Abstract] | |||
Weighted average discount rate | 3.45% | 3.71% | 3.45% |
Rate of increase in future compensation levels | 0.00% | 0.00% | 0.00% |
Significant Assumptions Used in Determining Net Periodic Benefit Plan Cost [Abstract] | |||
Weighted average discount rate | 3.71% | 3.45% | |
Expected long term rate of return on plan assets | 5.25% | 6.00% | |
Rate of increase in future compensation levels | 0.00% | 0.00% | 0.00% |
Postretirement Benefits [Member] | |||
Significant Assumptions Used in Determining Benefit Obligations [Abstract] | |||
Weighted average discount rate | 3.45% | 3.71% | 3.45% |
Rate of increase in future compensation levels | 0.00% | 0.00% | 0.00% |
Significant Assumptions Used in Determining Net Periodic Benefit Plan Cost [Abstract] | |||
Weighted average discount rate | 3.71% | 3.45% | |
Expected long term rate of return on plan assets | 0.00% | 0.00% | |
Rate of increase in future compensation levels | 0.00% | 0.00% | 0.00% |
Employee Benefits and Deferre_7
Employee Benefits and Deferred Compensation and Supplemental Retirement Plans - Composition of Net Periodic Benefit Plan (Benefit) Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Benefits [Member] | ||
Composition of Net Periodic Benefit Plan Cost [Abstract] | ||
Service cost | $ 0 | $ 0 |
Interest cost | 441 | 466 |
Expected return on plan assets | (1,146) | (1,094) |
Amortization of transition obligation | 0 | 0 |
Amortization of net losses | 101 | 228 |
Amortization of unrecognized past service liability | 0 | 0 |
Net periodic benefit plan (benefit) cost | (604) | (400) |
Postretirement Benefits [Member] | ||
Composition of Net Periodic Benefit Plan Cost [Abstract] | ||
Service cost | 0 | 0 |
Interest cost | 12 | 16 |
Expected return on plan assets | 0 | 0 |
Amortization of transition obligation | 0 | 0 |
Amortization of net losses | 9 | 10 |
Amortization of unrecognized past service liability | (5) | (5) |
Net periodic benefit plan (benefit) cost | $ 16 | $ 21 |
Employee Benefits and Deferre_8
Employee Benefits and Deferred Compensation and Supplemental Retirement Plans - Pension Plan Assets Fair Value (Details) - Pension Benefits [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | $ 20,531 | $ 19,274 | $ 16,985 | |
Equity Funds | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | 9,996 | 9,850 | ||
Mutual Funds - Equity - Large-cap Value [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [1] | 1,763 | 1,830 | |
Mutual Funds - Equity - Large-cap Growth [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [2] | 1,946 | 1,813 | |
Mutual Funds - Equity - Large-cap Core [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [3] | 1,234 | 1,194 | |
Mutual Funds - Equity - Mid-cap Value [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [4] | 475 | 356 | |
Mutual Funds - Equity - Mid-Cap Growth [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [5] | 442 | 498 | |
Mutual Funds - Equity - Mid-cap Core [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [6] | 398 | 403 | |
Mutual Funds - Equity - Small-cap Value [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [7] | 222 | 261 | |
Mutual Funds - Equity - Small-cap Growth [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [8] | 533 | 684 | |
Mutual Funds - Equity - Small-cap Core [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [9] | 332 | 268 | |
International Equity [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [10] | 2,651 | 2,543 | |
Fixed Income Securities [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | 10,150 | 9,211 | ||
Mutual Funds Fixed Income US Core [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [11] | 2,380 | 2,497 | |
Mutual Funds - Fixed Income Intermediate duration [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [12] | 4,249 | 3,746 | |
Mutual Funds-Fixed Income Long Duration [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [13] | 3,521 | 2,968 | |
Cash Equivalents-Money Market [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | 385 | 213 | ||
Level 1 [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | 49 | 39 | ||
Level 1 [Member] | Equity Funds | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | 0 | |||
Level 1 [Member] | Mutual Funds - Equity - Large-cap Value [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [1] | 0 | ||
Level 1 [Member] | Mutual Funds - Equity - Large-cap Growth [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [2] | 0 | ||
Level 1 [Member] | Mutual Funds - Equity - Large-cap Core [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [3] | 0 | ||
Level 1 [Member] | Mutual Funds - Equity - Mid-cap Value [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [4] | 0 | ||
Level 1 [Member] | Mutual Funds - Equity - Mid-Cap Growth [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [5] | 0 | ||
Level 1 [Member] | Mutual Funds - Equity - Mid-cap Core [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [6] | 0 | ||
Level 1 [Member] | Mutual Funds - Equity - Small-cap Value [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [7] | 0 | ||
Level 1 [Member] | Mutual Funds - Equity - Small-cap Growth [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [8] | 0 | ||
Level 1 [Member] | Mutual Funds - Equity - Small-cap Core [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [9] | 0 | ||
Level 1 [Member] | International Equity [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [10] | 0 | ||
Level 1 [Member] | Fixed Income Securities [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | 0 | |||
Level 1 [Member] | Mutual Funds Fixed Income US Core [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [11] | 0 | ||
Level 1 [Member] | Mutual Funds - Fixed Income Intermediate duration [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [12] | 0 | ||
Level 1 [Member] | Mutual Funds-Fixed Income Long Duration [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [13] | 0 | ||
Level 1 [Member] | Cash Equivalents-Money Market [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | 49 | 39 | ||
Level 2 [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | 20,482 | 19,235 | ||
Level 2 [Member] | Equity Funds | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | 9,996 | 9,850 | ||
Level 2 [Member] | Mutual Funds - Equity - Large-cap Value [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [1] | 1,763 | 1,830 | |
Level 2 [Member] | Mutual Funds - Equity - Large-cap Growth [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [2] | 1,946 | 1,813 | |
Level 2 [Member] | Mutual Funds - Equity - Large-cap Core [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [3] | 1,234 | 1,194 | |
Level 2 [Member] | Mutual Funds - Equity - Mid-cap Value [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [4] | 475 | 356 | |
Level 2 [Member] | Mutual Funds - Equity - Mid-Cap Growth [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [5] | 442 | 498 | |
Level 2 [Member] | Mutual Funds - Equity - Mid-cap Core [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [6] | 398 | 403 | |
Level 2 [Member] | Mutual Funds - Equity - Small-cap Value [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [7] | 222 | 261 | |
Level 2 [Member] | Mutual Funds - Equity - Small-cap Growth [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [8] | 533 | 684 | |
Level 2 [Member] | Mutual Funds - Equity - Small-cap Core [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [9] | 332 | 268 | |
Level 2 [Member] | International Equity [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [10] | 2,651 | 2,543 | |
Level 2 [Member] | Fixed Income Securities [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | 10,150 | 9,211 | ||
Level 2 [Member] | Mutual Funds Fixed Income US Core [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [11] | 2,380 | 2,497 | |
Level 2 [Member] | Mutual Funds - Fixed Income Intermediate duration [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [12] | 4,249 | 3,746 | |
Level 2 [Member] | Mutual Funds-Fixed Income Long Duration [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [13] | 3,521 | 2,968 | |
Level 2 [Member] | Cash Equivalents-Money Market [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | $ 336 | 174 | ||
Level 3 [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | 0 | |||
Level 3 [Member] | Equity Funds | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | 0 | |||
Level 3 [Member] | Mutual Funds - Equity - Large-cap Value [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [1] | 0 | ||
Level 3 [Member] | Mutual Funds - Equity - Large-cap Growth [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [2] | 0 | ||
Level 3 [Member] | Mutual Funds - Equity - Large-cap Core [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [3] | 0 | ||
Level 3 [Member] | Mutual Funds - Equity - Mid-cap Value [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [4] | 0 | ||
Level 3 [Member] | Mutual Funds - Equity - Mid-Cap Growth [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [5] | 0 | ||
Level 3 [Member] | Mutual Funds - Equity - Mid-cap Core [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [6] | 0 | ||
Level 3 [Member] | Mutual Funds - Equity - Small-cap Value [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [7] | 0 | ||
Level 3 [Member] | Mutual Funds - Equity - Small-cap Growth [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [8] | 0 | ||
Level 3 [Member] | Mutual Funds - Equity - Small-cap Core [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [9] | 0 | ||
Level 3 [Member] | International Equity [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [10] | 0 | ||
Level 3 [Member] | Fixed Income Securities [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | 0 | |||
Level 3 [Member] | Mutual Funds Fixed Income US Core [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [11] | 0 | ||
Level 3 [Member] | Mutual Funds - Fixed Income Intermediate duration [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [12] | 0 | ||
Level 3 [Member] | Mutual Funds-Fixed Income Long Duration [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | [13] | 0 | ||
Level 3 [Member] | Cash Equivalents-Money Market [Member] | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Fair value of plan assets | $ 0 | |||
[1] | a) This category contains large-cap stocks with above-average yield. The portfolio typically holds between 60 and 70 stocks | |||
[2] | b) This category seeks long-term capital appreciation by investing primarily in large growth companies based in the U.S. | |||
[3] | c) This fund tracks the performance of the S&P 500 index by purchasing the securities represented in the index in approximately the same weightings as the index. | |||
[4] | d) This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Value Index. | |||
[5] | e) This category employs an indexing investment approach designed to track the performance of the CRSP US Mid-Cap Growth Index. | |||
[6] | f) This category seeks to track the performance of the S&P Midcap 400 Index. | |||
[7] | g) This category consists of a selection of investments based on the Russell 2000 Value Index. | |||
[8] | h) This category consists of a mutual fund invested in small capitalization growth companies along with a fund invested in a selection of investments based on the Russell 2000 Growth Index. | |||
[9] | i) This category consists of a mutual fund investing in readily marketable securities of U.S. companies with market capitalizations within the smallest 10% of the market universe, or smaller than the 1000th largest US company. | |||
[10] | j) This category invests primarily in medium to large non-US companies in developed and emerging markets. Under normal circumstances, at least 80% of total assets will be invested in equity securities, including common stocks, preferred stocks, and convertible securities. | |||
[11] | k) This category currently includes equal investments in three mutual funds, two of which usually hold at least 80% of fund assets in investment grade fixed income securities, seeking to outperform the Barclays US Aggregate Bond Index while maintaining a similar duration to that index. The third fund targets investments of 50% or more in mortgage-backed securities guaranteed by the US government and its agencies. | |||
[12] | l) This category consists mostly of a fund which seeks to track the Barclays Capital US Corporate A or Better 5- 20 Year | |||
[13] | m) This category consists of a fund that seeks to approximate the performance of the Barclays Capital US Corporate A or Better, 20+ Year Bullets Only Index over the long term. |
Employee Benefits and Deferre_9
Employee Benefits and Deferred Compensation and Supplemental Retirement Plans - Pension Plan Assets Fair Value (Parenthetical) (Details) | 12 Months Ended | |
Dec. 31, 2021FundStock | Dec. 31, 2020FundStock | |
Minimum [Member] | ||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||
Approximate or typical number of stocks held in the portfolio | Stock | 60 | 60 |
Maximum [Member] | ||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||
Approximate or typical number of stocks held in the portfolio | Stock | 70 | 70 |
Mutual Funds - Equity - Small-cap Core [Member] | Maximum [Member] | ||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||
Market capitalizations | 10.00% | 10.00% |
Mutual Funds - Fixed Income Intermediate duration [Member] | ||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||
Assets category consist of number of funds | Fund | 3 | 3 |
Mutual Funds - Fixed Income Intermediate duration [Member] | Minimum [Member] | ||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||
Maturity Period of debt security | 5 years | 5 years |
Mutual Funds - Fixed Income Intermediate duration [Member] | Maximum [Member] | ||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||
Maturity Period of debt security | 20 years | 20 years |
Mutual Funds-Fixed Income Long Duration [Member] | Minimum [Member] | ||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||
Maturity Period of debt security | 20 years | 20 years |
International Equity [Member] | Minimum [Member] | ||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||
Percentage of total assets invested in equity securities, including common stocks, preferred stocks, and convertible securities | 80.00% | 80.00% |
Mutual Funds Fixed Income US Core [Member] | ||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||
Number of investments in fund assets in investment grade fixed income securities | Fund | 2 | 2 |
Mutual Funds Fixed Income US Core [Member] | Maximum [Member] | ||
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||
Percentage of fund assets in investment grade fixed income securities | 80.00% | 80.00% |
Percentage of target investments in mortgage-backed securities | 50.00% | 50.00% |
Employee Benefits and Deferr_10
Employee Benefits and Deferred Compensation and Supplemental Retirement Plans - Expected Future Service Benefit Payments (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Expected Benefit Payments [Abstract] | |
2022 | $ 433 |
2023 | 495 |
2024 | 524 |
2025 | 585 |
2026 | 649 |
Thereafter | 3,679 |
Pension Benefits [Member] | |
Expected Benefit Payments [Abstract] | |
2022 | 397 |
2023 | 471 |
2024 | 501 |
2025 | 563 |
2026 | 628 |
Thereafter | 3,566 |
Postretirement Benefits [Member] | |
Expected Benefit Payments [Abstract] | |
2022 | 36 |
2023 | 24 |
2024 | 23 |
2025 | 22 |
2026 | 21 |
Thereafter | $ 113 |
Stock Based Compensation Plan_2
Stock Based Compensation Plans - Additional Information (Details) | 1 Months Ended | 12 Months Ended | ||||||||
Oct. 31, 2020SeniorOfficerOfficer$ / sharesshares | Sep. 30, 2020OfficerExecutiveOfficer$ / sharesshares | May 31, 2016DirectorSeniorOfficerOfficerExecutiveOfficer$ / sharesshares | Apr. 30, 2016SeniorOfficerOfficer$ / sharesshares | Nov. 30, 2015Director$ / sharesshares | Jul. 31, 2013Director$ / sharesshares | Jun. 30, 2011DirectorSeniorVicePresident$ / sharesshares | Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2014 | |
Stock Option [Member] | ||||||||||
Stock Options Outstanding [Roll Forward] | ||||||||||
Granted (in shares) | 0 | 52,000 | ||||||||
Options, Additional Disclosures [Abstract] | ||||||||||
Intrinsic value of options exercised | $ | $ 1,600,000 | $ 190,000 | ||||||||
Weighted average remaining contractual term - options outstanding | 5 years 1 month 6 days | |||||||||
Weighted average remaining contractual term - shares exercisable | 5 years 10 months 24 days | |||||||||
Stock Option Awards and Restricted Stock Units [Member] | ||||||||||
Fair Value Assumptions [Abstract] | ||||||||||
Compensation expense | $ | $ 241,000 | $ 300,000 | ||||||||
Estimated Future Compensation Expense [Abstract] | ||||||||||
Estimated future compensation expense, 2022 | $ | 185,315 | |||||||||
Estimated future compensation expense, 2023 | $ | $ 108,893 | |||||||||
April 2010 Stock Option Grants [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Ratio of conversion of shares | 0.016472 | |||||||||
Number of shares authorized (in shares) | 247,080 | |||||||||
April 2010 Stock Option Grants [Member] | Stock Option [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Vesting period | 5 years | 5 years | 5 years | 5 years | ||||||
Award annual vesting | 20.00% | 20.00% | 20.00% | 20.00% | ||||||
Term of award | 10 years | 10 years | 10 years | 10 years | ||||||
Fair Value Assumptions [Abstract] | ||||||||||
Risk free interest rate | 1.60% | 1.90% | 2.00% | 2.20% | ||||||
Expected volatility rate | 0.32% | 0.23% | 0.45% | 0.45% | ||||||
Expected life | 7 years | 7 years | 7 years | 7 years | ||||||
Expected dividend yield | 1.55% | 1.40% | 1.00% | 1.49% | ||||||
Weighted average fair value of options granted (in dollars per share) | $ / shares | $ 3.17 | $ 2.56 | $ 3.69 | $ 2.29 | ||||||
April 2010 Stock Option Grants [Member] | Stock Option [Member] | Directors [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of stock awards beneficiaries | Director | 2 | 2 | 9 | |||||||
Stock Options Outstanding [Roll Forward] | ||||||||||
Granted (in shares) | 16,472 | 16,472 | 74,124 | |||||||
April 2010 Stock Option Grants [Member] | Stock Option [Member] | Senior Vice President [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of stock awards beneficiaries | SeniorVicePresident | 4 | |||||||||
April 2010 Stock Option Grants [Member] | Stock Option [Member] | Chief Executive Officer And Senior Vice President [Member] | ||||||||||
Stock Options Outstanding [Roll Forward] | ||||||||||
Granted (in shares) | 123,540 | |||||||||
April 2010 Stock Option Grants [Member] | Stock Option [Member] | Senior Officer [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of stock awards beneficiaries | SeniorOfficer | 1 | |||||||||
April 2010 Stock Option Grants [Member] | Stock Option [Member] | Officers [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of stock awards beneficiaries | Officer | 3 | |||||||||
Stock Options Outstanding [Roll Forward] | ||||||||||
Granted (in shares) | 47,768 | |||||||||
May 2016 Stock Option Grants [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of shares authorized (in shares) | 263,605 | |||||||||
May 2016 Stock Option Grants [Member] | Stock Option [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Vesting period | 3 years | |||||||||
Award annual vesting | 33.30% | |||||||||
Term of award | 10 years | |||||||||
Stock Options Outstanding [Roll Forward] | ||||||||||
Granted (in shares) | 9,000 | |||||||||
Fair Value Assumptions [Abstract] | ||||||||||
Risk free interest rate | 0.45% | |||||||||
Expected volatility rate | 0.22% | |||||||||
Expected life | 6 years | |||||||||
Expected dividend yield | 2.31% | |||||||||
Weighted average fair value of options granted (in dollars per share) | $ / shares | $ 1.51 | |||||||||
May 2016 Stock Option Grants [Member] | Stock Option [Member] | Directors [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of stock awards beneficiaries | Director | 9 | |||||||||
Stock Options Outstanding [Roll Forward] | ||||||||||
Granted (in shares) | 79,083 | |||||||||
May 2016 Stock Option Grants [Member] | Stock Option [Member] | Senior Officer [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of stock awards beneficiaries | SeniorOfficer | 2 | 3 | ||||||||
Fair Value Assumptions [Abstract] | ||||||||||
Number of beneficiaries whose award vested upon retirement | SeniorOfficer | 1 | |||||||||
May 2016 Stock Option Grants [Member] | Stock Option [Member] | Officers [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of stock awards beneficiaries | 4 | 1 | 13 | |||||||
Vesting period | 3 years | |||||||||
Award annual vesting | 33.30% | |||||||||
Term of award | 10 years | |||||||||
Stock Options Outstanding [Roll Forward] | ||||||||||
Granted (in shares) | 3,000 | 44,812 | ||||||||
Fair Value Assumptions [Abstract] | ||||||||||
Risk free interest rate | 0.35% | |||||||||
Expected volatility rate | 0.21% | |||||||||
Expected life | 6 years | |||||||||
Weighted average fair value of options granted (in dollars per share) | $ / shares | $ 1.32 | |||||||||
May 2016 Stock Option Grants [Member] | Stock Option [Member] | Directors and Officers [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Vesting period | 5 years | |||||||||
Award annual vesting | 20.00% | |||||||||
Term of award | 10 years | |||||||||
Fair Value Assumptions [Abstract] | ||||||||||
Risk free interest rate | 1.60% | |||||||||
Expected volatility rate | 0.32% | |||||||||
Expected life | 7 years | |||||||||
Expected dividend yield | 1.55% | |||||||||
Weighted average fair value of options granted (in dollars per share) | $ / shares | $ 3.32 | |||||||||
May 2016 Stock Option Grants [Member] | Stock Option [Member] | Executive Officers [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of stock awards beneficiaries | ExecutiveOfficer | 2 | |||||||||
May 2016 Stock Option Grants [Member] | Stock Option [Member] | Chief Executive Officer, Executive Officers and Senior Officer [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Vesting period | 7 years | |||||||||
Award annual vesting | 14.28% | |||||||||
Term of award | 10 years | |||||||||
Fair Value Assumptions [Abstract] | ||||||||||
Risk free interest rate | 1.70% | |||||||||
Expected volatility rate | 0.32% | |||||||||
Expected life | 8 years 6 months | |||||||||
Weighted average fair value of options granted (in dollars per share) | $ / shares | $ 3.59 | |||||||||
May 2016 Stock Option Grants [Member] | Stock Option [Member] | Chief Executive Officer [Member] | ||||||||||
Stock Options Outstanding [Roll Forward] | ||||||||||
Granted (in shares) | 92,261 | |||||||||
May 2016 Stock Option Grants [Member] | Incentive Stock Option And Non Qualified Stock Option [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Vesting period | 3 years | |||||||||
Award annual vesting | 33.30% | |||||||||
Term of award | 10 years | |||||||||
Stock Options Outstanding [Roll Forward] | ||||||||||
Granted (in shares) | 39,668 | |||||||||
May 2016 Stock Option Grants [Member] | Incentive Stock Option And Non Qualified Stock Option [Member] | Senior Officer [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of stock awards beneficiaries | SeniorOfficer | 1 | |||||||||
May 2016 Stock Option Grants [Member] | Incentive Stock Option [Member] | ||||||||||
Stock Options Outstanding [Roll Forward] | ||||||||||
Granted (in shares) | 26,633 | |||||||||
Fair Value Assumptions [Abstract] | ||||||||||
Risk free interest rate | 0.45% | |||||||||
Expected volatility rate | 0.25% | |||||||||
Expected life | 6 years | |||||||||
Expected dividend yield | 2.31% | |||||||||
Weighted average fair value of options granted (in dollars per share) | $ / shares | $ 1.83 | |||||||||
May 2016 Stock Option Grants [Member] | Non Qualified Stock Option [Member] | ||||||||||
Stock Options Outstanding [Roll Forward] | ||||||||||
Granted (in shares) | 13,035 | |||||||||
Fair Value Assumptions [Abstract] | ||||||||||
Risk free interest rate | 0.44% | |||||||||
Expected volatility rate | 0.26% | |||||||||
Expected life | 5 years 10 months 24 days | |||||||||
Expected dividend yield | 2.31% | |||||||||
Weighted average fair value of options granted (in dollars per share) | $ / shares | $ 1.85 | |||||||||
May 2016 Restricted Stock Unit Grants [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of shares authorized (in shares) | 105,442 | |||||||||
May 2016 Restricted Stock Unit Grants [Member] | Restricted Stock Units [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Vesting period | 3 years | 3 years | 5 years | |||||||
Award annual vesting | 33.30% | 33.30% | 20.00% | |||||||
Options, Additional Disclosures [Abstract] | ||||||||||
Granted (in shares) | 17,801 | 1,000 | ||||||||
May 2016 Restricted Stock Unit Grants [Member] | Restricted Stock Units [Member] | Directors [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of stock awards beneficiaries | Director | 9 | |||||||||
Options, Additional Disclosures [Abstract] | ||||||||||
Granted (in shares) | 31,635 | |||||||||
May 2016 Restricted Stock Unit Grants [Member] | Restricted Stock Units [Member] | Senior Officer [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of stock awards beneficiaries | SeniorOfficer | 3 | 3 | ||||||||
Fair Value Assumptions [Abstract] | ||||||||||
Number of beneficiaries whose award vested upon retirement | SeniorOfficer | 1 | |||||||||
May 2016 Restricted Stock Unit Grants [Member] | Restricted Stock Units [Member] | Officers [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of stock awards beneficiaries | Officer | 4 | 1 | 2 | |||||||
Options, Additional Disclosures [Abstract] | ||||||||||
Granted (in shares) | 8,436 | |||||||||
May 2016 Restricted Stock Unit Grants [Member] | Restricted Stock Units [Member] | Executive Officers [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of stock awards beneficiaries | ExecutiveOfficer | 2 | |||||||||
May 2016 Restricted Stock Unit Grants [Member] | Restricted Stock Units [Member] | Chief Executive Officer, Executive Officers and Senior Officer [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Vesting period | 7 years | |||||||||
Award annual vesting | 14.28% | |||||||||
Options, Additional Disclosures [Abstract] | ||||||||||
Granted (in shares) | 46,570 |
Stock Based Compensation Plan_3
Stock Based Compensation Plans - Activity in the Stock Option Plans (Details) - Stock Option [Member] - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Stock Options Outstanding, Number of Shares [Roll Forward] | ||
Outstanding at beginning of period (in shares) | 320 | 303 |
Granted (in shares) | 0 | 52 |
Newly vested (in shares) | 0 | 0 |
Exercised (in shares) | (53) | (34) |
Expired (in shares) | (3) | (1) |
Outstanding at end of period (in shares) | 264 | 320 |
Stock Options Outstanding, Weighted Average Exercise Price [Roll Forward] | ||
Outstanding at beginning of period (in dollars per share) | $ 10.89 | $ 10.51 |
Granted (in dollars per share) | 0 | 10.33 |
Newly vested (in dollars per share) | 0 | 0 |
Exercised (in dollars per share) | 0 | 0 |
Expired (in dollars per share) | 9.48 | 11.35 |
Outstanding at end of period (in dollars per share) | $ 10.98 | $ 10.89 |
Stock Options Shares Exercisable, Number of Shares [Abstract] | ||
Options exercisable at beginning of period (in shares) | 204 | 191 |
Options exercisable, Granted (in shares) | 0 | 0 |
Options exercisable, Newly vested (in shares) | 59 | 47 |
Options exercisable, Exercised (in shares) | (53) | (34) |
Options exercisable, Expired (in shares) | 0 | 0 |
Options exercisable at end of period (in shares) | 210 | 204 |
Stock Options Shares Exercisable, Weighted Average Exercise Price [Roll Forward] | ||
Outstanding at beginning of period (in dollars per share) | $ 10.91 | $ 10.04 |
Granted (in dollars per share) | 0 | 0 |
Newly vested (in dollars per share) | 10.97 | 11.22 |
Exercised (in dollars per share) | 0 | 0 |
Expired (in dollars per share) | 0 | 0 |
Outstanding at end of period (in dollars per share) | $ 11.05 | $ 10.91 |
Employee Stock Ownership Plan -
Employee Stock Ownership Plan - Additional Information (Details) - ESOP [Member] - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2011 | Dec. 31, 2021 | Dec. 31, 2020 | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||
Loan | $ 1,100 | ||
Shares purchased (in shares) | 125,000 | 105,442 | |
Term of loan repayment | 10 years | ||
Basis spread on variable rate | 1.00% | ||
Number of shares from refinanced loan (in shares) | 138,982.5 | ||
Number of shares from new loan (in shares) | 244,424.5 | ||
Fixed interest rate | 3.25% | ||
Award annual vesting | 20.00% | ||
Compensation expense | $ 397 | $ 294 | |
Dividends on unallocated shares | $ 21 | $ 24 | |
Unearned ESOP shares (in shares) | 67,217 | ||
Fair value of unearned ESOP shares | $ 1,200 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Expense [Abstract] | ||
Current | $ 3,018 | $ 2,600 |
Deferred | 481 | (1,305) |
Income tax expense | 3,499 | 1,295 |
Income Tax Expense by Jurisdiction [Abstract] | ||
Federal Income Tax | 3,273 | 1,093 |
State Tax | 226 | 202 |
Income tax expense | $ 3,499 | $ 1,295 |
Income Taxes - Components of th
Income Taxes - Components of the Net Deferred Tax Asset (Liability) Included in Other Assets (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Assets: | ||
Deferred compensation | $ 983,000 | $ 1,063,000 |
Allowance for loan losses | 3,381,000 | 3,339,000 |
Postretirement benefits | 85,000 | 96,000 |
Subordinated loan interest | 19,000 | 25,000 |
Loan origination fees | 335,000 | 324,000 |
Held-to-maturity securities | 0 | 6,000 |
Stock-based compensation | 80,000 | 108,000 |
Capital loss carryover | 149,000 | 0 |
Cash flow hedges | 138,000 | 342,000 |
Other | 319,000 | 702,000 |
Total | 5,489,000 | 6,005,000 |
Liabilities: | ||
Prepaid pension | (2,041,000) | (1,648,000) |
Investment securities | (151,000) | (296,000) |
Depreciation | (1,902,000) | (1,860,000) |
Accretion | (124,000) | (164,000) |
Intangible assets | (1,004,000) | (1,004,000) |
Mortgage servicing rights | (99,000) | (98,000) |
Prepaid expenses and transaction fees | (91,000) | (115,000) |
Total | (5,412,000) | (5,185,000) |
Deferred tax assets liabilities, net before valuation allowance | (77,000) | 820,000 |
Less: deferred tax asset valuation allowance | (80,000) | 0 |
Net deferred tax (liability) asset | $ (3,000) | |
Net deferred tax (liability) asset | $ 820,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2019 | |
Income Taxes [Line Items] | ||||
Deferred tax valuation allowance | $ 80,000 | $ 0 | ||
Provision for income taxes | $ 3,499,000 | $ 1,295,000 | ||
State tax law, rate | 1.20% | 2.00% | ||
Deferred Income Taxes | $ 0 | |||
Effective income tax rate | 22.40% | 15.90% | ||
New York [Member] | ||||
Income Taxes [Line Items] | ||||
Deferred tax valuation allowance | $ 136,000 | |||
State tax law, rate | 6.50% | |||
Modifications available to community banks for maximum amount of assets of banks regarding deductions in interest income | $ 8,000,000,000 | |||
Carryback Years [Member] | ||||
Income Taxes [Line Items] | ||||
Income tax refunds | $ 316,000 | |||
Capital Loss Carryforward [Member] | ||||
Income Taxes [Line Items] | ||||
Capital loss carried back period | 3 years | |||
Capital loss carried forward period | 5 years | |||
Provision for income taxes | $ 56,000,000 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the Federa Statutory Income Tax Rate (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of the Federal Statutory Income Tax Rate to the Effective Income Tax Rate [Abstract] | ||
Federal statutory income tax rate | 21.00% | 21.00% |
State tax, net of federal benefit | 1.20% | 2.00% |
Tax-exempt interest income | (0.60%) | (0.90%) |
Increase in value of bank owned life insurance less premiums paid | (0.70%) | (1.10%) |
Change in valuation allowance | 0.50% | (1.60%) |
NYS net operating loss carryback filing receivable, net of federal benefit | (0.038) | |
Other | 0.50% | (0.10%) |
Effective income tax rate | 22.40% | 15.90% |
Minority interest | 0.50% | 0.40% |
Pathfinder Bank [Member] | ||
Reconciliation of the Federal Statutory Income Tax Rate to the Effective Income Tax Rate [Abstract] | ||
Effective income tax rate | 21.90% | 15.50% |
Commitments and Contingencies -
Commitments and Contingencies - Summary of the Contractual Amounts of Financial Instruments with Credit Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments to Grant Loans [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contractual obligation | $ 93,364 | $ 58,217 |
Unfunded Commitments Under Lines Of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contractual obligation | 136,749 | 102,404 |
Unfunded Commitments Related to Construction Loans in Progress [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contractual obligation | 12,308 | 6,103 |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contractual obligation | $ 2,735 | $ 2,450 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Commitments And Contingencies Disclosure [Abstract] | |
Loan commitments outstanding with variable interest rates | $ 222.2 |
Loan commitments outstanding with fixed interest rates | $ 22.9 |
Term of letters of credit, maximum | 1 year |
Dividends and Restrictions - Ad
Dividends and Restrictions - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Class Of Stock [Line Items] | |||
Retained earnings legally available to pay dividends | $ 27,400,000 | ||
Proceeds from dividends received | $ 0 | $ 0 | $ 0 |
Community bank leverage ratio | 0.0952 | 0.0863 | |
Federal banking agencies issued final rules | The federal banking agencies had set the Community Bank Leverage Ratio at 9%. Pursuant to the CARES Act, the federal banking agencies issued final rules to set the Community Bank Leverage Ratio at 8% beginning in the second quarter of 2020 through the end of 2020. In 2021, the Community Bank Leverage Ratio increased to 8.5% for the calendar year. Community banks had until January 1, 2022, before the Community Bank Leverage Ratio requirement returned to 9%. A financial institution can elect to be subject to this new definition. The new rule took effect on January 1, 2020. | ||
Community bank leverage ratio amount | $ 10,000,000,000 | ||
CARES Act | |||
Class Of Stock [Line Items] | |||
Community bank leverage ratio | 0.09 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Details) | 1 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Class Of Stock [Line Items] | |||
Common equity tier 1 capital to risk-weighted assets | 2.50% | ||
Capital conservation buffer percentage of risk weighted assets | 2.50% | ||
Tier 1 Capital (to Assets) | 0.0500 | 0.0500 | |
Tier 1 Capital (to Risk-Weighted Assets) | 0.0600 | 0.0600 | |
Total Core Capital (to Risk-Weighted Assets) | 0.1000 | 0.1000 | |
Federal Reserve Board reserve requirement ratio | 0 | ||
Minimum [Member] | |||
Class Of Stock [Line Items] | |||
Tier 1 Capital (to Assets) | 0.05 | ||
Tier 1 Capital (to Risk-Weighted Assets) | 0.06 | ||
Total Core Capital (to Risk-Weighted Assets) | 0.10 |
Regulatory Matters - Actual Cap
Regulatory Matters - Actual Capital Amounts and Ratios (Details) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Actual Amount [Abstract] | ||
Total Core Capital (to Risk-Weighted Assets) | $ 129,166 | $ 115,289 |
Tier 1 Capital (to Risk-Weighted Assets) | 118,511 | 104,287 |
Tier 1 Common Equity (to Risk-Weighted Assets) | 118,511 | 104,287 |
Tier 1 Capital (to Assets) | $ 118,511 | $ 104,287 |
Actual Ratio [Abstract] | ||
Total Core Capital (to Risk-Weighted Assets) | 0.1519 | 0.1313 |
Tier 1 Capital (to Risk-Weighted Assets) | 0.1394 | 0.1187 |
Tier 1 Common Equity (to Risk-Weighted Assets) | 13.94% | 11.87% |
Tier 1 Capital (to Assets) | 0.0952 | 0.0863 |
Minimum Capital Adequacy Purposes Amount [Abstract] | ||
Total Core Capital (to Risk-Weighted Assets) | $ 68,013 | $ 70,270 |
Tier 1 Capital (to Risk-Weighted Assets) | 51,009 | 52,703 |
Tier 1 Common Equity (to Risk-Weighted Assets) | 38,257 | 39,527 |
Tier 1 Capital (to Assets) | $ 49,804 | $ 48,314 |
Minimum Capital Adequacy Purposes Ratio [Abstract] | ||
Total Core Capital (to Risk-Weighted Assets) | 0.0800 | 0.0800 |
Tier 1 Capital (to Risk-Weighted Assets) | 0.0600 | 0.0600 |
Tier 1 Common Equity (to Risk-Weighted Assets) | 4.50% | 4.50% |
Tier 1 Capital (to Assets) | 0.0400 | 0.0400 |
Minimum To Be "Well Capitalized" Under Prompt Corrective Provisions Amount [Abstract] | ||
Total Core Capital (to Risk-Weighted Assets) | $ 85,016 | $ 87,838 |
Tier 1 Capital (to Risk-Weighted Assets) | 68,013 | 70,270 |
Tier 1 Common Equity (to Risk-Weighted Assets) | 55,260 | 57,095 |
Tier 1 Capital (to Assets) | $ 62,255 | $ 60,392 |
Minimum To Be "Well Capitalized" Under Prompt Corrective Provisions Ratio [Abstract] | ||
Total Core Capital (to Risk-Weighted Assets) | 0.1000 | 0.1000 |
Tier 1 Capital (to Risk-Weighted Assets) | 0.0800 | 0.0800 |
Tier 1 Common Equity (to Risk-Weighted Assets) | 6.50% | 6.50% |
Tier 1 Capital (to Assets) | 0.0500 | 0.0500 |
Minimum for Capital Adequacy With Buffer Amount [Abstract] | ||
Total Core Capital (to Risk-Weighted Assets) | $ 89,266 | $ 92,230 |
Tier 1 Capital (to Risk-Weighted Assets) | 72,263 | 74,662 |
Tier 1 Common Equity (to Risk-Weighted Assets) | 59,511 | 61,487 |
Tier 1 Capital (to Assets) | $ 62,255 | $ 60,392 |
Minimum for Capital Adequacy With Buffer Ratio [Abstract] | ||
Total Core Capital (to Risk-Weighted Assets) | 10.50% | 10.50% |
Tier 1 Capital (to Risk-Weighted Assets) | 8.50% | 8.50% |
Tier 1 Common Equity (to Risk-Weighted Assets) | 7.00% | 7.00% |
Tier 1 Capital (to Assets) | 5.00% | 5.00% |
Interest Rate Derivative - Cumu
Interest Rate Derivative - Cumulative Basis Adjustments for Fair Value Hedges (Details) - Interest Rate Derivatives [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | |||
Carrying Amount of the Hedged Assets | [1] | $ 41,651 | |
Cumulative Amount of Fair Value Hedging Adjustment Included in The Carrying Amount of the Hedged Assets | [1] | (152) | |
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 | |
Available for Sale Securities [Member] | |||
Derivative [Line Items] | |||
Carrying Amount of the Hedged Assets | [3] | 61,808 | 17,055 |
Cumulative Amount of Fair Value Hedging Adjustment Included in The Carrying Amount of the Hedged Assets | [3] | $ (1,308) | $ (191) |
[1] | These amounts include the amortized cost of a specific loan pool designated as the underlying | ||
[2] | These amounts include the amortized historical cost basis of a specific | ||
[3] | These amounts represent the amortized cost basis of specifically December 31 , 2021 and 2020. |
Interest Rate Derivative - Cu_2
Interest Rate Derivative - Cumulative Basis Adjustments for Fair Value Hedges (Parenthetical) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | ||
Interest Expense | $ 7,532,000 | $ 10,864,000 |
Interest Rate Derivatives [Member] | ||
Derivative [Line Items] | ||
Amount of designated hedging item | 20,500,000 | 0 |
Derivative Asset | 152,000 | |
Interest Rate Derivatives [Member] | Loans Receivable [Member] | ||
Derivative [Line Items] | ||
Amount of designated hedging item | 9,200,000 | |
Derivative Liabilities | 53,000 | |
Interest Rate Derivatives [Member] | Available for Sale Securities [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 52,000,000 | 16,300,000 |
Derivative Asset | 1,300,000 | $ 191,000 |
Interest Rate Derivatives [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | 40,000,000 | |
One time premium paid for contract | 228,000 | |
Interest Expense | $ 157,000 |
Interest Rate Derivative - Addi
Interest Rate Derivative - Additional Information (Details) - Interest Rate Swap [Member] - USD ($) | 1 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2021 | |
Derivative [Line Items] | ||
Interest rate swap contract expiry date | Mar. 31, 2023 | |
Notional amount | $ 40,000,000 | $ 1,600,000 |
Interest rate cap contract strike price | 1.39% | |
Days of revolving borrowings | 90-day | |
3-Month LIBOR [Member] | ||
Derivative [Line Items] | ||
Borrowings | $ 40,000,000 |
Interest Rate Derivative - Sche
Interest Rate Derivative - Schedule of Cash Flow Hedges (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | ||
Total loss in comprehensive income | $ (387) | $ (1,308) |
Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Total unamortized premium | 204 | |
Total loss in comprehensive income | (387) | (1,308) |
Total unamortized cap | 7 | |
Cash Flow Hedging [Member] | Interest Rate Derivatives [Member] | ||
Derivative [Line Items] | ||
Total loss in comprehensive income | (197) | |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Total loss in comprehensive income | $ (387) | $ (1,111) |
Interest Rate Derivative - Sc_2
Interest Rate Derivative - Schedule of Derivative Instruments Effect on Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Balance as of December 31: | $ (1,308) | |
Amount of gains (losses) recognized in other comprehensive income | 921 | $ (1,308) |
Total loss in comprehensive income | $ (387) | $ (1,308) |
Fair Value Measurements and D_3
Fair Value Measurements and Disclosures - Additional Information (Details) | Dec. 31, 2021USD ($)Security | Dec. 31, 2020USD ($)Security |
Schedule Of Available For Sale Securities [Line Items] | ||
Available for sale securities continuous unrealized loss position twelve months or more amortized historical cost basis | $ 4,800,000 | |
Available-for-sale Securities, Equity investment securities | $ 206,000 | $ 206,000 |
Level 1 [Member] | Equity Investment [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Number of security holds | Security | 1 | 2 |
Available-for-sale Securities, Equity investment securities | $ 677,000 | $ 1,900,000 |
Corporate [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for sale securities aggregate market value | $ 722,000 | $ 0 |
Corporate [Member] | Level 2 [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Number of security holds | Security | 2 | |
Available for sale securities continuous unrealized loss position twelve months or more amortized historical cost basis | $ 4,100,000 | |
Available for sale securities aggregate market value | $ 4,500,000 |
Fair Value Measurements and D_4
Fair Value Measurements and Disclosures - Fair Value of Assets on Recurring Basis Segregated by Level of Valuation Inputs (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt investment securities: | ||
Investment securities - available-for-sale | $ 190,598 | $ 128,261 |
Equity investment securities: | ||
Marketable equity securities | 206 | 206 |
Level 1 [Member] | Total Fair Value [Member] | ||
Equity investment securities: | ||
Marketable equity securities | 677 | 1,850 |
Level 2 [Member] | Total Fair Value [Member] | ||
Debt investment securities: | ||
Investment securities - available-for-sale | 185,895 | 125,330 |
Net Asset Value [Member] | Total Fair Value [Member] | ||
Debt investment securities: | ||
Investment securities - available-for-sale | 4,497 | 2,725 |
Recurring Basis [Member] | Total Fair Value [Member] | ||
Debt investment securities: | ||
Total available-for-sale securities | 190,392 | 128,055 |
Equity investment securities: | ||
Marketable equity securities | 677 | 1,850 |
Interest rate derivatives, at fair value, net : | ||
Interest rate swap derivative fair value hedge | (152) | (244) |
Interest rate swap derivative cash flow hedge | (387) | (1,308) |
Recurring Basis [Member] | Level 1 [Member] | ||
Equity investment securities: | ||
Marketable equity securities | 677 | 1,850 |
Recurring Basis [Member] | Level 2 [Member] | ||
Debt investment securities: | ||
US Treasury, agencies and GSEs | 32,273 | 6,416 |
State and political subdivisions | 39,199 | 23,753 |
Corporate | 9,630 | 9,943 |
Asset backed securities | 13,613 | 8,607 |
Residential mortgage-backed - US agency | 22,164 | 25,211 |
Collateralized mortgage obligations - US agency | 12,285 | 26,464 |
Collateralized mortgage obligations - Private label | 56,731 | 24,936 |
Investment securities - available-for-sale | 185,895 | 125,330 |
Total available-for-sale securities | 185,895 | 125,330 |
Interest rate derivatives, at fair value, net : | ||
Interest rate swap derivative fair value hedge | (152) | (244) |
Interest rate swap derivative cash flow hedge | (387) | (1,308) |
Recurring Basis [Member] | Level 1, 2 and 3 [Member] | Total Fair Value [Member] | ||
Debt investment securities: | ||
US Treasury, agencies and GSEs | 32,273 | 6,416 |
State and political subdivisions | 39,199 | 23,753 |
Corporate | 9,630 | 9,943 |
Asset backed securities | 13,613 | 8,607 |
Residential mortgage-backed - US agency | 22,164 | 25,211 |
Collateralized mortgage obligations - US agency | 12,285 | 26,464 |
Collateralized mortgage obligations - Private label | 56,731 | 24,936 |
Investment securities - available-for-sale | 185,895 | 125,330 |
Recurring Basis [Member] | Net Asset Value [Member] | Total Fair Value [Member] | ||
Debt investment securities: | ||
Investment securities - available-for-sale | $ 4,497 | $ 2,725 |
Fair Value Measurements and D_5
Fair Value Measurements and Disclosures - Summary of Fair Value Assets Measured on Nonrecurring Basis (Details) - Nonrecurring Basis [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Total Fair Value [Member] | ||
Nonrecurring basis [Abstract] | ||
Impaired loans | $ 4,182 | $ 14,701 |
Level 3 [Member] | ||
Nonrecurring basis [Abstract] | ||
Impaired loans | $ 4,182 | $ 14,701 |
Fair Value Measurements and D_6
Fair Value Measurements and Disclosures - Fair Value Inputs, Quantitative Information (Details) - Level 3 [Member] - Impaired Loans [Member] - Measurement Input, Discount Rate [Member] | Dec. 31, 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 | 30 | 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 | 15 | 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 | 10 | 12 |
Fair Value Measurements and D_7
Fair Value Measurements and Disclosures - Carrying Amounts and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financial assets: | ||
Investment securities - available-for-sale | $ 190,598 | $ 128,261 |
Investment securities - marketable equity | 206 | 206 |
Investment securities - held-to-maturity | 162,805 | 174,935 |
Level 1 [Member] | Carrying Amounts [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 37,149 | 43,464 |
Investment securities - marketable equity | 677 | 1,850 |
Accrued interest receivable | 4,520 | 4,549 |
Financial liabilities: | ||
Demand Deposits, Savings, NOW and MMDA | 694,089 | 598,683 |
Level 1 [Member] | Total Fair Value [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 37,149 | 43,464 |
Investment securities - marketable equity | 677 | 1,850 |
Accrued interest receivable | 4,520 | 4,549 |
Financial liabilities: | ||
Demand Deposits, Savings, NOW and MMDA | 694,089 | 598,683 |
Level 2 [Member] | Carrying Amounts [Member] | ||
Financial assets: | ||
Investment securities - available-for-sale | 185,895 | 125,330 |
Investment securities - held-to-maturity | 160,923 | 171,224 |
Federal Home Loan Bank stock | 4,189 | 4,390 |
Interest rate swap derivative fair value hedges | 1,308 | 191 |
Financial liabilities: | ||
Time Deposits | 361,257 | 397,224 |
Borrowings | 77,098 | 82,050 |
Subordinated loans | 29,563 | 39,400 |
Accrued interest payable | 106 | 193 |
Interest rate swap derivative fair value hedges | 152 | 244 |
Interest rate swap derivative cash flow hedges | 387 | 1,308 |
Level 2 [Member] | Total Fair Value [Member] | ||
Financial assets: | ||
Investment securities - available-for-sale | 185,895 | 125,330 |
Investment securities - held-to-maturity | 162,805 | 174,935 |
Federal Home Loan Bank stock | 4,189 | 4,390 |
Interest rate swap derivative fair value hedges | 1,308 | 191 |
Financial liabilities: | ||
Time Deposits | 360,680 | 398,863 |
Borrowings | 76,957 | 84,065 |
Subordinated loans | 30,627 | 39,416 |
Accrued interest payable | 106 | 193 |
Interest rate swap derivative fair value hedges | 152 | 244 |
Interest rate swap derivative cash flow hedges | 387 | 1,308 |
Net Asset Value [Member] | Carrying Amounts [Member] | ||
Financial assets: | ||
Investment securities - available-for-sale | 4,497 | 2,725 |
Net Asset Value [Member] | Total Fair Value [Member] | ||
Financial assets: | ||
Investment securities - available-for-sale | 4,497 | 2,725 |
Level 3 [Member] | Carrying Amounts [Member] | ||
Financial assets: | ||
Net loans | 819,524 | 812,718 |
Level 3 [Member] | Total Fair Value [Member] | ||
Financial assets: | ||
Net loans | $ 819,721 | $ 816,626 |
Parent Company - Financial In_3
Parent Company - Financial Information - Schedule of Condensed Financial Information (Statements of Condition) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS: | ||
Cash | $ 13,856 | $ 14,906 |
Available-for-sale securities, at fair value | 190,598 | 128,261 |
Other assets | 15,726 | 13,950 |
Total assets | 1,285,177 | 1,227,443 |
LIABILITIES AND SHAREHOLDERS' EQUITY: | ||
Subordinated loans | 29,563 | 39,400 |
Shareholders' equity | 110,287 | 97,456 |
Total liabilities and shareholders' equity | 1,285,177 | 1,227,443 |
Pathfinder Bank [Member] | ||
ASSETS: | ||
Cash | 13,633 | 26,213 |
Available-for-sale securities, at fair value | 677 | 682 |
Investment in bank subsidiary | 122,241 | 106,986 |
Investment in non-bank subsidiary | 155 | 155 |
Other assets | 4,216 | 3,975 |
Total assets | 140,922 | 138,011 |
LIABILITIES AND SHAREHOLDERS' EQUITY: | ||
Accrued liabilities | 722 | 889 |
Subordinated loans | 29,564 | 39,400 |
Shareholders' equity | 110,636 | 97,722 |
Total liabilities and shareholders' equity | $ 140,922 | $ 138,011 |
Parent Company - Financial In_4
Parent Company - Financial Information - Schedule of Condensed Financial Information (Statements of Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income | ||
Total income | $ 45,827 | $ 42,507 |
Interest expense: | ||
Interest | 7,532 | 10,864 |
Operating, net | 1,920 | 1,854 |
Tax benefit | (3,499) | (1,295) |
Net income attributable to Pathfinder Bancorp, Inc. | 12,407 | 6,950 |
Pathfinder Bank [Member] | ||
Income | ||
Dividends from non-bank subsidiary | 3 | 3 |
Dividends from marketable equity security | 20 | 13 |
Gain (loss) on marketable equity securities | (5) | 413 |
Operating, net | 116 | 107 |
Total income | 134 | 536 |
Interest expense: | ||
Interest | 1,790 | 1,100 |
Operating, net | 705 | 629 |
Total expenses | 2,495 | 1,729 |
Loss before taxes and equity in undistributed net income of subsidiaries | (2,361) | (1,193) |
Tax benefit | 527 | 261 |
Loss before equity in undistributed net income of subsidiaries | (1,834) | (932) |
Equity in undistributed net income of subsidiaries | 14,241 | 7,882 |
Net income attributable to Pathfinder Bancorp, Inc. | $ 12,407 | $ 6,950 |
Parent Company - Financial In_5
Parent Company - Financial Information - Schedule of Condensed Financial Information (Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Activities | ||
Net Income | $ 12,407 | $ 6,950 |
Stock based compensation and ESOP expense | 617 | 570 |
Net change in other assets and liabilities | 117 | (1,354) |
Net cash flows from operating activities | 20,154 | 46,561 |
Investing Activities | ||
Purchase of premises and equipment | (1,212) | (1,261) |
Net cash flows from investing activities | (69,951) | (149,223) |
Financing activities | ||
Proceeds from exercise of stock options | 551 | 223 |
Proceeds from subordinated debt offering | 0 | 25,000 |
Issuance costs of subordinated loan | 0 | (783) |
Cash dividends paid to common shareholders | (1,227) | (1,137) |
Cash dividends paid to common voting shareholders | (1,227) | (1,137) |
Cash dividends paid to preferred shareholders | (180) | (277) |
Cash dividends paid on warrants | (35) | (30) |
Net cash flows from financing activities | 43,482 | 125,966 |
Change in cash and cash equivalents | (6,315) | 23,304 |
Cash and cash equivalents at beginning of period | 43,464 | 20,160 |
Cash and cash equivalents at end of period | 37,149 | 43,464 |
Pathfinder Bank [Member] | ||
Operating Activities | ||
Net Income | 12,407 | 6,950 |
Equity in undistributed net income of subsidiaries | (14,241) | (7,882) |
Stock based compensation and ESOP expense | 617 | 570 |
Amortization of deferred financing from subordinated loan | 163 | 55 |
Net change in other assets and liabilities | (298) | (166) |
Net cash flows from operating activities | (1,352) | (473) |
Investing Activities | ||
Capital contributed to wholly-owned bank subsidiary | 0 | (10,000) |
Purchase of premises and equipment | (143) | (824) |
Net cash flows from investing activities | (143) | (10,824) |
Financing activities | ||
Proceeds from exercise of stock options | 551 | 223 |
Proceeds from subordinated debt offering | 0 | 25,000 |
Payments on redemption of subordinated debt | (10,000) | 0 |
Issuance costs of subordinated loan | 0 | (783) |
Cash dividends paid to preferred shareholders | (180) | (277) |
Cash dividends paid on warrants | (35) | (30) |
Net cash flows from financing activities | (11,085) | 22,996 |
Change in cash and cash equivalents | (12,580) | 11,699 |
Cash and cash equivalents at beginning of period | 26,213 | 14,514 |
Cash and cash equivalents at end of period | 13,633 | 26,213 |
Pathfinder Bank [Member] | Non-Voting Common Stock [Member] | ||
Financing activities | ||
Cash dividends paid to common shareholders | (194) | 0 |
Cash dividends paid to common voting shareholders | (194) | 0 |
Pathfinder Bank [Member] | Common Stock [Member] | ||
Financing activities | ||
Cash dividends paid to common shareholders | (1,227) | (1,137) |
Cash dividends paid to common voting shareholders | $ (1,227) | $ (1,137) |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Loans to Related Parties (Details) - Directors, Executive Officers and Affiliates [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Loans to Related Parties [Roll Forward] | ||
Balance at the beginning of the year | $ 22,445 | $ 19,301 |
Originations and related party additions | 8,007 | 5,134 |
Principal payments and related party removals | (8,025) | (1,990) |
Balance at the end of the year | $ 22,427 | $ 22,445 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Directors, Executive Officers and Affiliates [Member] | |||
Related Party Transaction [Line Items] | |||
Deposits of related parties | $ 18,400 | $ 12,500 | |
Limited Liability Company [Member] | |||
Related Party Transaction [Line Items] | |||
Purchase price of property | 612,000 | ||
Lease term of contract | 32 years 60 days | ||
Lease commencement date | Feb. 1, 2021 | ||
Lease rental payments for first twelve months | $ 201,000 | ||
Lease rental payments subsequently | $ 262,000 | ||
Limited Liability Company [Member] | Construction [Member] | Maximum [Member] | |||
Related Party Transaction [Line Items] | |||
Total project cost | $ 2,800 |
Conversion and Reorganization -
Conversion and Reorganization - Additional Information (Details) | Oct. 16, 2014USD ($)$ / sharesshares | Dec. 31, 2021shares | Dec. 31, 2020shares | Dec. 31, 2014shares |
Conversion Of Stock [Line Items] | ||||
Common stock, shares outstanding (in shares) | shares | 5,983,467 | 4,531,383 | 4,353,850 | |
Pathfinder Bank [Member] | ||||
Conversion Of Stock [Line Items] | ||||
Percentage owned by holding company | 60.40% | |||
Number of shares of common stock sold (in shares) | shares | 2,636,053 | |||
Common stock sold per share (in dollar per share) | $ / shares | $ 10 | |||
Gross offering proceeds of common stock | $ 26,400,000 | |||
Cash received from acquisition | $ 197,000 | |||
Ratio of conversion of shares | 1.6472 | |||
Cost related to offering | $ 1,500,000 | |||
Net offering proceeds of common stock | $ 24,900,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Balance | $ 97,722 | $ 90,669 |
Other comprehensive income before reclassifications | 904 | 1,246 |
Amounts reclassified from AOCI | 64 | (511) |
Balance | 110,633 | 97,722 |
Retirement Plans [Member] | ||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Balance | (2,093) | (2,717) |
Other comprehensive income before reclassifications | 603 | 451 |
Amounts reclassified from AOCI | 78 | 173 |
Balance | (1,412) | (2,093) |
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 | 837 | (216) |
Other comprehensive income before reclassifications | (395) | 1,737 |
Amounts reclassified from AOCI | (14) | (684) |
Balance | 428 | 837 |
Unrealized Losses on Derivatives and Hedging Activities [Member] | ||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Balance | (966) | 0 |
Other comprehensive income before reclassifications | 680 | (966) |
Amounts reclassified from AOCI | 0 | 0 |
Balance | (286) | (966) |
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 | (14) | (38) |
Other comprehensive income before reclassifications | 16 | 24 |
Amounts reclassified from AOCI | 0 | 0 |
Balance | 2 | (14) |
AOCI Attributable to Parent [Member] | ||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Balance | (6,042) | (4,208) |
Balance | $ (2,971) | $ (6,042) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Summary of Amounts Reclassified Out of Each Component of AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Salaries and employee benefits | $ (14,384) | $ (13,468) | |
Provision for income taxes | (3,499) | (1,295) | |
Net income attributable to Pathfinder Bancorp, Inc. | 12,407 | 6,950 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Retirement Plans [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Salaries and employee benefits | [1],[2] | (105) | (234) |
Provision for income taxes | [1] | 27 | 61 |
Net income attributable to Pathfinder Bancorp, Inc. | [1] | (78) | (173) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Available-for-Sale Securities [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Net gains on sales and redemptions of investment securities | [1] | 19 | 926 |
Provision for income taxes | [1] | (5) | (242) |
Net income attributable to Pathfinder Bancorp, Inc. | [1] | $ 14 | $ 684 |
[1] | Amounts in parentheses indicates debits in net income. | ||
[2] | These items are included in net periodic pension cost. |
Noninterest Income - Summary of
Noninterest Income - Summary of Noninterest Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation Of Revenue [Line Items] | ||
Earnings and gain on bank owned life insurance | $ 559 | $ 460 |
Net gains on sales and redemptions of investment securities | 37 | 1,076 |
Gains (losses) on marketable equity securities | 382 | (629) |
Gain on sales of premises and equipment | 201 | |
Other miscellaneous income | 116 | 96 |
Total noninterest income | 6,231 | 6,485 |
Insufficient Funds Fees [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 888 | 871 |
Deposit Related Fees [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 393 | 373 |
ATM Fees [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 183 | 151 |
Service Fees [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 1,464 | 1,395 |
Insurance Commissions [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 1,048 | 955 |
Investment Services Revenue [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 399 | 303 |
ATM Fees Surcharge [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 227 | 213 |
Banking House Rents Collected [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 243 | 235 |
Fee Income [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 1,917 | 1,676 |
Debit Card Interchange Fees [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 923 | 771 |
Merchant Card Fees [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 73 | 70 |
Card Income [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 996 | 841 |
Loan Servicing Fees [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 246 | 361 |
Net Gains (Losses) on Sale of Loans and Foreclosed Real Estate [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 313 | 1,179 |
Total Mortgage Fee Income and Realized Gain on Sale of Loans and Foreclosed Real Estate [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 559 | 1,540 |
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 | $ 4,936 | $ 5,452 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 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 one year up to 30 years, some of which include options to extend the leases for various renewal periods. | |
Operating lease, option to extend lease term | true | |
ASU 2016-02 [Member] | ||
Lessee Lease Description [Line Items] | ||
Lease rental income | $ 235,000 | $ 235,000 |
Minimum [Member] | ||
Lessee Lease Description [Line Items] | ||
Operating leases remaining lease term | 1 year | |
Maximum [Member] | ||
Lessee Lease Description [Line Items] | ||
Operating leases remaining lease term | 30 years |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Lease Cost [Abstract] | ||
Operating lease cost | $ 226 | $ 241 |
Finance lease cost | $ 81 | $ 80 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash paid for amount included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 207 | $ 221 |
Operating cash flows from finance leases | 81 | 80 |
Financing cash flows from finance leases | $ 72 | $ 71 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Leases: | ||
Operating lease right-of-use assets | $ 2,136 | $ 2,240 |
Operating lease liabilities | 2,440 | 2,525 |
Finance Leases: | ||
Financial Liability | $ 596 | $ 587 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities |
Weighted Average Remaining Lease Term: | ||
Operating Leases | 18 years | 19 years 29 days |
Finance Leases | 27 years | 28 years 5 months 1 day |
Weighted Average Discount Rate: | ||
Operating Leases | 3.73% | 3.73% |
Finance Leases | 13.75% | 13.75% |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Operating Lease Liabilities Payments Due Rolling Maturity [Abstract] | |
2022 | $ 115 |
2023 | 118 |
2024 | 118 |
2025 | 126 |
2026 | 133 |
Thereafter | 2,427 |
Total minimum lease payments | $ 3,037 |
COVID-19 - Additional Informati
COVID-19 - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2021USD ($)Loan | Dec. 31, 2020USD ($)Loan | |
Unusual Or Infrequent Item [Line Items] | ||
Total loans | $ 833,739,000 | $ 826,733,000 |
PPP Loan [Member] | ||
Unusual Or Infrequent Item [Line Items] | ||
Deferred fee income | $ 2,150,000 | $ 938,000 |
Number of loans outstanding | Loan | 256 | |
Total loans | $ 19,338,000 | |
Unusual or Infrequent Item, or Both | Ninety Days Deferral [Member] | ||
Unusual Or Infrequent Item [Line Items] | ||
Number of loans outstanding | Loan | 618 | |
Total loans | $ 137,400,000 | |
Unusual or Infrequent Item, or Both | Ninety Days Deferral [Member] | Residential Mortgage or Consumer Loans [Member] | ||
Unusual Or Infrequent Item [Line Items] | ||
Number of loans outstanding | Loan | 303 | |
Total loans | $ 24,000,000 | |
Unusual or Infrequent Item, or Both | Ninety Days Deferral [Member] | Commercial Real Estate or Other Commercial and Industrial Loans [Member] | ||
Unusual Or Infrequent Item [Line Items] | ||
Number of loans outstanding | Loan | 315 | |
Total loans | $ 113,300,000 | |
Unusual or Infrequent Item, or Both | Non-Deferral [Member] | Residential and Consumer Loans [Member] | ||
Unusual Or Infrequent Item [Line Items] | ||
Number of loans outstanding | Loan | 265 | |
Total loans | $ 21,300,000 | |
Unusual or Infrequent Item, or Both | Non-Deferral [Member] | Commercial Real Estate or Other Commercial and Industrial Loans [Member] | ||
Unusual Or Infrequent Item [Line Items] | ||
Number of loans outstanding | Loan | 291 | |
Total loans | $ 98,900,000 | |
Unusual or Infrequent Item, or Both | Deferral [Member] | ||
Unusual Or Infrequent Item [Line Items] | ||
Number of loans outstanding | Loan | 0 | |
Total loans | $ 17,100,000 | |
Loan outstanding | 2.10% | |
Unusual or Infrequent Item, or Both | Deferral [Member] | Residential Mortgage or Consumer Loans [Member] | ||
Unusual Or Infrequent Item [Line Items] | ||
Number of loans outstanding | Loan | 38 | |
Total loans | $ 2,700,000 | |
Unusual or Infrequent Item, or Both | Deferral [Member] | Commercial Real Estate or Other Commercial and Industrial Loans [Member] | ||
Unusual Or Infrequent Item [Line Items] | ||
Number of loans outstanding | Loan | 24 | |
Total loans | $ 14,400,000 | |
Unusual or Infrequent Item, or Both | One Eighty Days and Beyond Deferral [Member] | Commercial Loan | ||
Unusual Or Infrequent Item [Line Items] | ||
Number of loans outstanding | Loan | 11 | |
Total loans | $ 8,300,000 | |
Unusual or Infrequent Item, or Both | PPP Loan [Member] | ||
Unusual Or Infrequent Item [Line Items] | ||
InterestOnLoan | 1.00% | |
Number Of Loans | Loan | 1,120 | |
Loans and Leases Receivable, Loans in Process | $ 109,800,000 | |
Loan origination fees | 4,000,000 | 4,000,000 |
Deferred fee income | 3,100,000 | |
Deferred fee income remaining | 912,000 | |
Unusual or Infrequent Item, or Both | PPP Loan [Member] | Interest Income [Member] | ||
Unusual Or Infrequent Item [Line Items] | ||
Loan origination fees | $ 2,200,000 | $ 900,000 |
Unusual or Infrequent Item, or Both | PPP Loan [Member] | Principal Forgiveness [Member] | ||
Unusual Or Infrequent Item [Line Items] | ||
Number Of Loans | Loan | 864 | |
Loans and Leases Receivable, Loans in Process | $ 90,500,000 | |
Minimum [Member] | ||
Unusual Or Infrequent Item [Line Items] | ||
Percentage of decrease in federal funds rate target | 0.00% | |
Minimum [Member] | Unusual or Infrequent Item, or Both | ||
Unusual Or Infrequent Item [Line Items] | ||
Loans Payable Contractual Maturities Term | 2 years | |
Maximum [Member] | ||
Unusual Or Infrequent Item [Line Items] | ||
Percentage of decrease in federal funds rate target | 0.25% | |
Maximum [Member] | Unusual or Infrequent Item, or Both | ||
Unusual Or Infrequent Item [Line Items] | ||
Loans Payable Contractual Maturities Term | 5 years |
COVID-19 - Summary of Loan Port
COVID-19 - Summary of Loan Portfolio by Collateral Type Within Major Categories (Details) $ in Thousands | Dec. 31, 2021USD ($)Loan | Dec. 31, 2020USD ($) | |
Accounts Notes And Loans Receivable [Line Items] | |||
Net deferred loan fees | $ 1,280 | $ 1,238 | |
Unallocated allowance for loan losses | 12,935 | 12,777 | |
Less: Allowance for loan losses | 12,935 | 12,777 | |
Total loans | 833,739 | 826,733 | |
Residential Mortgage Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unallocated allowance for loan losses | $ 872 | ||
Number of Loans | Loan | 2,109 | ||
Average Loan Balance | $ 117 | ||
Less: Allowance for loan losses | $ 872 | ||
Percent of Total Loans | 30.00% | ||
Total loans | $ 247,276 | 235,392 | |
Number of loans outstanding | Loan | 2,109 | ||
Residential Mortgage Loans [Member] | Minimum [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 0 | ||
Residential Mortgage Loans [Member] | Maximum [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 1,522 | ||
Commercial Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 444,618 | 481,812 | |
Commercial and Industrial Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unallocated allowance for loan losses | $ 3,698 | ||
Number of Loans | Loan | 886 | ||
Average Loan Balance | $ 148 | ||
Less: Allowance for loan losses | $ 3,698 | ||
Percent of Total Loans | 16.00% | ||
Total loans | $ 131,019 | ||
Number of loans outstanding | Loan | 886 | ||
Tax Exempt Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unallocated allowance for loan losses | $ 3 | ||
Number of Loans | Loan | 20 | ||
Average Loan Balance | $ 291 | ||
Less: Allowance for loan losses | $ 3 | ||
Percent of Total Loans | 1.00% | ||
Total loans | $ 5,811 | ||
Number of loans outstanding | Loan | 20 | ||
Tax Exempt Loans [Member] | Minimum [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 3 | ||
Tax Exempt Loans [Member] | Maximum [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 2,248 | ||
Paycheck Protection Program loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Number of Loans | Loan | 256 | ||
Average Loan Balance | $ 76 | ||
Percent of Total Loans | 2.00% | ||
Total loans | $ 19,338 | ||
Number of loans outstanding | Loan | 256 | ||
Paycheck Protection Program loans [Member] | Minimum [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 0 | ||
Paycheck Protection Program loans [Member] | Maximum [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 870 | ||
Consumer Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unallocated allowance for loan losses | $ 2,071 | ||
Number of Loans | Loan | 8,984 | ||
Average Loan Balance | $ 16 | ||
Less: Allowance for loan losses | $ 2,071 | ||
Percent of Total Loans | 17.00% | ||
Total loans | $ 141,845 | 109,529 | |
Number of loans outstanding | Loan | 8,984 | ||
Consumer Loans [Member] | Secured Loan [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unallocated allowance for loan losses | $ 948 | ||
Number of Loans | Loan | 4,205 | ||
Average Loan Balance | $ 19 | ||
Less: Allowance for loan losses | $ 948 | ||
Percent of Total Loans | 10.00% | ||
Total loans | $ 80,466 | ||
Number of loans outstanding | Loan | 4,205 | ||
Consumer Loans [Member] | Secured Loan [Member] | Minimum [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 18 | ||
Consumer Loans [Member] | Secured Loan [Member] | Maximum [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 107 | ||
Consumer Loans [Member] | Unsecured Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unallocated allowance for loan losses | $ 106 | ||
Number of Loans | Loan | 1,795 | ||
Average Loan Balance | $ 5 | ||
Less: Allowance for loan losses | $ 106 | ||
Percent of Total Loans | 1.00% | ||
Total loans | $ 9,013 | ||
Number of loans outstanding | Loan | 1,795 | ||
Consumer Loans [Member] | Unsecured Loans [Member] | Maximum [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 90 | ||
Unallocated [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | [1] | 513 | |
Real Estate [Member] | Commercial Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unallocated allowance for loan losses | $ 5,308 | ||
Number of Loans | Loan | 531 | ||
Average Loan Balance | $ 543 | ||
Less: Allowance for loan losses | $ 5,308 | ||
Percent of Total Loans | 35.00% | ||
Total loans | $ 288,450 | 286,271 | |
Number of loans outstanding | Loan | 531 | ||
Real Estate [Member] | Commercial Loans [Member] | Mixed Use [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unallocated allowance for loan losses | $ 788 | ||
Number of Loans | Loan | 55 | ||
Average Loan Balance | $ 778 | ||
Less: Allowance for loan losses | $ 788 | ||
Percent of Total Loans | 5.00% | ||
Total loans | $ 42,798 | ||
Number of loans outstanding | Loan | 55 | ||
Real Estate [Member] | Commercial Loans [Member] | Multi-Family Residential [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unallocated allowance for loan losses | $ 754 | ||
Number of Loans | Loan | 58 | ||
Average Loan Balance | $ 707 | ||
Less: Allowance for loan losses | $ 754 | ||
Percent of Total Loans | 5.00% | ||
Total loans | $ 40,992 | ||
Number of loans outstanding | Loan | 58 | ||
Real Estate [Member] | Commercial Loans [Member] | Hotels and Motels [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unallocated allowance for loan losses | $ 651 | ||
Number of Loans | Loan | 10 | ||
Average Loan Balance | $ 3,540 | ||
Less: Allowance for loan losses | $ 651 | ||
Percent of Total Loans | 4.00% | ||
Total loans | $ 35,398 | ||
Number of loans outstanding | Loan | 10 | ||
Real Estate [Member] | Commercial Loans [Member] | Office [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unallocated allowance for loan losses | $ 697 | ||
Number of Loans | Loan | 68 | ||
Average Loan Balance | $ 557 | ||
Less: Allowance for loan losses | $ 697 | ||
Percent of Total Loans | 5.00% | ||
Total loans | $ 37,886 | ||
Number of loans outstanding | Loan | 68 | ||
Real Estate [Member] | Commercial Loans [Member] | Retail [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unallocated allowance for loan losses | $ 489 | ||
Number of Loans | Loan | 50 | ||
Average Loan Balance | $ 532 | ||
Less: Allowance for loan losses | $ 489 | ||
Percent of Total Loans | 3.00% | ||
Total loans | $ 26,600 | ||
Number of loans outstanding | Loan | 50 | ||
Real Estate [Member] | Commercial Loans [Member] | 1-4 Family Residential [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unallocated allowance for loan losses | $ 362 | ||
Number of Loans | Loan | 156 | ||
Average Loan Balance | $ 126 | ||
Less: Allowance for loan losses | $ 362 | ||
Percent of Total Loans | 2.00% | ||
Total loans | $ 19,658 | ||
Number of loans outstanding | Loan | 156 | ||
Real Estate [Member] | Commercial Loans [Member] | Automobile Dealership [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unallocated allowance for loan losses | $ 277 | ||
Number of Loans | Loan | 8 | ||
Average Loan Balance | $ 1,884 | ||
Less: Allowance for loan losses | $ 277 | ||
Percent of Total Loans | 2.00% | ||
Total loans | $ 15,072 | ||
Number of loans outstanding | Loan | 8 | ||
Real Estate [Member] | Commercial Loans [Member] | Warehouse [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unallocated allowance for loan losses | $ 156 | ||
Number of Loans | Loan | 14 | ||
Average Loan Balance | $ 605 | ||
Less: Allowance for loan losses | $ 156 | ||
Percent of Total Loans | 1.00% | ||
Total loans | $ 8,463 | ||
Number of loans outstanding | Loan | 14 | ||
Real Estate [Member] | Commercial Loans [Member] | Recreation/Golf Course/Marina [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unallocated allowance for loan losses | $ 247 | ||
Number of Loans | Loan | 14 | ||
Average Loan Balance | $ 959 | ||
Less: Allowance for loan losses | $ 247 | ||
Percent of Total Loans | 2.00% | ||
Total loans | $ 13,423 | ||
Number of loans outstanding | Loan | 14 | ||
Real Estate [Member] | Commercial Loans [Member] | Skilled Nursing Facility [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unallocated allowance for loan losses | $ 219 | ||
Number of Loans | Loan | 2 | ||
Average Loan Balance | $ 5,947 | ||
Less: Allowance for loan losses | $ 219 | ||
Percent of Total Loans | 1.00% | ||
Total loans | $ 11,893 | ||
Number of loans outstanding | Loan | 2 | ||
Real Estate [Member] | Commercial Loans [Member] | Manufacturing/Industrial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unallocated allowance for loan losses | $ 116 | ||
Number of Loans | Loan | 17 | ||
Average Loan Balance | $ 370 | ||
Less: Allowance for loan losses | $ 116 | ||
Percent of Total Loans | 1.00% | ||
Total loans | $ 6,296 | ||
Number of loans outstanding | Loan | 17 | ||
Real Estate [Member] | Commercial Loans [Member] | Restaurant [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unallocated allowance for loan losses | $ 117 | ||
Number of Loans | Loan | 24 | ||
Average Loan Balance | $ 264 | ||
Less: Allowance for loan losses | $ 117 | ||
Percent of Total Loans | 1.00% | ||
Total loans | $ 6,339 | ||
Number of loans outstanding | Loan | 24 | ||
Real Estate [Member] | Commercial Loans [Member] | Automobile Repair [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unallocated allowance for loan losses | $ 83 | ||
Number of Loans | Loan | 12 | ||
Average Loan Balance | $ 377 | ||
Less: Allowance for loan losses | $ 83 | ||
Percent of Total Loans | 1.00% | ||
Total loans | $ 4,528 | ||
Number of loans outstanding | Loan | 12 | ||
Real Estate [Member] | Commercial Loans [Member] | Not-For-Profit & Community Service Real Estate [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unallocated allowance for loan losses | $ 62 | ||
Number of Loans | Loan | 3 | ||
Average Loan Balance | $ 1,120 | ||
Less: Allowance for loan losses | $ 62 | ||
Percent of Total Loans | 0.00% | ||
Total loans | $ 3,360 | ||
Number of loans outstanding | Loan | 3 | ||
Real Estate [Member] | Commercial Loans [Member] | Hospitals [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unallocated allowance for loan losses | $ 75 | ||
Number of Loans | Loan | 3 | ||
Average Loan Balance | $ 1,362 | ||
Less: Allowance for loan losses | $ 75 | ||
Percent of Total Loans | 0.00% | ||
Total loans | $ 4,086 | ||
Number of loans outstanding | Loan | 3 | ||
Real Estate [Member] | Commercial Loans [Member] | All Other [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unallocated allowance for loan losses | $ 111 | ||
Number of Loans | Loan | 29 | ||
Average Loan Balance | $ 208 | ||
Less: Allowance for loan losses | $ 111 | ||
Percent of Total Loans | 1.00% | ||
Total loans | $ 6,034 | ||
Number of loans outstanding | Loan | 29 | ||
Real Estate [Member] | Commercial Loans [Member] | Land [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unallocated allowance for loan losses | $ 103 | ||
Number of Loans | Loan | 8 | ||
Average Loan Balance | $ 703 | ||
Less: Allowance for loan losses | $ 103 | ||
Percent of Total Loans | 1.00% | ||
Total loans | $ 5,624 | ||
Number of loans outstanding | Loan | 8 | ||
Real Estate [Member] | Commercial Loans [Member] | Minimum [Member] | Mixed Use [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 28 | ||
Real Estate [Member] | Commercial Loans [Member] | Minimum [Member] | Multi-Family Residential [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 21 | ||
Real Estate [Member] | Commercial Loans [Member] | Minimum [Member] | Hotels and Motels [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 315 | ||
Real Estate [Member] | Commercial Loans [Member] | Minimum [Member] | Office [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 1 | ||
Real Estate [Member] | Commercial Loans [Member] | Minimum [Member] | Retail [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 29 | ||
Real Estate [Member] | Commercial Loans [Member] | Minimum [Member] | 1-4 Family Residential [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 0 | ||
Real Estate [Member] | Commercial Loans [Member] | Minimum [Member] | Automobile Dealership [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 161 | ||
Real Estate [Member] | Commercial Loans [Member] | Minimum [Member] | Warehouse [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 67 | ||
Real Estate [Member] | Commercial Loans [Member] | Minimum [Member] | Recreation/Golf Course/Marina [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 13 | ||
Real Estate [Member] | Commercial Loans [Member] | Minimum [Member] | Skilled Nursing Facility [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 3,800 | ||
Real Estate [Member] | Commercial Loans [Member] | Minimum [Member] | Manufacturing/Industrial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 54 | ||
Real Estate [Member] | Commercial Loans [Member] | Minimum [Member] | Restaurant [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 39 | ||
Real Estate [Member] | Commercial Loans [Member] | Minimum [Member] | Automobile Repair [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 36 | ||
Real Estate [Member] | Commercial Loans [Member] | Minimum [Member] | Not-For-Profit & Community Service Real Estate [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 103 | ||
Real Estate [Member] | Commercial Loans [Member] | Minimum [Member] | Hospitals [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 75 | ||
Real Estate [Member] | Commercial Loans [Member] | Minimum [Member] | All Other [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 14 | ||
Real Estate [Member] | Commercial Loans [Member] | Minimum [Member] | Land [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 63 | ||
Real Estate [Member] | Commercial Loans [Member] | Maximum [Member] | Mixed Use [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 6,185 | ||
Real Estate [Member] | Commercial Loans [Member] | Maximum [Member] | Multi-Family Residential [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 6,209 | ||
Real Estate [Member] | Commercial Loans [Member] | Maximum [Member] | Hotels and Motels [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 11,500 | ||
Real Estate [Member] | Commercial Loans [Member] | Maximum [Member] | Office [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 4,744 | ||
Real Estate [Member] | Commercial Loans [Member] | Maximum [Member] | Retail [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 5,028 | ||
Real Estate [Member] | Commercial Loans [Member] | Maximum [Member] | 1-4 Family Residential [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 1,363 | ||
Real Estate [Member] | Commercial Loans [Member] | Maximum [Member] | Automobile Dealership [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 6,589 | ||
Real Estate [Member] | Commercial Loans [Member] | Maximum [Member] | Warehouse [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 2,599 | ||
Real Estate [Member] | Commercial Loans [Member] | Maximum [Member] | Recreation/Golf Course/Marina [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 3,150 | ||
Real Estate [Member] | Commercial Loans [Member] | Maximum [Member] | Skilled Nursing Facility [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 8,092 | ||
Real Estate [Member] | Commercial Loans [Member] | Maximum [Member] | Manufacturing/Industrial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 1,378 | ||
Real Estate [Member] | Commercial Loans [Member] | Maximum [Member] | Restaurant [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 1,188 | ||
Real Estate [Member] | Commercial Loans [Member] | Maximum [Member] | Automobile Repair [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 2,244 | ||
Real Estate [Member] | Commercial Loans [Member] | Maximum [Member] | Not-For-Profit & Community Service Real Estate [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 1,719 | ||
Real Estate [Member] | Commercial Loans [Member] | Maximum [Member] | Hospitals [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 3,105 | ||
Real Estate [Member] | Commercial Loans [Member] | Maximum [Member] | All Other [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 734 | ||
Real Estate [Member] | Commercial Loans [Member] | Maximum [Member] | Land [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 2,287 | ||
Secured Term Loans [Member] | Commercial and Industrial Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unallocated allowance for loan losses | $ 1,593 | ||
Number of Loans | Loan | 369 | ||
Average Loan Balance | $ 153 | ||
Less: Allowance for loan losses | $ 1,593 | ||
Percent of Total Loans | 7.00% | ||
Total loans | $ 56,437 | ||
Number of loans outstanding | Loan | 369 | ||
Secured Term Loans [Member] | Commercial and Industrial Loans [Member] | Maximum [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 4,485 | ||
Unsecured Term Loans [Member] | Commercial and Industrial Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unallocated allowance for loan losses | $ 358 | ||
Number of Loans | Loan | 105 | ||
Average Loan Balance | $ 121 | ||
Less: Allowance for loan losses | $ 358 | ||
Percent of Total Loans | 2.00% | ||
Total loans | $ 12,698 | ||
Number of loans outstanding | Loan | 105 | ||
Unsecured Term Loans [Member] | Commercial and Industrial Loans [Member] | Maximum [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 920 | ||
Lines of Credit [Member] | Commercial Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 61,884 | $ 49,103 | |
Lines of Credit [Member] | Commercial and Industrial Loans [Member] | Secured Loan [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unallocated allowance for loan losses | $ 1,544 | ||
Number of Loans | Loan | 266 | ||
Average Loan Balance | $ 206 | ||
Less: Allowance for loan losses | $ 1,544 | ||
Percent of Total Loans | 7.00% | ||
Total loans | $ 54,716 | ||
Number of loans outstanding | Loan | 266 | ||
Lines of Credit [Member] | Commercial and Industrial Loans [Member] | Secured Loan [Member] | Maximum [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 4,813 | ||
Lines of Credit [Member] | Commercial and Industrial Loans [Member] | Unsecured Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unallocated allowance for loan losses | $ 202 | ||
Number of Loans | Loan | 146 | ||
Average Loan Balance | $ 49 | ||
Less: Allowance for loan losses | $ 202 | ||
Percent of Total Loans | 90.00% | ||
Total loans | $ 7,168 | ||
Number of loans outstanding | Loan | 146 | ||
Lines of Credit [Member] | Commercial and Industrial Loans [Member] | Unsecured Loans [Member] | Maximum [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 1,600 | ||
Home Equity Lines of Credit [Member] | Consumer Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unallocated allowance for loan losses | $ 774 | ||
Number of Loans | Loan | 902 | ||
Average Loan Balance | $ 35 | ||
Less: Allowance for loan losses | $ 774 | ||
Percent of Total Loans | 4.00% | ||
Total loans | $ 31,738 | ||
Number of loans outstanding | Loan | 902 | ||
Home Equity Lines of Credit [Member] | Consumer Loans [Member] | Maximum [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 504 | ||
Automobile Loans [Member] | Consumer Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unallocated allowance for loan losses | $ 219 | ||
Number of Loans | Loan | 1,337 | ||
Average Loan Balance | $ 14 | ||
Less: Allowance for loan losses | $ 219 | ||
Percent of Total Loans | 2.00% | ||
Total loans | $ 18,629 | ||
Number of loans outstanding | Loan | 1,337 | ||
Automobile Loans [Member] | Consumer Loans [Member] | Minimum [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 0 | ||
Automobile Loans [Member] | Consumer Loans [Member] | Maximum [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | 436 | ||
All Others [Member] | Consumer Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unallocated allowance for loan losses | $ 24 | ||
Number of Loans | Loan | 745 | ||
Average Loan Balance | $ 3 | ||
Less: Allowance for loan losses | $ 24 | ||
Percent of Total Loans | 0.00% | ||
Total loans | $ 1,999 | ||
Number of loans outstanding | Loan | 745 | ||
All Others [Member] | Consumer Loans [Member] | Maximum [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total loans | $ 57 | ||
Collateral [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Net deferred loan fees | (1,280) | ||
Unallocated allowance for loan losses | 12,935 | ||
Total Loans | $ 819,524 | ||
Number of Loans | Loan | 12,786 | ||
Average Loan Balance | $ 64 | ||
Less: Allowance for loan losses | $ 12,935 | ||
Percent of Total Loans | 100.00% | ||
Number of loans outstanding | Loan | 12,786 | ||
Collateral [Member] | Unallocated [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Allowance for loan losses, Balance | $ (12,935) | ||
Unallocated allowance for loan losses | 983 | ||
Less: Allowance for loan losses | $ 983 | ||
[1] | The ending balance of the loans receivable for the unallocated portion of the allowance includes loans held-for-sale. At December 31, 2021, the Bank had loans held-for-sale with a principal balance of $513,000. These loans were still part of the portfolio as of December 31, 2021. Based on ASC 948, Mortgage Banking, loans shall be classified as held-for-sale once a decision has been made to sell the loans and shall be transferred to the held-for-sale category at lower of cost or fair value. |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - $ / shares | Mar. 25, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Subsequent Events [Abstract] | |||
Dividends per common share (Voting and Series A Non-Voting) | $ 0.09 | $ 0.28 | $ 0.24 |
Dividends per preferred share | 0.09 | $ 0.07 | $ 0.24 |
Cash dividend declared on warrant | $ 0.09 | ||
Cash dividend payable date | May 6, 2022 | ||
Cash dividend record date | Apr. 22, 2022 |