Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 13, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | PATHFINDER BANCORP, INC. | |
Entity Central Index Key | 0001609065 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity File Number | 001-36695 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 38-3941859 | |
Entity Address, Address Line One | 214 West First Street | |
Entity Address, City or Town | Oswego | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 13126 | |
City Area Code | 315 | |
Local Phone Number | 343-0057 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of each class | Common Stock, $0.01 par value | |
Trading Symbol | PBHC | |
Name of each exchange on which registered | NASDAQ | |
Voting Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock Shares Outstanding | 4,603,184 | |
Series A Nonvoting Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock Shares Outstanding | 1,380,283 |
Consolidated Statements of Cond
Consolidated Statements of Condition (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
ASSETS: | ||
Cash and due from banks (including restricted balances of $1,600 and $1,600, respectively) | $ 13,734 | $ 13,856 |
Interest-earning deposits | 23,450 | 23,293 |
Total cash and cash equivalents | 37,184 | 37,149 |
Available-for-sale securities, at fair value | 198,130 | 190,598 |
Held-to-maturity securities, at amortized cost (fair value of $164,791 and $162,805, respectively) | 167,997 | 160,923 |
Marketable equity securities, at fair value | 1,230 | 677 |
Federal Home Loan Bank stock, at cost | 3,533 | 4,189 |
Loans | 854,922 | 831,946 |
Loans held-for-sale | 679 | 513 |
Less: Allowance for loan losses | 13,017 | 12,935 |
Loans receivable, net | 842,584 | 819,524 |
Premises and equipment, net | 21,910 | 21,659 |
Operating lease right-of-use assets | 2,102 | 2,136 |
Accrued interest receivable | 4,740 | 4,520 |
Intangible assets, net | 112 | 117 |
Goodwill | 4,536 | 4,536 |
Bank owned life insurance | 23,585 | 23,423 |
Other assets | 20,773 | 15,726 |
Total assets | 1,328,416 | 1,285,177 |
Deposits: | ||
Interest-bearing | 909,345 | 863,488 |
Noninterest-bearing | 204,732 | 191,858 |
Total deposits | 1,114,077 | 1,055,346 |
Short-term borrowings | 2,500 | 12,500 |
Long-term borrowings | 60,021 | 64,598 |
Subordinated loans | 29,604 | 29,563 |
Accrued interest payable | 122 | 106 |
Operating lease liabilities | 2,409 | 2,440 |
Other liabilities | 10,237 | 9,991 |
Total liabilities | 1,218,970 | 1,174,544 |
Shareholders' equity: | ||
Additional paid in capital | 51,151 | 51,044 |
Retained earnings | 63,352 | 60,946 |
Accumulated other comprehensive loss | (5,058) | (1,268) |
Unearned ESOP | (450) | (495) |
Total Pathfinder Bancorp, Inc. shareholders' equity | 109,055 | 110,287 |
Noncontrolling interest | 391 | 346 |
Total equity | 109,446 | 110,633 |
Total liabilities and shareholders' equity | 1,328,416 | 1,285,177 |
Voting Common Stock [Member] | ||
Shareholders' equity: | ||
Common stock | 46 | 46 |
Non-Voting Common Stock [Member] | ||
Shareholders' equity: | ||
Common stock | $ 14 | $ 14 |
Consolidated Statements of Co_2
Consolidated Statements of Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
ASSETS: | ||
Cash and due from banks including restricted cash | $ 1,600 | $ 1,600 |
Held-to-maturity securities at fair value | $ 164,791 | $ 162,805 |
Voting Common Stock [Member] | ||
Shareholders' equity: | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Common stock, shares issued (in shares) | 4,603,184 | 4,603,184 |
Common stock, shares outstanding (in shares) | 4,603,184 | 4,603,184 |
Non-Voting Common Stock [Member] | ||
Shareholders' equity: | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,505,283 | 1,505,283 |
Common stock, shares issued (in shares) | 1,380,283 | 1,380,283 |
Common stock, shares outstanding (in shares) | 1,380,283 | 1,380,283 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest and dividend income: | ||
Loans, including fees | $ 8,692,000 | $ 8,847,000 |
Debt securities: | ||
Taxable | 2,120,000 | 1,976,000 |
Tax-exempt | 118,000 | 29,000 |
Dividends | 48,000 | 87,000 |
Federal funds sold and interest earning deposits | 4,000 | 3,000 |
Total interest and dividend income | 10,982,000 | 10,942,000 |
Interest expense: | ||
Interest on deposits | 965,000 | 1,527,000 |
Interest on short-term borrowings | 5,000 | 3,000 |
Interest on long-term borrowings | 133,000 | 295,000 |
Interest on subordinated loans | 412,000 | 557,000 |
Total interest expense | 1,515,000 | 2,382,000 |
Net interest income | 9,467,000 | 8,560,000 |
Provision for loan losses | 102,000 | 1,028,000 |
Net interest income after provision for loan losses | 9,365,000 | 7,532,000 |
Noninterest income: | ||
Earnings and gain on bank owned life insurance | 162,000 | 125,000 |
Net losses on sales and redemptions of investment securities | (6,000) | |
Gains on marketable equity securities | 68,000 | 234,000 |
Net gains on sales of loans and foreclosed real estate | 63,000 | 120,000 |
Net gains on sale of premises and equipment | 201,000 | |
Insurance agency revenue | 299,000 | 280,000 |
Total noninterest income | 1,603,000 | 1,845,000 |
Noninterest expense: | ||
Salaries and employee benefits | 4,049,000 | 3,341,000 |
Building and occupancy | 826,000 | 793,000 |
Data processing | 550,000 | 676,000 |
Professional and other services | 393,000 | 417,000 |
Advertising | 187,000 | 246,000 |
FDIC assessments | 222,000 | 198,000 |
Audits and exams | 141,000 | 202,000 |
Insurance agency expense | 204,000 | 206,000 |
Community service activities | 62,000 | 88,000 |
Foreclosed real estate expenses | 13,000 | 6,000 |
Other expenses | 605,000 | 463,000 |
Total noninterest expense | 7,252,000 | 6,636,000 |
Income before income taxes | 3,716,000 | 2,741,000 |
Provision for income taxes | 721,000 | 549,000 |
Net income attributable to noncontrolling interest and Pathfinder Bancorp, Inc. | 2,995,000 | 2,192,000 |
Net income attributable to noncontrolling interest | 45,000 | 38,000 |
Net income attributable to Pathfinder Bancorp Inc. | $ 2,950,000 | $ 2,154,000 |
Dividends per common share (Voting and Series A Non-Voting) | $ 0.09 | $ 0.07 |
Voting Common Stock [Member] | ||
Noninterest expense: | ||
Earnings per common share- basic | 0.49 | 0.36 |
Earnings per common share - diluted | 0.49 | 0.36 |
Dividends per common share (Voting and Series A Non-Voting) | 409 | |
Series A Non voting [Member] | ||
Noninterest expense: | ||
Earnings per common share- basic | 0.49 | |
Earnings per common share - diluted | 0.49 | |
Voting and Series A Non-Voting [Member] | ||
Noninterest expense: | ||
Dividends per common share (Voting and Series A Non-Voting) | $ 0.09 | $ 0.07 |
Service Charges on Deposit Accounts [Member] | ||
Noninterest income: | ||
Noninterest income | $ 259,000 | $ 331,000 |
Loan Servicing Fees [Member] | ||
Noninterest income: | ||
Noninterest income | 117,000 | 90,000 |
Debit Card Interchange Fees [Member] | ||
Noninterest income: | ||
Noninterest income | 228,000 | 221,000 |
Other Charges, Commissions & Fees [Member] | ||
Noninterest income: | ||
Noninterest income | $ 413,000 | $ 243,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||
Net Income | $ 2,995 | $ 2,192 |
Retirement Plans: | ||
Retirement plan net losses recognized in plan expenses | 1 | 26 |
Unrealized holding (losses) gains on available-for-sale securities: | ||
Unrealized holding (losses) gains arising during the period | (5,782) | 366 |
Net unrealized (losses) gains on available-for-sale securities | (5,782) | 366 |
Derivatives and hedging activities: | ||
Unrealized holding gains arising during the period | 650 | 234 |
Net unrealized gains on derivatives and hedging activities | 650 | 234 |
Accretion of net unrealized loss on securities transferred to held-to-maturity | 7 | |
Other comprehensive (loss) income, before tax | (5,131) | 633 |
Tax effect | 1,341 | (165) |
Other comprehensive (loss) income, net of tax | (3,790) | 468 |
Comprehensive (loss) income | (795) | 2,660 |
Comprehensive income, attributable to noncontrolling interest | 45 | 38 |
Comprehensive (loss) income attributable to Pathfinder Bancorp, Inc. | (840) | 2,622 |
Tax Effect Allocated to Each Component of Other Comprehensive Income (Loss) | ||
Retirement plan net losses recognized in plan expenses | (7) | |
Unrealized holding gains (losses) on available-for-sale securities arising during the period | 1,511 | (95) |
Unrealized gains on derivatives and hedging arising during the period | (170) | (61) |
Accretion of net unrealized loss on securities transferred to held-to-maturity | (2) | |
Income tax effect related to other comprehensive income (loss) | $ 1,341 | $ (165) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Unearned ESOP [Member] | Non-controlling Interest [Member] | Non-Voting Common Stock [Member]Common Stock [Member] |
Balance at Dec. 31, 2020 | $ 97,722 | $ 14 | $ 45 | $ 50,024 | $ 50,284 | $ (2,236) | $ (675) | $ 266 | |
Net income | 2,192 | 2,154 | 38 | ||||||
Other comprehensive income, net of tax | 468 | 468 | |||||||
ESOP shares earned | 82 | 37 | 45 | ||||||
Stock based compensation | 93 | 93 | |||||||
Stock options exercised | 104 | 104 | |||||||
Common stock dividends declared | (312) | (312) | |||||||
Preferred stock dividends declared | (97) | (97) | |||||||
Warrant dividends declared | (9) | (9) | |||||||
Balance at Mar. 31, 2021 | 100,243 | $ 14 | 45 | 50,258 | 52,020 | (1,768) | (630) | 304 | |
Balance at Dec. 31, 2021 | 110,633 | 46 | 51,044 | 60,946 | (1,268) | (495) | 346 | $ 14 | |
Net income | 2,995 | 2,950 | 45 | ||||||
Other comprehensive income, net of tax | (3,790) | (3,790) | |||||||
ESOP shares earned | 108 | 63 | 45 | ||||||
Stock based compensation | 44 | 44 | |||||||
Common stock dividends declared | (409) | (409) | |||||||
Non-Voting common stock dividends declared ($0.09 per share) | (124) | (124) | |||||||
Warrant dividends declared | (11) | (11) | |||||||
Balance at Mar. 31, 2022 | $ 109,446 | $ 46 | $ 51,151 | $ 63,352 | $ (5,058) | $ (450) | $ 391 | $ 14 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement Of Stockholders Equity [Abstract] | ||
ESOP shares earned (in shares) | 6,111 | 6,111 |
Dividends per common share (Voting and Series A Non-Voting) | $ 0.09 | $ 0.07 |
Dividends per non voting common share | 0.09 | |
Dividends per preferred share | 0.07 | |
Dividends per warrant | $ 0.09 | $ 0.07 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
OPERATING ACTIVITIES | ||
Net income attributable to Pathfinder Bancorp, Inc. | $ 2,950,000 | $ 2,154,000 |
Adjustments to reconcile net income to net cash flows from operating activities: | ||
Provision for loan losses | 102,000 | 1,028,000 |
Amortization of operating leases | 3,000 | 4,000 |
Proceeds from sales of loans | 2,782,000 | 2,840,000 |
Originations of loans held-for-sale | (2,885,000) | (1,631,000) |
Realized losses (gains) on sales, redemptions and calls of: | ||
Loans | (63,000) | (120,000) |
Available-for-sale investment securities | 6,000 | 0 |
Marketable equity securities | (68,000) | (234,000) |
Depreciation | 384,000 | 453,000 |
Amortization of mortgage servicing rights | (5,000) | (7,000) |
Amortization of deferred loan costs | 188,000 | 328,000 |
Amortization of deferred financing from subordinated debt | 41,000 | 43,000 |
Earnings on bank owned life insurance | (162,000) | (125,000) |
Net amortization of premiums and discounts on investment securities | 702,000 | 430,000 |
Amortization of intangible assets | 5,000 | 4,000 |
Stock based compensation and ESOP expense | 152,000 | 175,000 |
Net change in accrued interest receivable | (220,000) | (169,000) |
Net change in other assets and liabilities | 189,000 | (1,699,000) |
Net cash flows from operating activities | 4,101,000 | 3,474,000 |
INVESTING ACTIVITIES | ||
Purchase of investment securities available-for-sale | (21,026,000) | (52,064,000) |
Purchase of investment securities held-to-maturity | (13,957,000) | (9,131,000) |
Purchase of Federal Home Loan Bank stock | (29,000) | (903,000) |
Proceeds from redemption of Federal Home Loan Bank stock | 685,000 | 702,000 |
Purchase of marketable securities | (504,000) | 0 |
Proceeds from maturities and principal reductions of investment securities available-for-sale | 4,174,000 | 19,671,000 |
Proceeds from maturities and principal reductions of investment securities held-to-maturity | 6,736,000 | 13,605,000 |
Proceeds from sales, redemptions and calls of: | ||
Available-for-sale investment securities | 0 | 500,000 |
Held-to-maturity investment securities | 50,000 | 1,051,000 |
Marketable equity securities | 19,000 | 0 |
Purchase of bank owned life insurance | 0 | (5,000,000) |
Net change in loans | (23,350,000) | (40,252,000) |
Purchase of premises and equipment | (635,000) | (411,000) |
Proceeds from sale of premises and equipment | 0 | 231,000 |
Net cash outflows from investing activities | (47,837,000) | (72,001,000) |
FINANCING ACTIVITIES | ||
Net change in demand deposits, NOW accounts, savings accounts, money management deposit accounts, MMDA accounts and escrow deposits | 54,191,000 | 73,422,000 |
Net change in time deposits | 4,616,000 | 5,414,000 |
Net change in brokered deposits | (76,000) | (5,835,000) |
Net change in short-term borrowings | (10,000,000) | 0 |
Payments on long-term borrowings | (5,227,000) | 0 |
Proceeds from long-term borrowings | 650,000 | 4,450,000 |
Proceeds from exercise of stock options | 0 | 104,000 |
Cash dividends paid to common voting shareholders | (322,000) | (271,000) |
Cash dividends paid to common non-voting shareholders | (97,000) | 0 |
Cash dividends paid to preferred shareholders | 0 | (83,000) |
Cash dividends paid on warrants | (9,000) | (8,000) |
Change in noncontrolling interest, net | 45,000 | 38,000 |
Net cash flows from financing activities | 43,771,000 | 77,232,000 |
Change in cash and cash equivalents | 35,000 | 8,705,000 |
Cash and cash equivalents at beginning of period | 37,149,000 | 43,464,000 |
Cash and cash equivalents at end of period | 37,184,000 | 52,169,000 |
CASH PAID DURING THE PERIOD FOR: | ||
Interest | 1,499,000 | 2,383,000 |
Income taxes | 0 | 5,000 |
RESTRICTED CASH | ||
Collateral deposits for hedge position included in cash and due from banks | $ 1,600,000 | $ 1,600,000 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | Note 1: Basis of Presentation The accompanying unaudited consolidated financial statements of Pathfinder Bancorp, Inc., (the “Company”), Pathfinder Bank (the “Bank”) and its other wholly owned subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information, the instructions for Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes necessary for a complete presentation of consolidated financial condition, results of operations and cash flows in conformity with generally accepted accounting principles. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair presentation, have been included. Certain amounts in the 2021 consolidated financial statements may have been reclassified to conform to the current period presentation. These reclassifications had no effect on net income or comprehensive income as previously reported. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2022 or any other interim period. The Company's consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States and follow practices within the banking industry. Application of these principles requires management to make estimates, assumptions, and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates, assumptions, and judgments are based on information available as of the date of the financial statements; accordingly, as this information changes, the financial statements could reflect different estimates, assumptions, and judgments. Certain accounting policies inherently have a greater reliance on the use of estimates, assumptions, and judgments and as such have a greater possibility of producing results that could be materially different than originally reported. Estimates, assumptions, and judgments are necessary when assets and liabilities are required to be recorded at fair value or when an asset or liability needs to be recorded contingent upon a future event. Carrying assets and liabilities at fair value inherently results in more financial statement volatility. The fair values and information used to record valuation adjustments for certain assets and liabilities are based on quoted market prices or are provided by unaffiliated third-party sources, when available. When third party information is not available, valuation adjustments are estimated in good faith by management. Although the Company owns, through its subsidiary Pathfinder Risk Management Company, Inc., 51% of the membership interest in FitzGibbons Agency, LLC (“Agency”), the Company is required to consolidate 100% of the Agency within the consolidated financial statements. The 49% of which the Company does not own is accounted for separately as noncontrolling interests within the consolidated financial statements. |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2022 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
New Accounting Pronouncements | Note 2: New Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) and, to a lesser extent, other authoritative rulemaking bodies promulgate generally accepted accounting principles (“GAAP”) to regulate the standards of accounting in the United States. From time to time, the FASB issues new GAAP standards, known as Accounting Standards Updates (“ASUs”) some of which, upon adoption, may have the potential to change the way in which the Company recognizes or reports within its consolidated financial statements. The following table provides a description of the accounting standards that are not currently effective, but could have an impact on the Company's consolidated financial statements upon adoption. Standards Adopted as of March 31, 2022 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 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 had no 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. Standards Not Yet Adopted as of March 31, 2022 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 new guidance to determine what modifications to existing credit estimation processes may be required. The new guidance is complex and management is evaluating 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 of adoption. 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 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. Standard Description Required Date of Implementation Effect on Consolidated Financial Statements Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method (ASU 2022-01) Under current guidance, the last-of-layer method enables an entity to apply fair value hedging to a stated amount of a closed portfolio of prepayable financial assets (or one or more beneficial interests secured by a portfolio of prepayable financial instruments) without having to consider prepayment risk or credit risk when measuring those assets. ASU 2022-01 expands the scope of this guidance to allow entities to apply the portfolio layer method to portfolios of all financial assets, including both prepayable and nonprepayable financial assets. This scope expansion is consistent with the FASB’s efforts to simplify hedge accounting and allows entities to apply the same method to similar hedging strategies. ASU 2022-01 expands and clarifies the current guidance on accounting for fair value hedge basis adjustments under the portfolio layer method for both single-layer and multiple-layer hedges. An entity should adjust the basis of the hedged item for the change in fair value that is attributable to changes in the hedged risk (i.e., interest rate risk) as of each reporting date. However, the hedged item (i.e., the hedged layer) in a portfolio layer method hedge is related to multiple assets within a closed portfolio, but it is not necessarily related to all of the assets within that portfolio. Accordingly, ASU 2022-01 clarifies that an entity would adjust the basis at the portfolio level and should not allocate it to individual assets within the portfolio. The ASU does not change an entity’s current requirement to allocate the portfolio-level basis adjustment to the individual assets within a closed portfolio upon a dedesignation of a hedging relationship. The entity must, however, 1. recognize the reversal of all basis adjustments associated with a breach in interest income and, 2. disclose the specific amount and cause of the breach. Companies are allowed to reclassify debt securities from held-to-maturity to available-for-sale upon adoption of the rules but only if they intend to apply portfolio layer method hedging to a closed portfolio that includes those debt securities. The decision of which securities to reclassify must be made within 30 days after the date of adoption, and the securities must be included in a closed portfolio that is designated in a portfolio layer method hedge within that 30-day period. For public business entities, fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. For all other entities, fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The guidance may be early adopted if an entity has adopted ASU 2017-12 for the corresponding period. 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. Standard Description Required Date of Implementation Effect on Consolidated Financial Statements Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures ASU 2022-02 ASU 2022-02 supersedes the accounting guidance for TDRs for creditors in ASC 310-40 in its entirety and requires entities to evaluate all receivable modifications under ASC 310-20-35-9 through 35-11 to determine whether a modification made to a borrower results in a new loan or a continuation of the existing loan. The ASU also amends other subtopics to remove references to TDRs for creditors. In addition to the elimination of TDR guidance, an entity that has adopted ASU 2022-02 no longer considers renewals, modifications, and extensions that result from reasonably expected TDRs in their calculation of the allowance for credit losses in accordance with ASC 326-20. Due to the removal of the TDR accounting model, all loan modifications will be accounted for under the general loan modification guidance in Subtopic 310-20. On a prospective basis, entities will be subject to new disclosure requirements covering modifications of receivables to borrowers experiencing financial difficulty. Public entities within the scope of Topic 326 vintage disclosure requirements also will be required to prospectively disclose current-period gross write-off information by vintage, or year of origination. In lieu of the TDR accounting model, creditors now will apply the general loan modification guidance in Subtopic 310-20 to all loan modifications, including modifications made for borrowers experiencing financial difficulty. Under the general loan modification guidance, a modification is treated as a new loan only if the following two conditions are met: 1. The terms of the new loan are at least as favorable to the lender as the terms for comparable loans to other customers with similar collection risks. 2. Modifications to the terms of the original loan are more than minor. If either condition is not met, the modification is accounted for as the continuation of the old loan with any effect of the modification treated as a prospective adjustment to the loan’s effective interest rate. Whether a modification is a new loan or the continuation of the original loan will determine whether net deferred fees or costs from the original loan are recognized in earnings (new loan) or continue to be accreted or amortized (continuation of original loan). For entities that have adopted the amendments in ASU 2016-13, the amendments in ASU 2022-02 are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. For entities that have not yet adopted the amendments in ASU 2016-13, the effective dates for the amendments in ASU 2022-02 are the same as the effective dates in ASU 2016-13. The amendments in ASU 2022-02 should be applied prospectively, except as provided in the next sentence. For the transition method related to the recognition and measurement of TDRs, an entity has the option to apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. Early adoption of the amendments in ASU 2022-02 is permitted if an entity has adopted the amendments in ASU 2016-13, including adoption in an interim period. If an entity elects to early adopt the amendments in ASU 2022-02 in an interim period, the guidance should be applied as of the beginning of the fiscal year that includes the interim period. The Company is assessing the new guidance to determine what modifications to existing TDRs may be required. The new guidance is being evaluated as part of the CECL methodology and will be considered in conjunction with the preliminary output from CECL models that have been developed during this evaluative phase. 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. |
Earnings per Common Share
Earnings per Common Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Note 3: Earnings per Common Share Following shareholder approval received on June 4, 2021, the Company converted 1,380,283 shares of its Series B Convertible Perpetual Preferred Stock to an equal number of shares of its newly-created Series A Non-Voting Common Stock. The conversion, which was effective on June 28, 2021, represented 100% of the Company's Convertible Perpetual Preferred Stock outstanding at the time of the conversion and retired the Convertible Perpetual Preferred Stock in perpetuity. The Company has voting common stock, non-voting common stock and a warrant that are all eligible to participate in dividends equal to the voting common stock dividends on a per share basis. Securities that participate in dividends, such as the Company’s non-voting common stock and warrant, are considered “participating securities”. The Company calculates net income available to voting common shareholders using the two-class method required for capital structures that include participating securities. In applying the two-class method, basic net income per share was calculated by dividing net income (less any dividends on participating securities) by the weighted average number of shares of voting common stock and participating securities outstanding for the period. Diluted earnings per share may include the additional effect of other securities, if dilutive, in which case the dilutive effect of such securities is calculated by applying either the two-class method or the Treasury Stock method to the assumed exercise or vesting of potentially dilutive common shares. The method yielding the more dilutive result is ultimately reported for the applicable period. Potentially dilutive common stock equivalents primarily consist of employee stock options and restricted stock units. Unallocated common shares held by the ESOP are not included in the weighted average number of common shares outstanding for purposes of calculating earnings per common share until they are committed to be released to plan participants. Anti-dilutive shares are common stock equivalents with average exercise prices in excess of the weighted average market price for the period presented. Anti-dilutive stock options, not included in the computation below, were -0- for the three months ended March 31, 2022 and March 31, 2021. The following table sets forth the calculation of basic and diluted earnings per share. Three months ended March 31, (In thousands, except share and per share data) 2022 2021 Net income attributable to Pathfinder Bancorp, Inc. $ 2,950 $ 2,154 Convertible preferred stock dividends - 97 Series A Non-Voting Common Stock dividends 124 - Warrant dividends 11 9 Undistributed earnings allocated to participating securities 600 439 Net income available to common shareholders- Voting $ 2,215 $ 1,666 Net income attributable to Pathfinder Bancorp, Inc. $ 2,950 $ - Voting Common Stock dividends 409 - Warrant dividends 11 - Undistributed earnings allocated to participating securities 1,857 - Net income available to common shareholders- Series A Non-Voting $ 673 $ - Basic weighted average common shares outstanding- Voting 4,535,967 4,442,231 Basic weighted average common shares outstanding- Series A Non-Voting 1,380,283 - Diluted weighted average common shares outstanding- Voting 4,535,967 4,442,231 Diluted weighted average common shares outstanding- Series A Non-Voting 1,380,283 - Basic earnings per common share- Voting $ 0.49 $ 0.36 Basic earnings per common share- Series A Non-Voting $ 0.49 $ - Diluted earnings per common share- Voting $ 0.49 $ 0.36 Diluted earnings per common share- Series A Non-Voting $ 0.49 $ - |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | Note 4: Investment Securities The amortized cost and estimated fair value of investment securities are summarized as follows: March 31, 2022 Gross Gross Estimated Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value Available-for-Sale Portfolio Debt investment securities: US Treasury, agencies and GSEs $ 31,624 $ 15 $ (1,617 ) $ 30,022 State and political subdivisions 43,117 887 (1,133 ) 42,871 Corporate 14,591 579 (144 ) 15,026 Asset backed securities 15,837 - (300 ) 15,537 Residential mortgage-backed - US agency 23,087 36 (1,083 ) 22,040 Collateralized mortgage obligations - US agency 11,881 - (766 ) 11,115 Collateralized mortgage obligations - Private label 62,991 20 (1,698 ) 61,313 Total 203,128 1,537 (6,741 ) 197,924 Equity investment securities: Common stock - financial services industry 206 - - 206 Total 206 - - 206 Total available-for-sale $ 203,334 $ 1,537 $ (6,741 ) $ 198,130 Held-to-Maturity Portfolio Debt investment securities: US Treasury, agencies and GSEs $ - $ - $ - $ - State and political subdivisions 14,735 25 (928 ) 13,832 Corporate 47,304 291 (524 ) 47,071 Asset backed securities 13,759 - (359 ) 13,400 Residential mortgage-backed - US agency 9,514 77 (227 ) 9,364 Collateralized mortgage obligations - US agency 14,093 57 (255 ) 13,895 Collateralized mortgage obligations - Private label 68,592 - (1,363 ) 67,229 Total held-to-maturity $ 167,997 $ 450 $ (3,656 ) $ 164,791 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 The amortized cost and estimated fair value of debt investments at March 31, 2022 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties. Available-for-Sale Held-to-Maturity Amortized Estimated Amortized Estimated (In thousands) Cost Fair Value Cost Fair Value Due in one year or less $ 5,883 $ 6,437 $ 2,821 $ 2,839 Due after one year through five years 6,153 6,117 9,843 9,932 Due after five years through ten years 33,839 32,156 43,247 42,736 Due after ten years 59,294 58,746 19,887 18,796 Sub-total 105,169 103,456 75,798 74,303 Residential mortgage-backed - US agency 23,087 22,040 9,514 9,364 Collateralized mortgage obligations - US agency 11,881 11,115 14,093 13,895 Collateralized mortgage obligations - Private label 62,991 61,313 68,592 67,229 Totals $ 203,128 $ 197,924 $ 167,997 $ 164,791 The Company’s investment securities’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows: March 31, 2022 Less than Twelve Months Twelve Months or More Total Number of Number of Number of Individual Unrealized Fair Individual Unrealized Fair Individual Unrealized Fair (Dollars in thousands) Securities Losses Value Securities Losses Value Securities Losses Value Available-for-Sale Portfolio US Treasury, agencies and GSE's 3 $ (1,617 ) $ 29,017 - $ - $ - 3 $ (1,617 ) $ 29,017 State and political subdivisions 15 (983 ) 18,445 1 (150 ) 2,155 16 (1,133 ) 20,600 Corporate 4 (49 ) 3,212 1 (95 ) 660 5 (144 ) 3,872 Asset backed securities 9 (300 ) 15,380 - - - 9 (300 ) 15,380 Residential mortgage-backed - US agency 12 (1,083 ) 19,407 - - - 12 (1,083 ) 19,407 Collateralized mortgage obligations - US agency 11 (255 ) 6,323 3 (511 ) 4,455 14 (766 ) 10,778 Collateralized mortgage obligations - Private label 26 (1,682 ) 51,149 2 (16 ) 1,533 28 (1,698 ) 52,682 Totals 80 $ (5,969 ) $ 142,933 7 $ (772 ) $ 8,803 87 $ (6,741 ) $ 151,736 Held-to-Maturity Portfolio State and political subdivisions 9 $ (421 ) $ 7,898 2 $ (507 ) $ 3,590 11 $ (928 ) $ 11,488 Corporate 20 (481 ) 18,325 1 (43 ) 707 21 (524 ) 19,032 Asset backed securities 6 (347 ) 7,201 1 (12 ) 1,403 7 (359 ) 8,604 Residential mortgage-backed - US agency 6 (227 ) 5,744 - - - 6 (227 ) 5,744 Collateralized mortgage obligations - US agency 5 (244 ) 8,393 1 (11 ) 1,029 6 (255 ) 9,422 Collateralized mortgage obligations - Private label 26 (1,110 ) 41,634 2 (253 ) 3,494 28 (1,363 ) 45,128 Totals 72 $ (2,830 ) $ 89,195 7 $ (826 ) $ 10,223 79 $ (3,656 ) $ 99,418 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 Excluding the effects of changes in the characteristics of individual debt securities that potentially give rise to other-than-temporary impairment (“OTTI”), as described below, the fair market value of a debt security as of a particular measurement date is highly dependent upon prevailing market and economic environmental factors at the measurement date relative to the prevailing market and economic environmental factors present at the time the debt security was acquired. The most significant market and environmental factors include, but are not limited to (1) the general level of interest rates, (2) the relationship between shorter-term interest rates and longer-term interest rates (referred to as the “slope” of the interest rate yield curve), (3) general bond market liquidity, (4) the recent and expected near-term volume of new issuances of similar debt securities, and (5) changes in the market values of individual loan collateral underlying mortgage-backed debt securities. Changes in interest rates affect the fair market values of debt securities by influencing the discount rate applied to the securities’ future expected cash flows. The higher the discount rate, the lower the resultant security price. Conversely, the lower the discount rate, the higher the resultant security price. In addition, the cumulative amount and timing of undiscounted cash flows of debt securities may be also affected by changes in interest rates. For any given level of movement in the general market and economic environmental factors described above, the magnitude of any particular debt security’s price changes will also depend heavily upon security-specific factors such as (1) the duration of the security, (2) imbedded optionality contractually granted to the issuer of the security with respect to principal prepayments, and (3) changes in the level of market premiums demanded by investors for securities with imbedded credit risk (where applicable). The Company conducts a formal review of investment securities on a quarterly basis for the presence of OTTI. The Company assesses whether OTTI is present when the fair value of a debt security is less than its amortized cost basis at the statement of condition date. Under these circumstances, OTTI is considered to have occurred (1) if we intend to sell the security; (2) if it is “more likely than not” we will be required to sell the security before recovery of its amortized cost basis; or (3) the present value of expected cash flows is not anticipated to be sufficient to recover the entire amortized cost basis. The guidance requires that credit-related OTTI is recognized in earnings while non-credit-related OTTI on securities not expected to be sold is recognized in other comprehensive income (“OCI”). Non-credit-related OTTI is based on other factors, including illiquidity and changes in the general interest rate environment. Presentation of OTTI is made in the consolidated statement of income on a gross basis, including both the portion recognized in earnings as well as the portion recorded in OCI. The gross OTTI would then be offset by the amount of non-credit-related OTTI, showing the net as the impact on earnings. Management does not believe any individual unrealized loss in investment securities within the portfolio as of March 31, 2022 represents OTTI. There were a total of seven securities classified as available-for-sale (aggregate amortized historical cost of $9.6 million, unrealized aggregate loss of $772,000, or -8.1%) and seven securities classified as held-to-maturity (aggregate amortized historical cost of $11.0 million, unrealized aggregate loss of $826,000, or -7.5%) that were in an unrealized loss position for 12 months or longer at March 31, 2022. 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 14 securities in an unrealized loss position for 12 months or more at March 31, 2022, four securities, with aggregate amortized cost balances of $6.0 million and representing 29.1% 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 increases in general interest rates. In addition to these four 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 March 31, 2022: • One • One Therefore, no credit-related OTTI is deemed to be present. • Two • Two • One • One • Two 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. Gross realized gains (losses) on sales For the three months ended March 31, (In thousands) 2022 2021 Realized gains on investments $ - $ 7 Realized losses on investments (6 ) (7 ) $ (6 ) $ - As of March 31, 2022 and December 31, 2021, securities with a fair value of $154.0 million and $103.2 million, respectively, were pledged to collateralize certain municipal deposit relationships. As of the same dates, securities with a fair value of $8.9 million and $9.4 million, respectively, were pledged against certain borrowing arrangements. Management has reviewed its loan and mortgage-backed securities portfolios and determined that, to the best of its knowledge, only minimal exposure exists to sub-prime or other high-risk residential mortgages. With limited exceptions in the Company’s investment portfolio involving the most senior tranches of securitized bonds, the Company is not in the practice of investing in, or originating, these types of investments or loans. |
Pension and Postretirement Bene
Pension and Postretirement Benefits | 3 Months Ended |
Mar. 31, 2022 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension and Postretirement Benefits | Note 5: Pension and Postretirement Benefits The Company has a noncontributory defined benefit pension plan covering most employees. The plan provides defined benefits based on years of service and final average salary. On May 14, 2012, the Company informed its employees of its decision to freeze participation and benefit accruals under the plan, primarily to reduce some of the volatility in earnings that can accompany the maintenance of a defined benefit plan. The plan was frozen on June 30, 2012. Compensation earned by employees up to June 30, 2012 is used for purposes of calculating benefits under the plan but there are no future benefit accruals after this date. Participants as of June 30, 2012 will continue to earn vesting credit with respect to their frozen accrued benefits as they continue to work. In addition, the Company provides certain health and life insurance benefits for a limited number of eligible retired employees. The healthcare plan is contributory with participants’ contributions adjusted annually; the life insurance plan is noncontributory. Employees with less than 14 years of service as of January 1, 1995, are not eligible for the health and life insurance retirement benefits. The composition of net periodic pension plan and postretirement plan costs for the indicated periods is as follows: Pension Benefits Postretirement Benefits For the three months ended March 31, (In thousands) 2022 2021 2022 2021 Service cost $ - $ - $ - $ - Interest cost 116 110 3 3 Expected return on plan assets (267 ) (286 ) - - Amortization of prior service credits - - (1 ) (1 ) Amortization of net losses - 25 1 2 Net periodic benefit plan (benefit) cost $ (151 ) $ (151 ) $ 3 $ 4 The Company will evaluate the need for further contributions to the defined benefit pension plan during 2022. The prepaid pension asset is recorded in other assets on the consolidated statements of condition as of March 31, 2022 and December 31, 2021. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Loans | Note 6: Loans Major classifications of loans at the indicated dates are as follows: March 31, December 31, (In thousands) 2022 2021 Residential mortgage loans: 1-4 family first-lien residential mortgages $ 232,809 $ 240,434 Construction 21,594 6,329 Loans held-for-sale 679 513 Total residential mortgage loans 255,082 247,276 Commercial loans: Real estate 303,250 288,450 Lines of credit 75,370 61,884 Other commercial and industrial 69,695 69,135 Paycheck Protection Program loans 13,292 19,338 Tax exempt loans 5,550 5,811 Total commercial loans 467,157 444,618 Consumer loans: Home equity and junior liens 30,781 31,737 Other consumer 103,825 110,108 Total consumer loans 134,606 141,845 Total loans 856,845 833,739 Net deferred loan fees (1,244 ) (1,280 ) Less allowance for loan losses 13,017 12,935 Loans receivable, net $ 842,584 $ 819,524 Although the Bank may sometimes purchase or fund loan participation interests outside of its primary market areas, the Bank generally originates residential mortgage, commercial, and consumer loans largely to customers throughout Oswego and Onondaga counties. Although the Bank has a diversified loan portfolio, a substantial portion of its borrowers’ abilities to honor their loan contracts is dependent upon the counties’ employment and economic conditions. The Bank acquires diversified pools of loans, originated by unrelated third parties, as part of the Company’s overall balance sheet management strategies. These acquisitions occurred in eleven separate transactions commencing in 2019 and four new pools were added during 2021. (In thousands, except number of loans) March 31, 2022 Original Balance Current Balance Unamortized Premium/ (Discount) Number of Loans Maturity Range Cumulative net charge-offs Residential real estate loans 4,300 4,100 253 50 19-24 years - Secured consumer installment loans 21,300 20,900 (3,492 ) 880 19-26 years - Commercial and industrial loans 6,800 3,700 33 0-5 years - Commercial Line of Credit 1 11,600 12,300 23 1 0-1 year - Commercial Line of Credit 2 10,500 9,300 32 1 0-1 year - Home equity lines of credit 21,900 7,500 229 173 2-28 years - Automobile loans 50,400 7,300 242 758 0-5 years 239 Unsecured consumer loan pool 1 5,400 2,400 65 0-5 years - Unsecured consumer loan pool 2 26,600 4,500 24 1,239 0-3 years 1,551 Unsecured consumer installment loans pool 3 10,300 1,800 63 977 0-6 years 31 Secured consumer installment loans pool 4 14,500 12,300 (1,699 ) 553 Over 15 years - Unsecured consumer loans pool 5 24,400 19,100 (554 ) 733 Over 15 years - Unsecured consumer loans pool 6 22,200 21,600 (2,694 ) 560 Over 15 years - Total 230,200 126,800 (7,573 ) 6,023 1,821 (In thousands, except number of loans) December 31, 2021 Original Balance Current Balance Unamortized Premium/ (Discount) Number of Loans Maturity Range Cumulative net charge-offs Residential real estate loans 4,300 4,100 257 51 17-23 years - Secured consumer installment loans 21,300 21,400 (3,642 ) 900 19-25 years - Commercial and industrial loans 6,800 3,900 33 4-8 years - Commercial Line of Credit 1 11,600 7,100 26 1 0-1 year - Commercial Line of Credit 2 10,500 9,300 35 1 0-1 year - Home equity lines of credit 21,900 8,400 243 187 2-28 years - Automobile loans 50,400 8,800 301 855 0-5 years 239 Unsecured consumer loan pool 1 5,400 2,600 66 3-5 years - Unsecured consumer loan pool 2 26,600 6,300 30 1,438 1-3 years 42 Unsecured consumer installment loans pool 3 10,300 2,200 74 1,356 0-6 years 296 Secured consumer installment loans pool 4 14,500 12,600 (1,776 ) 563 Over 15 years - Unsecured consumer loans pool 5 24,400 19,700 (583 ) 756 Over 15 years - Unsecured consumer loans pool 6 22,200 22,100 (2,785 ) 564 Over 15 years - Total 230,200 128,500 (7,820 ) 6,771 577 As of March 31, 2022 and December 31, 2021, residential mortgage loans with a carrying value of $123.0 million and $123.2 million, respectively, have been pledged by the Company to the Federal Home Loan Bank of New York (“FHLBNY”) under a blanket collateral agreement to secure the Company’s line of credit and term borrowings. Loan Origination / Risk Management The Company’s lending policies and procedures are presented in Note 5 to the audited consolidated financial statements included in the 2021 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 25, 2022 and have not changed. As part of the execution of the Company’s overall balance sheet management strategies, the Bank will acquire participating interests in loans originated by unrelated third parties on an occasional basis. The purchase of participations in loans that are originated by third parties only occurs after the completion of thorough pre-acquisition due diligence. Loans in which the Company acquires a participating interest are determined to meet, in all material respects, the Company’s internal underwriting policies, including credit and collateral suitability thresholds, prior to acquisition. In addition, the financial condition of the originating financial institutions, which are generally retained as the ongoing loan servicing provider for participations acquired by the Bank, are analyzed prior to the acquisition of the participating interests and monitored on a regular basis thereafter for the life of those interests. To develop and document a systematic methodology for determining the allowance for loan losses, the Company has divided the loan portfolio into three portfolio segments, each with different risk characteristics but with similar methodologies for assessing risk. Each portfolio segment is broken down into loan classes where appropriate. Loan classes contain unique measurement attributes, risk characteristics, and methods for monitoring and assessing risk that are necessary to develop the allowance for loan losses. Unique characteristics such as borrower type, loan type, collateral type, and risk characteristics define each class. The following table illustrates the portfolio segments and classes for the Company’s loan portfolio: Portfolio Segment Class Residential Mortgage Loans 1-4 family first-lien residential mortgages Construction Commercial Loans Real estate Lines of credit Other commercial and industrial Tax exempt loans Consumer Loans Home equity and junior liens Other consumer The following tables present the classes of the loan portfolio, not including net deferred loan costs, summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company's internal risk rating system as of the dates indicated: As of March 31, 2022 Special (In thousands) Pass Mention Substandard Doubtful Total Residential mortgage loans: 1-4 family first-lien residential mortgages $ 231,039 $ 510 $ 599 $ 661 $ 232,809 Construction 21,594 - - - 21,594 Loans held-for-sale 679 - - - 679 Total residential mortgage loans 253,312 510 599 661 255,082 Commercial loans: Real estate 282,336 9,768 10,569 577 303,250 Lines of credit 67,908 4,078 3,337 48 75,370 Other commercial and industrial 58,521 3,457 7,534 183 69,695 Paycheck Protection Program loans 13,292 - - - 13,292 Tax exempt loans 5,550 - - - 5,550 Total commercial loans 427,607 17,302 21,440 808 467,157 Consumer loans: Home equity and junior liens 29,776 145 634 225 30,781 Other consumer 103,755 18 52 - 103,825 Total consumer loans 133,532 163 686 225 134,606 Total loans $ 814,451 $ 17,975 $ 22,724 $ 1,694 $ 856,845 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 Management has reviewed its loan portfolio and determined that, to the best of its knowledge, no material exposure exists to sub-prime or other high-risk residential mortgages. The Company is not in the practice of originating these types of loans. Nonaccrual and Past Due Loans Loans are placed on nonaccrual when the contractual payment of principal and interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan may be currently performing. Loans are considered past due if the required principal and interest payments have not been received within thirty days of the payment due date. An age analysis of past due loans, not including net deferred loan costs, segregated by portfolio segment and class of loans, as of March 31, 2022 and December 31, 2021, are detailed in the following tables: As of March 31, 2022 30-59 Days 60-89 Days 90 Days Total Total Loans (In thousands) Past Due Past Due and Over Past Due Current Receivable Residential mortgage loans: 1-4 family first-lien residential mortgages $ 1,072 $ 322 $ 1,098 $ 2,492 $ 230,317 $ 232,809 Construction - - - - 21,594 21,594 Loans held-for-sale - - - - 679 679 Total residential mortgage loans 1,072 322 1,098 2,492 252,590 255,082 Commercial loans: Real estate 1,054 3,800 4,212 9,066 294,184 303,250 Lines of credit 274 365 94 733 74,637 75,370 Other commercial and industrial 1,572 1,016 1,001 3,589 66,106 69,695 Paycheck Protection Program loans - - - - 13,292 13,292 Tax exempt loans - - - - 5,550 5,550 Total commercial loans 2,900 5,181 5,307 13,388 453,769 467,157 Consumer loans: Home equity and junior liens 117 64 388 569 30,212 30,781 Other consumer 389 412 895 1,696 102,129 103,825 Total consumer loans 506 476 1,283 2,265 132,341 134,606 Total loans $ 4,478 $ 5,979 $ 7,688 $ 18,145 $ 838,700 $ 856,845 As of December 31, 2021 30-59 Days 60-89 Days 90 Days Total Total Loans (In thousands) Past Due Past Due and Over Past Due Current Receivable Residential mortgage loans: 1-4 family first-lien residential mortgages $ 960 $ 416 $ 891 $ 2,268 $ 238,166 $ 240,434 Construction - - - - 6,329 6,329 Loans held-for-sale - - - - 513 513 Total residential mortgage loans 960 416 891 2,268 245,008 247,276 Commercial loans: Real estate 1,735 1,029 4,379 7,143 281,307 288,450 Lines of credit 156 1,180 576 1,913 59,971 61,884 Other commercial and industrial 1,799 1,686 1,056 4,541 64,594 69,135 Paycheck Protection Program loans - - - - 19,338 19,338 Tax exempt loans - - - - 5,811 5,811 Total commercial loans 3,691 3,895 6,011 13,597 471,091 444,618 Consumer loans: Home equity and junior liens 17 49 251 317 31,420 31,737 Other consumer 571 257 852 1,680 108,428 110,108 Total consumer loans 588 306 1,103 1,998 139,847 141,845 Total loans $ 5,239 $ 4,617 $ 8,006 $ 17,862 $ 815,877 $ 833,739 Nonaccrual loans, segregated by class of loan, were as follows: March 31, December 31, (In thousands) 2022 2021 Residential mortgage loans: 1-4 family first-lien residential mortgages $ 1,098 $ 891 1,098 891 Commercial loans: Real estate 4,235 4,407 Lines of credit 141 629 Other commercial and industrial 1,191 1,261 5,567 6,297 Consumer loans: Home equity and junior liens 388 252 Other consumer 895 852 Total consumer loans 1,283 1,104 Total nonaccrual loans $ 7,948 $ 8,292 The Company is required to disclose certain activities related to Troubled Debt Restructurings (“TDR”) in accordance with accounting guidance. Certain loans have been modified as a TDR where economic concessions have been granted to a borrower who is experiencing, or expected to experience, financial difficulties. These economic concessions could include a reduction in the loan interest rate, extension of payment terms, reduction of principal amortization, or other actions that it would not otherwise consider for a new loan with similar risk characteristics. The Company is required to disclose new TDRs for each reporting period for which an income statement is being presented. The pre-modification outstanding recorded investment is the principal loan balance less the provision for loan losses before the loan was modified as a TDR. The post-modification outstanding recorded investment is the principal balance less the provision for loan losses after the loan was modified as a TDR. Additional provision for loan losses is the change in the allowance for loan losses between the pre-modification outstanding recorded investment and post-modification outstanding recorded investment. The Company has one For the three months ended March 31, 2022 (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 $ 355 $ 355 $ - The loan evaluated for impairment for the three months ended March 31, 2022 has been classified as a TDR due to economic concessions granted, which consisted of a reduction in the stated interest rate, a significant delay in the timing of the payment or an extended maturity date that will result in a significant delay in payment from the original terms. The Company 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 two The Company had one 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 loan information by portfolio class at the indicated dates: March 31, 2022 December 31, 2021 Unpaid Unpaid Recorded Principal Related Recorded Principal Related (In thousands) Investment Balance Allowance Investment Balance Allowance With no related allowance recorded: 1-4 family first-lien residential mortgages $ 662 $ 662 $ - $ 666 $ 666 $ - Commercial real estate 4,206 4,301 - 4,708 4,801 - Commercial lines of credit 100 100 - 100 104 - Other commercial and industrial 299 335 - 357 396 - Home equity and junior liens 91 91 - 93 93 - With an allowance recorded: 1-4 family first-lien residential mortgages 528 528 97 539 539 90 Commercial real estate 2,908 2,908 352 2,450 2,450 300 Commercial lines of credit 48 53 48 53 53 53 Other commercial and industrial 1,887 1,893 1,353 1,852 1,852 1,318 Home equity and junior liens 539 539 114 539 539 114 Total: 1-4 family first-lien residential mortgages 1,191 1,190 97 1,205 1,205 90 Commercial real estate 7,114 7,209 352 7,158 7,251 300 Commercial lines of credit 148 153 48 153 157 53 Other commercial and industrial 2,185 2,228 1,353 2,209 2,248 1,318 Home equity and junior liens 630 630 114 632 632 114 Totals $ 11,268 $ 11,410 $ 1,964 $ 11,357 $ 11,493 $ 1,875 The following table presents the average recorded investment in impaired loans for the periods indicated: For the three months ended March 31, (In thousands) 2022 2021 1-4 family first-lien residential mortgages $ 1,197 $ 1,677 Commercial real estate 7,135 13,152 Commercial lines of credit 151 943 Other commercial and industrial 2,198 6,846 Home equity and junior liens 631 398 Other consumer - 87 Total $ 11,312 $ 23,103 The following table presents the cash basis interest income recognized on impaired loans for the periods indicated: For the three months ended March 31, (In thousands) 2022 2021 1-4 family first-lien residential mortgages $ 16 $ 16 Commercial real estate 63 65 Commercial lines of credit 2 10 Other commercial and industrial 20 25 Home equity and junior liens 6 1 Other consumer - 5 Total $ 107 $ 122 |
Allowance for Loan Losses
Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2022 | |
Allowance For Loan Losses [Abstract] | |
Allowance for Loan Losses | Note 7: Allowance for Loan Losses Management extensively reviews recent trends in historical losses, qualitative factors, including concentrations of loans to related borrowers and concentrations of loans by collateral type, and specific reserve needs on loans individually evaluated for impairment in its determination of the adequacy of the allowance for loan losses. We recorded $102,000 in provision for loan losses for the three month period ended March 31, 2022, as compared to $1.0 million for the three month period ended March 31, 2021. Summarized in the tables below are changes in the allowance for loan losses for the indicated periods and information pertaining to the allocation of the allowance for loan losses, balances of the allowance for loan losses, loans receivable based o n individual, and collective impairment evaluation by loan portfolio class. An allocation of a portion of the allowance to a given portfolio class does not limit the Company’s ability to absorb losses in another portfolio class. For the three months ended March 31, 2022 1-4 family first-lien Residential Other Paycheck residential construction Commercial Commercial commercial Protection (In thousands) mortgage mortgage real estate lines of credit and industrial Program Allowance for loan losses: Beginning Balance $ 872 $ - $ 5,308 $ 935 $ 2,762 $ - Charge-offs - - - (17 ) - - Recoveries - - - - - - Provisions (credits) (42 ) - (10 ) 143 (25 ) - Ending balance $ 830 $ - $ 5,298 $ 1,061 $ 2,737 $ - Ending balance: related to loans individually evaluated for impairment $ 97 $ - $ 352 $ 48 $ 1,353 $ - Ending balance: related to loans collectively evaluated for impairment $ 733 $ - $ 4,946 $ 1,013 $ 1,384 $ - Loans receivables: Ending balance $ 232,809 $ 21,594 $ 303,250 $ 75,370 $ 69,695 $ 13,292 Ending balance: individually evaluated for impairment $ 1,191 $ - $ 7,114 $ 148 $ 2,185 $ - Ending balance: collectively evaluated for impairment $ 231,618 $ 21,594 $ 296,136 $ 75,222 $ 67,510 $ 13,292 Home Other Tax exempt and junior liens Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 3 $ 774 $ 1,297 $ 984 12,935 Charge-offs - - (29 ) - (46 ) Recoveries - - 26 - 26 Provisions 1 (98 ) 128 5 102 Ending balance $ 4 $ 676 $ 1,422 $ 989 $ 13,017 Ending balance: related to loans individually evaluated for impairment $ - $ 114 $ - $ - $ 1,964 Ending balance: related to loans collectively evaluated for impairment $ 4 $ 562 $ 1,422 $ 989 $ 11,053 Loans receivables: Ending balance $ 5,550 $ 30,781 $ 103,825 $ 679 $ 856,845 Ending balance: individually evaluated for impairment $ - $ 630 $ - $ - $ 11,268 Ending balance: collectively evaluated for impairment $ 5,550 $ 30,151 $ 103,825 $ 679 $ 845,577 For the three months ended March 31, 2021 1-4 family first-lien Residential Other Paycheck residential construction Commercial Commercial commercial Protection (In thousands) mortgage mortgage real estate lines of credit and industrial Program Allowance for loan losses: Beginning Balance $ 931 $ - $ 4,776 $ 1,670 $ 2,992 $ - Charge-offs - - (100 ) - - - Recoveries - - - 1 - - Provisions 44 - 1,045 245 24 - Ending balance $ 975 $ - $ 5,721 $ 1,916 $ 3,016 $ - Ending balance: related to loans individually evaluated for impairment $ 161 $ - $ 252 $ 960 $ 1,285 $ - Ending balance: related to loans collectively evaluated for impairment $ 814 $ - $ 5,469 $ 956 $ 1,731 $ - Loans receivables: Ending balance $ 226,058 $ 7,789 $ 289,182 $ 63,158 $ 77,915 $ 71,885 Ending balance: individually evaluated for impairment $ 1,507 $ - $ 13,521 $ 960 $ 6,714 $ - Ending balance: collectively evaluated for impairment $ 224,551 $ 7,789 $ 275,661 $ 62,198 $ 71,201 $ 71,885 Home Other Tax exempt and junior liens Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 1 $ 739 $ 1,123 $ 545 12,777 Charge-offs - - (43 ) - (143 ) Recoveries - - 30 - 31 Provisions - 88 127 (545 ) 1,028 Ending balance $ 1 $ 827 $ 1,237 $ - $ 13,693 Ending balance: related to loans individually evaluated for impairment $ - $ 221 $ - $ - 2,879 Ending balance: related to loans collectively evaluated for impairment $ 1 $ 606 $ 1,237 $ - 10,814 Loans receivables: Ending balance $ 6,959 $ 36,181 $ 87,976 $ 437 867,540 Ending balance: individually evaluated for impairment $ - $ 578 $ 92 $ - 23,372 Ending balance: collectively evaluated for impairment $ 6,959 $ 35,603 $ 87,884 $ 437 $ 844,168 The Company’s methodology for determining its allowance for loan losses includes an analysis of qualitative factors that are added to the historical loss rates in arriving at the total allowance for loan losses needed for this general pool of loans. The qualitative factors include: • Changes in national and local economic trends; • The rate of growth in the portfolio; • Trends of delinquencies and nonaccrual balances; • Changes in loan policy; and • Changes in lending management experience and related staffing. Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. These qualitative factors, applied to each product class, make the evaluation inherently subjective, as it requires material estimates that may be susceptible to significant revision as more information becomes available. Adjustments to the factors are supported through documentation of changes in conditions in a narrative accompanying the allowance for loan losses analysis and calculation. The allocation of the allowance for loan losses summarized on the basis of the Company’s calculation methodology was as follows: March 31, 2022 (In thousands) 1-4 family first-lien residential mortgage Residential construction mortgage Commercial real estate Commercial lines of credit Other Commercial and industrial Specifically reserved $ 97 $ - $ 352 $ 48 $ 1,353 Historical loss rate 85 - 2 26 96 Qualitative factors 648 - 4,944 987 1,288 Total $ 830 $ - $ 5,298 $ 1,061 $ 2,737 Tax exempt Home equity and junior liens Other consumer Unallocated Total Specifically reserved $ - $ 114 $ - $ - $ 1,964 Historical loss rate - 324 1,147 - 1,680 Qualitative factors 4 238 275 - 8,384 Other - - - 989 989 Total $ 4 $ 676 $ 1,422 $ 989 $ 13,017 March 31, 2021 1-4 family first-lien Residential Other residential construction Commercial Commercial commercial (In thousands) mortgage mortgage real estate lines of credit and industrial Specifically reserved $ 161 $ - $ 252 $ 960 $ 1,285 Historical loss rate 84 - 1 89 61 Qualitative factors 730 - 5,468 867 1,670 Total $ 975 $ - $ 5,721 $ 1,916 $ 3,016 Home equity Other Tax exempt and junior liens consumer Unallocated Total Specifically reserved $ - $ 221 $ - $ - $ 2,879 Historical loss rate - 325 957 - 1,517 Qualitative factors 1 281 280 - 9,297 Other - - - - - Total $ 1 $ 827 $ 1,237 $ - $ 13,693 |
Foreclosed Real Estate
Foreclosed Real Estate | 3 Months Ended |
Mar. 31, 2022 | |
Real Estate Owned Disclosure Of Detailed Components [Abstract] | |
Foreclosed Real Estate | Note 8: Foreclosed Real Estate The Company is required to disclose the carrying amount of foreclosed residential real estate properties held as a result of obtaining physical possession of the property at each reporting period. At March 31, 2022 and December 31, 2021, the Company reported $722,000 and $594,000, respectively, in residential real estate loans in the process of foreclosure. |
Guarantees
Guarantees | 3 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Guarantees | Note 9: Guarantees The Company does not issue any guarantees that would require liability recognition or disclosure, other than its standby letters of credit. Generally, all letters of credit, when issued, have expiration dates within one year. The credit risks involved in issuing letters of credit 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. The Company had $2.7 million of standby letters of credit as of March 31, 2022. Management believes that the proceeds obtained through a liquidation of collateral and the enforcement of guarantees would be sufficient to cover the potential amount of future payments required under the corresponding guarantees. The fair value of standby letters of credit was not significant to the Company’s consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 10: Fair Value Measurements Accounting guidance related to fair value measurements and disclosures specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs have created the following fair value hierarchy: Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 – Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 3 – Model-derived valuations in which one or more significant inputs or significant value drivers are unobservable. An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs, minimize the use of unobservable inputs, to the extent possible, and considers counterparty credit risk in its assessment of fair value. The Company used the following methods and significant assumptions to estimate fair value: Investment securities: The fair values of available-for-sale and marketable equity securities are obtained from an independent third party and are based on quoted prices on nationally recognized securities exchanges where available (Level 1). If quoted prices are not available, fair values are measured by utilizing matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2). Management made no adjustment to the fair value quotes that were received from the independent third party pricing service. The Company holds two corporate investment securities with an amortized historical cost of $4.1 million and an aggregate fair market value of $4.7 million as of March 31, 2022. These securities have a valuation that is determined using published net asset values (NAV) derived by an analysis of the securities’ underlying assets. These securities are comprised primarily of broadly-diversified real estate and adjustable-rate senior secured business loans and are traded in secondary markets on an infrequent basis. While these securities are redeemable at least annually 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 $1.2 million at March 31, 2022, 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 the indicated dates, segregated by the level of valuation inputs within the hierarchy utilized to measure fair value: March 31, 2022 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Available-for-Sale Portfolio Debt investment securities: US Treasury, agencies and GSEs $ - $ 30,022 $ - $ 30,022 State and political subdivisions - 42,871 - 42,871 Corporate - 10,374 - 10,374 Asset backed securities - 15,537 - 15,537 Residential mortgage-backed - US agency - 22,040 - 22,040 Collateralized mortgage obligations - US agency - 11,115 - 11,115 Collateralized mortgage obligations - Private label - 61,313 - 61,313 Total 193,272 193,272 Corporate measured at NAV - - - 4,652 Total available-for-sale securities $ - $ 193,272 $ - $ 197,924 Marketable equity securities measured at NAV $ 1,230 $ - $ - $ 1,230 Interest rate swap derivative fair value hedges $ - $ (894 ) $ - $ (894 ) Interest rate swap derivative cash flow hedges $ - $ 262 $ - $ 262 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 measured at NAV $ 677 $ - $ - $ 677 Interest rate swap derivative fair value hedge $ - $ (152 ) $ - $ (152 ) Interest rate swap derivative cash flow hedges $ - $ (387 ) $ - $ (387 ) Pathfinder Bank had the following assets measured at fair value on a nonrecurring basis as of March 31, 2022 and December 31, 2021: March 31, 2022 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ - $ - $ 793 $ 793 December 31, 2021 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ - $ - $ 4,182 $ 4,182 The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Level 3 inputs were used to determine fair value at the indicated dates. Quantitative Information about Level 3 Fair Value Measurements Valuation Unobservable Range Techniques Input (Weighted Avg.) At March 31, 2022 Impaired loans Appraisal of collateral Appraisal Adjustments 5% - 30% (17%) (Sales Approach) Costs to Sell 7% - 14% (12%) Discounted Cash Flow 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 There have been no transfers of assets into or out of any fair value measurement level during the three months ended March 31, 2022. 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. Under FASB ASC Topic 820 for Fair Value Measurements and Disclosures, the financial assets and liabilities were valued at a price that represents the Company’s exit price or the price at which these instruments would be sold or transferred. The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. The Company, in estimating its fair value disclosures for financial instruments, used the following methods and assumptions: Cash and cash equivalents – The carrying amounts of these assets approximate their fair value and are classified as Level 1. Federal Home Loan Bank stock – The carrying amount of these assets approximates their fair value and are classified as Level 2. Net loans – For variable-rate loans that re-price frequently, fair value is based on carrying amounts. The fair value of other loans (for example, fixed-rate commercial real estate loans, mortgage loans, and commercial and industrial loans) is estimated using discounted cash flow analysis, based on interest rates currently being offered in the market for loans with similar terms to borrowers of similar credit quality. Loan value estimates include judgments based on expected prepayment rates. The measurement of the fair value of loans, including impaired loans, is classified within Level 3 of the fair value hierarchy. Accrued interest receivable and payable – The carrying amount of these assets approximates their fair value and are classified as Level 1. Deposits – The fair values disclosed for demand deposits (e.g., interest-bearing and noninterest-bearing checking, passbook savings and certain types of money management accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts) and are classified within Level 1 of the fair value hierarchy. Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market on certificates of deposits to a schedule of aggregated expected monthly maturities on time deposits. Measurements of the fair value of time deposits are classified within Level 2 of the fair value hierarchy. Borrowings – Fixed/variable term “bullet” structures are valued using a replacement cost of funds approach. These borrowings are discounted to the FHLBNY advance curve. Option structured borrowings’ fair values are determined by the FHLB for borrowings that include a call or conversion option. If market pricing is not available from this source, current market indications from the FHLBNY are obtained and the borrowings are discounted to the FHLBNY advance curve less an appropriate spread to adjust for the option. These measurements are classified as Level 2 within the fair value hierarchy. Subordinated loans – The Company secures quotes from its pricing service based on a discounted cash flow methodology or utilizes observations of recent highly-similar transactions which result in a Level 2 classification. The carrying amounts and fair values of the Company’s financial instruments as of the indicated dates are presented in the following table: March 31, 2022 December 31, 2021 Fair Value Carrying Estimated Carrying Estimated (In thousands) Hierarchy Amounts Fair Values Amounts Fair Values Financial assets: Cash and cash equivalents 1 $ 37,184 $ 37,184 $ 37,149 $ 37,149 Investment securities - available-for-sale 2 193,272 193,272 185,895 185,895 Investment securities - available-for-sale NAV 4,652 4,652 4,497 4,497 Investment securities - marketable equity 1 1,230 1,230 677 677 Investment securities - held-to-maturity 2 167,997 164,791 160,923 162,805 Federal Home Loan Bank stock 2 3,533 3,533 4,189 4,189 Net loans 3 842,584 835,644 819,524 819,721 Accrued interest receivable 1 4,740 4,740 4,520 4,520 Interest rate swap derivative fair value hedges 2 4,229 4,229 1,308 1,308 Financial liabilities: Demand Deposits, Savings, NOW and MMDA 1 $ 748,162 $ 748,162 $ 694,089 $ 694,089 Time Deposits 2 365,915 361,757 361,257 360,680 Borrowings 2 62,521 59,951 77,098 76,957 Subordinated loans 2 29,604 29,896 29,563 30,627 Accrued interest payable 1 122 122 106 106 Interest rate swap derivative fair value hedges 2 894 894 152 152 Interest rate swap derivative cash flow hedges 2 (262 ) (262 ) 387 387 |
Interest Rate Derivatives
Interest Rate Derivatives | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Interest Rate Derivatives | Note 11: Interest Rate Derivatives The Company is exposed to certain risks from both its business operations and changes in economic conditions. As part of managing interest rate risk, the Company enters into standardized interest rate derivative contracts (designated as hedging agreements) to modify the repricing characteristics of certain portions of the Company’s portfolios of earning assets and interest-bearing liabilities. The Company designates interest rate hedging agreements utilized in the management of interest rate risk as either fair value hedges or cash flow hedges. Interest rate hedging agreements are generally entered into with counterparties that meet established credit standards and the agreements contain master netting, collateral and/or settlement provisions protecting the at-risk party. Based on adherence to the Company’s credit standards and the presence of the netting, collateral or settlement provisions, the Company believes that the credit risk inherent in these contracts was not material at March 31, 2022. Interest rate hedging agreements are recorded at fair value as other assets or liabilities. The Company had no material derivative contracts not designated as hedging agreements at March 31, 2022 or December 31, 2021. As a result of interest rate fluctuations, fixed-rate assets and liabilities will appreciate or depreciate in fair value. When effectively hedged, this appreciation or depreciation will generally be offset by changes in the fair value of derivative instruments that are linked to the hedged assets and liabilities. This strategy is referred to as a fair value hedge. In a fair value hedge, the fair value of the derivative (the interest rate hedging agreement) and changes in the fair value of the hedged item are recorded in the Company’s consolidated balance sheet with the corresponding gain or loss recognized in current earnings. The difference between changes in the fair value of the interest rate hedging agreements and the hedged items represents hedge ineffectiveness and is recorded as an adjustment to the interest income or interest expense of the respective hedged item. Cash flows related to floating rate assets and liabilities will fluctuate with changes in 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 amounts from a counterparty in exchange for the Company making fixed payments over the life of the agreements without the exchange of the underlying notional amount. An interest rate cap is a type of interest rate derivative in which the buyer receives payments at the end of each contractual period in which the index interest rate exceeds the contractually agreed upon strike price rate. The purchaser of a cap contract will continue to benefit from any rise in interest rates above the strike price. Similarly, an interest rate floor is a derivative contract in which the buyer receives payments at the end of each period in which the interest rate is below the agreed strike price. The purchaser of a floor contract will continue to benefit from any rise in interest rates above the strike price. The Company records various hedges in the consolidated statements of condition at fair value. The Company’s accounting treatment for these derivative instruments is based on the instruments hedge designation determined at the inception of each derivative instrument's contractual term. The following tables show the Company’s outstanding fair value hedges at March 31, 2022 and December 31, 2021: (In thousands) Carrying Amount of the Hedged Assets at March 31, 2022 Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets at March 31, 2022 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 Line item on the balance sheet in which the hedged item is included: Available-for-sale securities (1) $ 65,636 $ (4,229 ) $ 61,808 $ (1,308 ) Loans receivable (2) $ 39,887 $ (894 ) $ 41,651 $ (152 ) (1) These amounts represent the amortized (2) These amounts include the amortized cost of a specific loan pool designated as the underlying asset for the hedging relationship in which the hedged item is the underlying asset's amortized cost (last layer) projected to be remaining at the end of the contractual term of the hedging instrument. The amount of the designated hedged item was $39.9 million and $41.7 million as of March 31, 2022 and December 31, 2021, respectively. At March 31, 2022, the fair value of the derivative resulted in a net asset position of $894,000, recorded by the Company in other assets. The Company’s participation in the fair value hedge had an immaterial effect on recorded interest income at March 31, 2022 and December 31, 2021. The following table shows the pre-tax gains and losses of the Company’s derivatives designated as cash flow hedges in OCI at March 31, 2022 and December 31, 2021: (In thousands) March 31, 2022 December 31, 2021 Cash flow hedges: Fair market value adjustment interest rate swap 262 (387 ) Total loss in comprehensive income $ 262 $ (387 ) The amounts of hedge ineffectiveness, recognized at March 31, 2022 and December 31, 2021 for cash flow hedges were not material to the Company’s consolidated results of operations. A portion of, or the entire amount included in accumulated other comprehensive loss would be reclassified into current earnings should a portion of, or the entire hedge, no longer be considered effective. Management believes that the hedges will remain fully effective during the remaining term of the respective hedging contracts. The changes in the fair values of the interest rate hedging agreements primarily result from the effects of changing index interest rates and the reduction of the time each quarter between the measurements 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 bilateral credit support agreements with each contractual counterparty. These agreements require collateralization of credit exposures beyond specified minimum threshold amounts. At March 31, 2022 the Company posted cash, held in an interest-bearing refundable escrow arrangement, in the amount of $1.6 million in order to satisfy collateral requirements associated with its hedging contracts. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2022 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 12: Accumulated Other Comprehensive Income (Loss) Changes in the components of accumulated other comprehensive income (loss) (“AOCI”), net of tax, for the periods indicated are summarized in the tables below. For the three months ended March 31, 2022 (In thousands) Retirement Plans Unrealized Loss on Available-for- Sale Securities Unrealized Gain on Derivatives and Hedging Activities Unrealized Gain on Securities Transferred to Held-to-Maturity Total Beginning balance $ (1,412 ) $ 428 $ (286 ) $ 2 $ (1,268 ) Other comprehensive income before reclassifications - (4,271 ) 480 - (3,791 ) Amounts reclassified from AOCI 1 - - - 1 Ending balance $ (1,411 ) $ (3,843 ) $ 194 $ 2 $ (5,058 ) For the three months ended March 31, 2021 (In thousands) Retirement Plans Unrealized Gain on Available-for- Sale Securities Unrealized Loss 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 - 271 173 5 449 Amounts reclassified from AOCI 19 - - - 19 Ending balance $ (2,074 ) $ 1,108 $ (793 ) $ (9 ) $ (1,768 ) The following table presents the amounts reclassified out of each component of AOCI for the indicated period: Amount Reclassified from AOCI (1) (Unaudited) (In thousands) For the three months ended Details about AOCI (1) Affected Line Item in the Statement of Income March 31, 2022 March 31, 2021 Retirement plan items Retirement plan net losses recognized in plan expenses (2) Salaries and employee benefits $ (1 ) $ (26 ) Tax effect Provision for income taxes - 7 Net Income $ (1 ) $ (19 ) (1) Amounts in parentheses indicates debits in net income. (2) These items are included in net periodic pension cost. See Note 5 for additional information. |
Noninterest Income
Noninterest Income | 3 Months Ended |
Mar. 31, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Noninterest Income | Note 13: Noninterest Income The Company has included the following table regarding the Company’s noninterest income for the periods presented. For the three months ended March 31, (In thousands) 2022 2021 Service fees Insufficient funds fees $ 118 $ 190 Deposit related fees 102 97 ATM fees 39 44 Total service fees 259 331 Fee Income Insurance commissions 299 279 Investment services revenue 97 83 ATM fees surcharge 48 51 Banking house rents collected 55 63 Total fee income 499 476 Card income Debit card interchange fees 228 221 Merchant card fees 16 15 Total card income 244 236 Mortgage fee income and realized gain on sale of loans and foreclosed real estate Loan servicing fees 117 90 Net gains on sales of loans and foreclosed real estate 63 120 Total mortgage fee income and realized gain on sale of loans and foreclosed real estate 180 210 Total 1,182 1,253 Earnings and gain on bank owned life insurance 162 125 Net loss on sale and redemption of investment securities (6 ) - Gains on marketable equity securities 68 234 Net gains on sale of premises and equipment - 201 Other miscellaneous income 197 32 Total noninterest income $ 1,603 $ 1,845 The following is a discussion of key revenues within the scope of the new revenue guidance: • Service fees – Revenue is earned through insufficient funds fees, customer initiated activities or passage of time for deposit related fees, and ATM service fees. Transaction-based fees are recognized at the time the transaction is executed, which is the same time the Company’s performance obligation is satisfied. Account maintenance fees are earned over the course of the month as the monthly maintenance performance obligation to the customer is satisfied. • Fee income – Revenue is earned through commissions on insurance and securities sales, ATM surcharge fees, and banking house rents collected. The Company earns investment advisory fee income by providing investment management services to customers under investment management contracts. As the direction of investment management accounts is provided over time, the performance obligation to investment management customers is satisfied over time, and therefore, revenue is recognized over time. • Card income – Card income consists of interchange fees from consumer debit card networks and other related services. Interchange rates are set by the card networks. Interchange fees are based on purchase volumes and other factors and are recognized as transactions occur. • Mortgage fee income and realized gain on sale of loans and foreclosed real estate – Revenue from mortgage fee income and realized gain on sale of loans and foreclosed real estate is earned through the origination of residential and commercial mortgage loans, sales of one-to-four family residential mortgage loans, sales of government guarantees portions of Small Business Administration loans (“SBA loans”) , and sales of foreclosed real estate, and is earned as the transaction occurs. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | Note 14: Leases The Company has operating and finance leases for certain banking offices and land under noncancelable agreements. Our leases have remaining lease terms that vary from less than two years up to 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 three months ended (In thousands) March 31, 2022 March 31, 2021 Operating lease cost $ 57 $ 57 Finance lease cost 21 20 Supplemental cash flow information related to leases was as follows: For the three months ended (In thousands) March 31, 2022 March 31, 2021 Cash paid for amount included in the measurement of lease liabilities: Operating cash flows from operating leases $ 52 $ 52 Operating cash flows from finance leases 21 20 Financing cash flows from finance leases 18 18 Supplemental balance sheet information related to leases was as follows: For the three months ended (In thousands, except lease term and discount rate) March 31, 2022 March 31, 2021 Operating Leases: Operating lease right-of-use assets $ 2,102 $ 2,136 Operating lease liabilities $ 2,409 $ 2,440 Finance Leases: Financial Liability $ 599 $ 596 Weighted Average Remaining Lease Term: Operating Leases 18.16 years 18.29 years Finance Leases 27.17 years 27.42 years Weighted Average Discount Rate: Operating Leases 3.73 % 3.73 % Finance Leases 13.75 % 13.75 % Maturities of lease liabilities were as follows: Three Months Ending March 31, 2022 (In thousands) 2023 $ 85 2024 118 2025 118 2026 126 2027 133 Thereafter 2,428 Total minimum lease payments $ 3,008 The Company owns certain properties that it leases to unaffiliated third parties at market rates. Lease rental income was $55,000 and $63,000 for the three months ended March 31, 2022 and 2021 respectively. All lease agreements, in which the Company is the lessor, are accounted for as operating leases. |
COVID-19
COVID-19 | 3 Months Ended |
Mar. 31, 2022 | |
Extraordinary And Unusual Items [Abstract] | |
COVID-19 | Note 15: COVID-19 The World Health Organization (the “WHO”) declared COVID-19 a global pandemic on March 11, 2020. In the United States, by the end of March 2020, the rapid spread of the COVID-19 virus invoked various Federal and New York State authorities to make emergency declarations and issue executive orders to limit the spread of the disease. Measures included severe restrictions on international and domestic travel, limitations on public gatherings, implementation of social distancing and sanitization protocols, school closings, orders to shelter in place and mandates to close all non-essential businesses to the public. To varying degrees, these very substantial mandated curtailments of social and economic activity had been progressively relaxed in the United States during the first and second quarters of 2021. This relaxation of the social and economic restrictions followed the increasingly wide-spread availability of vaccines that were first made available to the most vulnerable population segments in late 2020. These vaccines are generally considered to be effective in reducing the severity of the infection, if contracted, and in slowing the rate of spread of the coronavirus. However, the percentage of unvaccinated people in the United States, and the potential for future mutations of the coronavirus, remain significant long-term public health and economic concerns. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), signed into law on March 27, 2020, provided financial assistance in various forms to both businesses and consumers, including the establishment and funding of the Paycheck Protection Program (“PPP”). In addition, the CARES Act also created many directives affecting the operations of financial services providers, such as the Company, including a forbearance program for federally-backed mortgage loans and protections for borrowers from negative credit reporting due to loan accommodations related to the national emergency. The banking regulatory agencies likewise issued guidance encouraging financial institutions to work prudently with borrowers who were, or may be, unable to meet their contractual payment obligations because of the effects of COVID-19. The Company has worked to assist its business and consumer customers affected by COVID-19. While the CARES Act is widely-considered to have been beneficial to the economic recovery and supportive of the Company’s business activities, the long-term effect of this legislation on the operations of the Company cannot be determined with certainty at this time. As of the date of this filing, a variant of the coronavirus, referred to as the “Omicron” variant, has emerged in the United States and remains a significant concern in some regions and potentially, throughout the country. As a result, certain previously-relaxed social distancing and safety protocols have been reinstated in some areas of the country and it is possible that such protocols will be reinstated broadly in the future. The economic effects of these varying protocol reinstatement actions on the Company’s operations cannot be determined with certainty at this time. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 16: 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 March 31, 2022 or December 31, 2021. The following represents the activity associated with loans to related parties during the three months ended March 31, 2022 and the year ended December 31, 2021: (In thousands) 2022 2021 Balance at the beginning of the period $ 22,427 $ 22,445 Originations and related party additions 18 8,007 Principal payments and related party removals (1,220 ) (8,025 ) Balance at the end of the period $ 21,225 $ 22,427 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Calculations of Basic and Diluted Earnings per Share | The following table sets forth the calculation of basic and diluted earnings per share. Three months ended March 31, (In thousands, except share and per share data) 2022 2021 Net income attributable to Pathfinder Bancorp, Inc. $ 2,950 $ 2,154 Convertible preferred stock dividends - 97 Series A Non-Voting Common Stock dividends 124 - Warrant dividends 11 9 Undistributed earnings allocated to participating securities 600 439 Net income available to common shareholders- Voting $ 2,215 $ 1,666 Net income attributable to Pathfinder Bancorp, Inc. $ 2,950 $ - Voting Common Stock dividends 409 - Warrant dividends 11 - Undistributed earnings allocated to participating securities 1,857 - Net income available to common shareholders- Series A Non-Voting $ 673 $ - Basic weighted average common shares outstanding- Voting 4,535,967 4,442,231 Basic weighted average common shares outstanding- Series A Non-Voting 1,380,283 - Diluted weighted average common shares outstanding- Voting 4,535,967 4,442,231 Diluted weighted average common shares outstanding- Series A Non-Voting 1,380,283 - Basic earnings per common share- Voting $ 0.49 $ 0.36 Basic earnings per common share- Series A Non-Voting $ 0.49 $ - Diluted earnings per common share- Voting $ 0.49 $ 0.36 Diluted earnings per common share- Series A Non-Voting $ 0.49 $ - |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
Amortized Cost and Estimated Fair Value of Investment Securities | The amortized cost and estimated fair value of investment securities are summarized as follows: March 31, 2022 Gross Gross Estimated Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value Available-for-Sale Portfolio Debt investment securities: US Treasury, agencies and GSEs $ 31,624 $ 15 $ (1,617 ) $ 30,022 State and political subdivisions 43,117 887 (1,133 ) 42,871 Corporate 14,591 579 (144 ) 15,026 Asset backed securities 15,837 - (300 ) 15,537 Residential mortgage-backed - US agency 23,087 36 (1,083 ) 22,040 Collateralized mortgage obligations - US agency 11,881 - (766 ) 11,115 Collateralized mortgage obligations - Private label 62,991 20 (1,698 ) 61,313 Total 203,128 1,537 (6,741 ) 197,924 Equity investment securities: Common stock - financial services industry 206 - - 206 Total 206 - - 206 Total available-for-sale $ 203,334 $ 1,537 $ (6,741 ) $ 198,130 Held-to-Maturity Portfolio Debt investment securities: US Treasury, agencies and GSEs $ - $ - $ - $ - State and political subdivisions 14,735 25 (928 ) 13,832 Corporate 47,304 291 (524 ) 47,071 Asset backed securities 13,759 - (359 ) 13,400 Residential mortgage-backed - US agency 9,514 77 (227 ) 9,364 Collateralized mortgage obligations - US agency 14,093 57 (255 ) 13,895 Collateralized mortgage obligations - Private label 68,592 - (1,363 ) 67,229 Total held-to-maturity $ 167,997 $ 450 $ (3,656 ) $ 164,791 December 31, 2021 Gross Gross Estimated Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value Available-for-Sale Portfolio Debt investment securities: US Treasury, agencies and GSEs $ 32,669 $ 17 $ (413 ) $ 32,273 State and political subdivisions 37,860 1,383 (44 ) 39,199 Corporate 13,603 562 (38 ) 14,127 Asset backed securities 13,693 9 (89 ) 13,613 Residential mortgage-backed - US agency 22,482 148 (466 ) 22,164 Collateralized mortgage obligations - US agency 12,658 30 (403 ) 12,285 Collateralized mortgage obligations - Private label 56,848 285 (402 ) 56,731 Total 189,813 2,434 (1,855 ) 190,392 Equity investment securities: Common stock - financial services industry 206 - - 206 Total 206 - - 206 Total available-for-sale $ 190,019 $ 2,434 $ (1,855 ) $ 190,598 Held-to-Maturity Portfolio Debt investment securities: US Treasury, agencies and GSEs $ - $ - $ - $ - State and political subdivisions 14,790 416 (140 ) 15,066 Corporate 46,290 1,252 (102 ) 47,440 Asset backed securities 14,636 67 (188 ) 14,515 Residential mortgage-backed - US agency 9,740 277 (18 ) 9,999 Collateralized mortgage obligations - US agency 11,362 367 (9 ) 11,720 Collateralized mortgage obligations - Private label 64,105 222 (262 ) 64,065 Total held-to-maturity $ 160,923 $ 2,601 $ (719 ) $ 162,805 |
Amortized Cost and Estimated Fair Value of Debt Investments by Contractual Maturity | The amortized cost and estimated fair value of debt investments at March 31, 2022 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties. Available-for-Sale Held-to-Maturity Amortized Estimated Amortized Estimated (In thousands) Cost Fair Value Cost Fair Value Due in one year or less $ 5,883 $ 6,437 $ 2,821 $ 2,839 Due after one year through five years 6,153 6,117 9,843 9,932 Due after five years through ten years 33,839 32,156 43,247 42,736 Due after ten years 59,294 58,746 19,887 18,796 Sub-total 105,169 103,456 75,798 74,303 Residential mortgage-backed - US agency 23,087 22,040 9,514 9,364 Collateralized mortgage obligations - US agency 11,881 11,115 14,093 13,895 Collateralized mortgage obligations - Private label 62,991 61,313 68,592 67,229 Totals $ 203,128 $ 197,924 $ 167,997 $ 164,791 |
Investment Securities' Gross Unrealized Losses and Fair Value by Investment Category and Length of Time that Individual Securities Have Continuous Unrealized Loss Position | The Company’s investment securities’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows: March 31, 2022 Less than Twelve Months Twelve Months or More Total Number of Number of Number of Individual Unrealized Fair Individual Unrealized Fair Individual Unrealized Fair (Dollars in thousands) Securities Losses Value Securities Losses Value Securities Losses Value Available-for-Sale Portfolio US Treasury, agencies and GSE's 3 $ (1,617 ) $ 29,017 - $ - $ - 3 $ (1,617 ) $ 29,017 State and political subdivisions 15 (983 ) 18,445 1 (150 ) 2,155 16 (1,133 ) 20,600 Corporate 4 (49 ) 3,212 1 (95 ) 660 5 (144 ) 3,872 Asset backed securities 9 (300 ) 15,380 - - - 9 (300 ) 15,380 Residential mortgage-backed - US agency 12 (1,083 ) 19,407 - - - 12 (1,083 ) 19,407 Collateralized mortgage obligations - US agency 11 (255 ) 6,323 3 (511 ) 4,455 14 (766 ) 10,778 Collateralized mortgage obligations - Private label 26 (1,682 ) 51,149 2 (16 ) 1,533 28 (1,698 ) 52,682 Totals 80 $ (5,969 ) $ 142,933 7 $ (772 ) $ 8,803 87 $ (6,741 ) $ 151,736 Held-to-Maturity Portfolio State and political subdivisions 9 $ (421 ) $ 7,898 2 $ (507 ) $ 3,590 11 $ (928 ) $ 11,488 Corporate 20 (481 ) 18,325 1 (43 ) 707 21 (524 ) 19,032 Asset backed securities 6 (347 ) 7,201 1 (12 ) 1,403 7 (359 ) 8,604 Residential mortgage-backed - US agency 6 (227 ) 5,744 - - - 6 (227 ) 5,744 Collateralized mortgage obligations - US agency 5 (244 ) 8,393 1 (11 ) 1,029 6 (255 ) 9,422 Collateralized mortgage obligations - Private label 26 (1,110 ) 41,634 2 (253 ) 3,494 28 (1,363 ) 45,128 Totals 72 $ (2,830 ) $ 89,195 7 $ (826 ) $ 10,223 79 $ (3,656 ) $ 99,418 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 |
Gross Realized Gains (Losses) on Sale and Redemptions of Securities | Gross realized gains (losses) on sales For the three months ended March 31, (In thousands) 2022 2021 Realized gains on investments $ - $ 7 Realized losses on investments (6 ) (7 ) $ (6 ) $ - |
Pension and Postretirement Be_2
Pension and Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Compensation And Retirement Disclosure [Abstract] | |
Composition of Net Periodic Pension and Postretirement Plan Costs | The composition of net periodic pension plan and postretirement plan costs for the indicated periods is as follows: Pension Benefits Postretirement Benefits For the three months ended March 31, (In thousands) 2022 2021 2022 2021 Service cost $ - $ - $ - $ - Interest cost 116 110 3 3 Expected return on plan assets (267 ) (286 ) - - Amortization of prior service credits - - (1 ) (1 ) Amortization of net losses - 25 1 2 Net periodic benefit plan (benefit) cost $ (151 ) $ (151 ) $ 3 $ 4 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Major Classification of Loans | Major classifications of loans at the indicated dates are as follows: March 31, December 31, (In thousands) 2022 2021 Residential mortgage loans: 1-4 family first-lien residential mortgages $ 232,809 $ 240,434 Construction 21,594 6,329 Loans held-for-sale 679 513 Total residential mortgage loans 255,082 247,276 Commercial loans: Real estate 303,250 288,450 Lines of credit 75,370 61,884 Other commercial and industrial 69,695 69,135 Paycheck Protection Program loans 13,292 19,338 Tax exempt loans 5,550 5,811 Total commercial loans 467,157 444,618 Consumer loans: Home equity and junior liens 30,781 31,737 Other consumer 103,825 110,108 Total consumer loans 134,606 141,845 Total loans 856,845 833,739 Net deferred loan fees (1,244 ) (1,280 ) Less allowance for loan losses 13,017 12,935 Loans receivable, net $ 842,584 $ 819,524 |
Summary of Purchased Loans Pools | The Bank acquires diversified pools of loans, originated by unrelated third parties, as part of the Company’s overall balance sheet management strategies. These acquisitions occurred in eleven separate transactions commencing in 2019 and four new pools were added during 2021. (In thousands, except number of loans) March 31, 2022 Original Balance Current Balance Unamortized Premium/ (Discount) Number of Loans Maturity Range Cumulative net charge-offs Residential real estate loans 4,300 4,100 253 50 19-24 years - Secured consumer installment loans 21,300 20,900 (3,492 ) 880 19-26 years - Commercial and industrial loans 6,800 3,700 33 0-5 years - Commercial Line of Credit 1 11,600 12,300 23 1 0-1 year - Commercial Line of Credit 2 10,500 9,300 32 1 0-1 year - Home equity lines of credit 21,900 7,500 229 173 2-28 years - Automobile loans 50,400 7,300 242 758 0-5 years 239 Unsecured consumer loan pool 1 5,400 2,400 65 0-5 years - Unsecured consumer loan pool 2 26,600 4,500 24 1,239 0-3 years 1,551 Unsecured consumer installment loans pool 3 10,300 1,800 63 977 0-6 years 31 Secured consumer installment loans pool 4 14,500 12,300 (1,699 ) 553 Over 15 years - Unsecured consumer loans pool 5 24,400 19,100 (554 ) 733 Over 15 years - Unsecured consumer loans pool 6 22,200 21,600 (2,694 ) 560 Over 15 years - Total 230,200 126,800 (7,573 ) 6,023 1,821 (In thousands, except number of loans) December 31, 2021 Original Balance Current Balance Unamortized Premium/ (Discount) Number of Loans Maturity Range Cumulative net charge-offs Residential real estate loans 4,300 4,100 257 51 17-23 years - Secured consumer installment loans 21,300 21,400 (3,642 ) 900 19-25 years - Commercial and industrial loans 6,800 3,900 33 4-8 years - Commercial Line of Credit 1 11,600 7,100 26 1 0-1 year - Commercial Line of Credit 2 10,500 9,300 35 1 0-1 year - Home equity lines of credit 21,900 8,400 243 187 2-28 years - Automobile loans 50,400 8,800 301 855 0-5 years 239 Unsecured consumer loan pool 1 5,400 2,600 66 3-5 years - Unsecured consumer loan pool 2 26,600 6,300 30 1,438 1-3 years 42 Unsecured consumer installment loans pool 3 10,300 2,200 74 1,356 0-6 years 296 Secured consumer installment loans pool 4 14,500 12,600 (1,776 ) 563 Over 15 years - Unsecured consumer loans pool 5 24,400 19,700 (583 ) 756 Over 15 years - Unsecured consumer loans pool 6 22,200 22,100 (2,785 ) 564 Over 15 years - Total 230,200 128,500 (7,820 ) 6,771 577 |
Summary of Classes of Loan Portfolio | The following tables present the classes of the loan portfolio, not including net deferred loan costs, summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the Company's internal risk rating system as of the dates indicated: As of March 31, 2022 Special (In thousands) Pass Mention Substandard Doubtful Total Residential mortgage loans: 1-4 family first-lien residential mortgages $ 231,039 $ 510 $ 599 $ 661 $ 232,809 Construction 21,594 - - - 21,594 Loans held-for-sale 679 - - - 679 Total residential mortgage loans 253,312 510 599 661 255,082 Commercial loans: Real estate 282,336 9,768 10,569 577 303,250 Lines of credit 67,908 4,078 3,337 48 75,370 Other commercial and industrial 58,521 3,457 7,534 183 69,695 Paycheck Protection Program loans 13,292 - - - 13,292 Tax exempt loans 5,550 - - - 5,550 Total commercial loans 427,607 17,302 21,440 808 467,157 Consumer loans: Home equity and junior liens 29,776 145 634 225 30,781 Other consumer 103,755 18 52 - 103,825 Total consumer loans 133,532 163 686 225 134,606 Total loans $ 814,451 $ 17,975 $ 22,724 $ 1,694 $ 856,845 As of December 31, 2021 Special (In thousands) Pass Mention Substandard Doubtful Total Residential mortgage loans: 1-4 family first-lien residential mortgages $ 238,823 $ 269 $ 811 $ 531 $ 240,434 Construction 6,329 - - - 6,329 Loans held-for-sale 513 - - - 513 Total residential mortgage loans 245,665 269 811 531 247,276 Commercial loans: Real estate 267,388 9,879 10,604 579 288,450 Lines of credit 54,408 4,036 3,387 53 61,884 Other commercial and industrial 56,719 3,907 8,321 188 69,135 Paycheck Protection Program loans 19,338 - - - 19,338 Tax exempt loans 5,811 - - - 5,811 Total commercial loans 403,664 17,822 22,312 820 444,618 Consumer loans: Home equity and junior liens 30,740 133 606 258 31,737 Other consumer 109,979 44 77 8 110,108 Total consumer loans 140,719 177 683 266 141,845 Total loans $ 790,048 $ 18,268 $ 23,806 $ 1,617 $ 833,739 |
Age Analysis of Past Due Loans Segregated by Portfolio Segment and Class of Loans | An age analysis of past due loans, not including net deferred loan costs, segregated by portfolio segment and class of loans, as of March 31, 2022 and December 31, 2021, are detailed in the following tables: As of March 31, 2022 30-59 Days 60-89 Days 90 Days Total Total Loans (In thousands) Past Due Past Due and Over Past Due Current Receivable Residential mortgage loans: 1-4 family first-lien residential mortgages $ 1,072 $ 322 $ 1,098 $ 2,492 $ 230,317 $ 232,809 Construction - - - - 21,594 21,594 Loans held-for-sale - - - - 679 679 Total residential mortgage loans 1,072 322 1,098 2,492 252,590 255,082 Commercial loans: Real estate 1,054 3,800 4,212 9,066 294,184 303,250 Lines of credit 274 365 94 733 74,637 75,370 Other commercial and industrial 1,572 1,016 1,001 3,589 66,106 69,695 Paycheck Protection Program loans - - - - 13,292 13,292 Tax exempt loans - - - - 5,550 5,550 Total commercial loans 2,900 5,181 5,307 13,388 453,769 467,157 Consumer loans: Home equity and junior liens 117 64 388 569 30,212 30,781 Other consumer 389 412 895 1,696 102,129 103,825 Total consumer loans 506 476 1,283 2,265 132,341 134,606 Total loans $ 4,478 $ 5,979 $ 7,688 $ 18,145 $ 838,700 $ 856,845 As of December 31, 2021 30-59 Days 60-89 Days 90 Days Total Total Loans (In thousands) Past Due Past Due and Over Past Due Current Receivable Residential mortgage loans: 1-4 family first-lien residential mortgages $ 960 $ 416 $ 891 $ 2,268 $ 238,166 $ 240,434 Construction - - - - 6,329 6,329 Loans held-for-sale - - - - 513 513 Total residential mortgage loans 960 416 891 2,268 245,008 247,276 Commercial loans: Real estate 1,735 1,029 4,379 7,143 281,307 288,450 Lines of credit 156 1,180 576 1,913 59,971 61,884 Other commercial and industrial 1,799 1,686 1,056 4,541 64,594 69,135 Paycheck Protection Program loans - - - - 19,338 19,338 Tax exempt loans - - - - 5,811 5,811 Total commercial loans 3,691 3,895 6,011 13,597 471,091 444,618 Consumer loans: Home equity and junior liens 17 49 251 317 31,420 31,737 Other consumer 571 257 852 1,680 108,428 110,108 Total consumer loans 588 306 1,103 1,998 139,847 141,845 Total loans $ 5,239 $ 4,617 $ 8,006 $ 17,862 $ 815,877 $ 833,739 |
Nonaccrual Loans Segregated by Class of Loan | Nonaccrual loans, segregated by class of loan, were as follows: March 31, December 31, (In thousands) 2022 2021 Residential mortgage loans: 1-4 family first-lien residential mortgages $ 1,098 $ 891 1,098 891 Commercial loans: Real estate 4,235 4,407 Lines of credit 141 629 Other commercial and industrial 1,191 1,261 5,567 6,297 Consumer loans: Home equity and junior liens 388 252 Other consumer 895 852 Total consumer loans 1,283 1,104 Total nonaccrual loans $ 7,948 $ 8,292 |
Troubled Debt Restructurings on Financing Receivables | The Company has one For the three months ended March 31, 2022 (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 $ 355 $ 355 $ - |
Summary of Impaired Loan Information by Portfolio Class | The following table summarizes impaired loan information by portfolio class at the indicated dates: March 31, 2022 December 31, 2021 Unpaid Unpaid Recorded Principal Related Recorded Principal Related (In thousands) Investment Balance Allowance Investment Balance Allowance With no related allowance recorded: 1-4 family first-lien residential mortgages $ 662 $ 662 $ - $ 666 $ 666 $ - Commercial real estate 4,206 4,301 - 4,708 4,801 - Commercial lines of credit 100 100 - 100 104 - Other commercial and industrial 299 335 - 357 396 - Home equity and junior liens 91 91 - 93 93 - With an allowance recorded: 1-4 family first-lien residential mortgages 528 528 97 539 539 90 Commercial real estate 2,908 2,908 352 2,450 2,450 300 Commercial lines of credit 48 53 48 53 53 53 Other commercial and industrial 1,887 1,893 1,353 1,852 1,852 1,318 Home equity and junior liens 539 539 114 539 539 114 Total: 1-4 family first-lien residential mortgages 1,191 1,190 97 1,205 1,205 90 Commercial real estate 7,114 7,209 352 7,158 7,251 300 Commercial lines of credit 148 153 48 153 157 53 Other commercial and industrial 2,185 2,228 1,353 2,209 2,248 1,318 Home equity and junior liens 630 630 114 632 632 114 Totals $ 11,268 $ 11,410 $ 1,964 $ 11,357 $ 11,493 $ 1,875 |
Average Recorded Investment In Impaired Loans | The following table presents the average recorded investment in impaired loans for the periods indicated: For the three months ended March 31, (In thousands) 2022 2021 1-4 family first-lien residential mortgages $ 1,197 $ 1,677 Commercial real estate 7,135 13,152 Commercial lines of credit 151 943 Other commercial and industrial 2,198 6,846 Home equity and junior liens 631 398 Other consumer - 87 Total $ 11,312 $ 23,103 |
Cash Basis Interest Income Recognized On Impaired Loans | The following table presents the cash basis interest income recognized on impaired loans for the periods indicated: For the three months ended March 31, (In thousands) 2022 2021 1-4 family first-lien residential mortgages $ 16 $ 16 Commercial real estate 63 65 Commercial lines of credit 2 10 Other commercial and industrial 20 25 Home equity and junior liens 6 1 Other consumer - 5 Total $ 107 $ 122 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Allowance For Loan Losses [Abstract] | |
Changes in the Allowance for Loan Losses | An allocation of a portion of the allowance to a given portfolio class does not limit the Company’s ability to absorb losses in another portfolio class. For the three months ended March 31, 2022 1-4 family first-lien Residential Other Paycheck residential construction Commercial Commercial commercial Protection (In thousands) mortgage mortgage real estate lines of credit and industrial Program Allowance for loan losses: Beginning Balance $ 872 $ - $ 5,308 $ 935 $ 2,762 $ - Charge-offs - - - (17 ) - - Recoveries - - - - - - Provisions (credits) (42 ) - (10 ) 143 (25 ) - Ending balance $ 830 $ - $ 5,298 $ 1,061 $ 2,737 $ - Ending balance: related to loans individually evaluated for impairment $ 97 $ - $ 352 $ 48 $ 1,353 $ - Ending balance: related to loans collectively evaluated for impairment $ 733 $ - $ 4,946 $ 1,013 $ 1,384 $ - Loans receivables: Ending balance $ 232,809 $ 21,594 $ 303,250 $ 75,370 $ 69,695 $ 13,292 Ending balance: individually evaluated for impairment $ 1,191 $ - $ 7,114 $ 148 $ 2,185 $ - Ending balance: collectively evaluated for impairment $ 231,618 $ 21,594 $ 296,136 $ 75,222 $ 67,510 $ 13,292 Home Other Tax exempt and junior liens Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 3 $ 774 $ 1,297 $ 984 12,935 Charge-offs - - (29 ) - (46 ) Recoveries - - 26 - 26 Provisions 1 (98 ) 128 5 102 Ending balance $ 4 $ 676 $ 1,422 $ 989 $ 13,017 Ending balance: related to loans individually evaluated for impairment $ - $ 114 $ - $ - $ 1,964 Ending balance: related to loans collectively evaluated for impairment $ 4 $ 562 $ 1,422 $ 989 $ 11,053 Loans receivables: Ending balance $ 5,550 $ 30,781 $ 103,825 $ 679 $ 856,845 Ending balance: individually evaluated for impairment $ - $ 630 $ - $ - $ 11,268 Ending balance: collectively evaluated for impairment $ 5,550 $ 30,151 $ 103,825 $ 679 $ 845,577 For the three months ended March 31, 2021 1-4 family first-lien Residential Other Paycheck residential construction Commercial Commercial commercial Protection (In thousands) mortgage mortgage real estate lines of credit and industrial Program Allowance for loan losses: Beginning Balance $ 931 $ - $ 4,776 $ 1,670 $ 2,992 $ - Charge-offs - - (100 ) - - - Recoveries - - - 1 - - Provisions 44 - 1,045 245 24 - Ending balance $ 975 $ - $ 5,721 $ 1,916 $ 3,016 $ - Ending balance: related to loans individually evaluated for impairment $ 161 $ - $ 252 $ 960 $ 1,285 $ - Ending balance: related to loans collectively evaluated for impairment $ 814 $ - $ 5,469 $ 956 $ 1,731 $ - Loans receivables: Ending balance $ 226,058 $ 7,789 $ 289,182 $ 63,158 $ 77,915 $ 71,885 Ending balance: individually evaluated for impairment $ 1,507 $ - $ 13,521 $ 960 $ 6,714 $ - Ending balance: collectively evaluated for impairment $ 224,551 $ 7,789 $ 275,661 $ 62,198 $ 71,201 $ 71,885 Home Other Tax exempt and junior liens Consumer Unallocated Total Allowance for loan losses: Beginning Balance $ 1 $ 739 $ 1,123 $ 545 12,777 Charge-offs - - (43 ) - (143 ) Recoveries - - 30 - 31 Provisions - 88 127 (545 ) 1,028 Ending balance $ 1 $ 827 $ 1,237 $ - $ 13,693 Ending balance: related to loans individually evaluated for impairment $ - $ 221 $ - $ - 2,879 Ending balance: related to loans collectively evaluated for impairment $ 1 $ 606 $ 1,237 $ - 10,814 Loans receivables: Ending balance $ 6,959 $ 36,181 $ 87,976 $ 437 867,540 Ending balance: individually evaluated for impairment $ - $ 578 $ 92 $ - 23,372 Ending balance: collectively evaluated for impairment $ 6,959 $ 35,603 $ 87,884 $ 437 $ 844,168 |
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: March 31, 2022 (In thousands) 1-4 family first-lien residential mortgage Residential construction mortgage Commercial real estate Commercial lines of credit Other Commercial and industrial Specifically reserved $ 97 $ - $ 352 $ 48 $ 1,353 Historical loss rate 85 - 2 26 96 Qualitative factors 648 - 4,944 987 1,288 Total $ 830 $ - $ 5,298 $ 1,061 $ 2,737 Tax exempt Home equity and junior liens Other consumer Unallocated Total Specifically reserved $ - $ 114 $ - $ - $ 1,964 Historical loss rate - 324 1,147 - 1,680 Qualitative factors 4 238 275 - 8,384 Other - - - 989 989 Total $ 4 $ 676 $ 1,422 $ 989 $ 13,017 March 31, 2021 1-4 family first-lien Residential Other residential construction Commercial Commercial commercial (In thousands) mortgage mortgage real estate lines of credit and industrial Specifically reserved $ 161 $ - $ 252 $ 960 $ 1,285 Historical loss rate 84 - 1 89 61 Qualitative factors 730 - 5,468 867 1,670 Total $ 975 $ - $ 5,721 $ 1,916 $ 3,016 Home equity Other Tax exempt and junior liens consumer Unallocated Total Specifically reserved $ - $ 221 $ - $ - $ 2,879 Historical loss rate - 325 957 - 1,517 Qualitative factors 1 281 280 - 9,297 Other - - - - - Total $ 1 $ 827 $ 1,237 $ - $ 13,693 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets on Recurring Basis Segregated by Level of Valuation Inputs | The following tables summarize assets measured at fair value on a recurring basis as of the indicated dates, segregated by the level of valuation inputs within the hierarchy utilized to measure fair value: March 31, 2022 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Available-for-Sale Portfolio Debt investment securities: US Treasury, agencies and GSEs $ - $ 30,022 $ - $ 30,022 State and political subdivisions - 42,871 - 42,871 Corporate - 10,374 - 10,374 Asset backed securities - 15,537 - 15,537 Residential mortgage-backed - US agency - 22,040 - 22,040 Collateralized mortgage obligations - US agency - 11,115 - 11,115 Collateralized mortgage obligations - Private label - 61,313 - 61,313 Total 193,272 193,272 Corporate measured at NAV - - - 4,652 Total available-for-sale securities $ - $ 193,272 $ - $ 197,924 Marketable equity securities measured at NAV $ 1,230 $ - $ - $ 1,230 Interest rate swap derivative fair value hedges $ - $ (894 ) $ - $ (894 ) Interest rate swap derivative cash flow hedges $ - $ 262 $ - $ 262 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 measured at NAV $ 677 $ - $ - $ 677 Interest rate swap derivative fair value hedge $ - $ (152 ) $ - $ (152 ) Interest rate swap derivative cash flow hedges $ - $ (387 ) $ - $ (387 ) |
Summary of Fair Value Assets Measured on Nonrecurring Basis | Pathfinder Bank had the following assets measured at fair value on a nonrecurring basis as of March 31, 2022 and December 31, 2021: March 31, 2022 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ - $ - $ 793 $ 793 December 31, 2021 Total Fair (In thousands) Level 1 Level 2 Level 3 Value Impaired loans $ - $ - $ 4,182 $ 4,182 |
Fair Value Inputs, Quantitative Information | The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Level 3 inputs were used to determine fair value at the indicated dates. Quantitative Information about Level 3 Fair Value Measurements Valuation Unobservable Range Techniques Input (Weighted Avg.) At March 31, 2022 Impaired loans Appraisal of collateral Appraisal Adjustments 5% - 30% (17%) (Sales Approach) Costs to Sell 7% - 14% (12%) Discounted Cash Flow Quantitative Information about Level 3 Fair Value Measurements Valuation Unobservable Range Techniques Input (Weighted Avg.) At December 31, 2021 Impaired loans Appraisal of collateral Appraisal Adjustments 5% - 30% (15%) (Sales Approach) Costs to Sell 7% - 14% (10%) Discounted Cash Flow |
Carrying Amounts and Fair Value of Financial Instruments | The carrying amounts and fair values of the Company’s financial instruments as of the indicated dates are presented in the following table: March 31, 2022 December 31, 2021 Fair Value Carrying Estimated Carrying Estimated (In thousands) Hierarchy Amounts Fair Values Amounts Fair Values Financial assets: Cash and cash equivalents 1 $ 37,184 $ 37,184 $ 37,149 $ 37,149 Investment securities - available-for-sale 2 193,272 193,272 185,895 185,895 Investment securities - available-for-sale NAV 4,652 4,652 4,497 4,497 Investment securities - marketable equity 1 1,230 1,230 677 677 Investment securities - held-to-maturity 2 167,997 164,791 160,923 162,805 Federal Home Loan Bank stock 2 3,533 3,533 4,189 4,189 Net loans 3 842,584 835,644 819,524 819,721 Accrued interest receivable 1 4,740 4,740 4,520 4,520 Interest rate swap derivative fair value hedges 2 4,229 4,229 1,308 1,308 Financial liabilities: Demand Deposits, Savings, NOW and MMDA 1 $ 748,162 $ 748,162 $ 694,089 $ 694,089 Time Deposits 2 365,915 361,757 361,257 360,680 Borrowings 2 62,521 59,951 77,098 76,957 Subordinated loans 2 29,604 29,896 29,563 30,627 Accrued interest payable 1 122 122 106 106 Interest rate swap derivative fair value hedges 2 894 894 152 152 Interest rate swap derivative cash flow hedges 2 (262 ) (262 ) 387 387 |
Interest Rate Derivatives (Tabl
Interest Rate Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Cumulative Basis Adjustments for Fair Value Hedges | The following tables show the Company’s outstanding fair value hedges at March 31, 2022 and December 31, 2021: (In thousands) Carrying Amount of the Hedged Assets at March 31, 2022 Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets at March 31, 2022 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 Line item on the balance sheet in which the hedged item is included: Available-for-sale securities (1) $ 65,636 $ (4,229 ) $ 61,808 $ (1,308 ) Loans receivable (2) $ 39,887 $ (894 ) $ 41,651 $ (152 ) (1) These amounts represent the amortized (2) These amounts include the amortized cost of a specific loan pool designated as the underlying asset for the hedging relationship in which the hedged item is the underlying asset's amortized cost (last layer) projected to be remaining at the end of the contractual term of the hedging instrument. The amount of the designated hedged item was $39.9 million and $41.7 million as of March 31, 2022 and December 31, 2021, respectively. At March 31, 2022, the fair value of the derivative resulted in a net asset position of $894,000, recorded by the Company in other assets. The Company’s participation in the fair value hedge had an immaterial effect on recorded interest income at March 31, 2022 and December 31, 2021. |
Schedule of Cash Flow Hedges | The following table shows the pre-tax gains and losses of the Company’s derivatives designated as cash flow hedges in OCI at March 31, 2022 and December 31, 2021: (In thousands) March 31, 2022 December 31, 2021 Cash flow hedges: Fair market value adjustment interest rate swap 262 (387 ) Total loss in comprehensive income $ 262 $ (387 ) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax | Changes in the components of accumulated other comprehensive income (loss) (“AOCI”), net of tax, for the periods indicated are summarized in the tables below. For the three months ended March 31, 2022 (In thousands) Retirement Plans Unrealized Loss on Available-for- Sale Securities Unrealized Gain on Derivatives and Hedging Activities Unrealized Gain on Securities Transferred to Held-to-Maturity Total Beginning balance $ (1,412 ) $ 428 $ (286 ) $ 2 $ (1,268 ) Other comprehensive income before reclassifications - (4,271 ) 480 - (3,791 ) Amounts reclassified from AOCI 1 - - - 1 Ending balance $ (1,411 ) $ (3,843 ) $ 194 $ 2 $ (5,058 ) For the three months ended March 31, 2021 (In thousands) Retirement Plans Unrealized Gain on Available-for- Sale Securities Unrealized Loss 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 - 271 173 5 449 Amounts reclassified from AOCI 19 - - - 19 Ending balance $ (2,074 ) $ 1,108 $ (793 ) $ (9 ) $ (1,768 ) |
Schedule of Amounts Reclassified Out of Each Component of AOCI | The following table presents the amounts reclassified out of each component of AOCI for the indicated period: Amount Reclassified from AOCI (1) (Unaudited) (In thousands) For the three months ended Details about AOCI (1) Affected Line Item in the Statement of Income March 31, 2022 March 31, 2021 Retirement plan items Retirement plan net losses recognized in plan expenses (2) Salaries and employee benefits $ (1 ) $ (26 ) Tax effect Provision for income taxes - 7 Net Income $ (1 ) $ (19 ) (1) Amounts in parentheses indicates debits in net income. (2) These items are included in net periodic pension cost. See Note 5 for additional information. |
Noninterest Income (Tables)
Noninterest Income (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Noninterest Income | The Company has included the following table regarding the Company’s noninterest income for the periods presented. For the three months ended March 31, (In thousands) 2022 2021 Service fees Insufficient funds fees $ 118 $ 190 Deposit related fees 102 97 ATM fees 39 44 Total service fees 259 331 Fee Income Insurance commissions 299 279 Investment services revenue 97 83 ATM fees surcharge 48 51 Banking house rents collected 55 63 Total fee income 499 476 Card income Debit card interchange fees 228 221 Merchant card fees 16 15 Total card income 244 236 Mortgage fee income and realized gain on sale of loans and foreclosed real estate Loan servicing fees 117 90 Net gains on sales of loans and foreclosed real estate 63 120 Total mortgage fee income and realized gain on sale of loans and foreclosed real estate 180 210 Total 1,182 1,253 Earnings and gain on bank owned life insurance 162 125 Net loss on sale and redemption of investment securities (6 ) - Gains on marketable equity securities 68 234 Net gains on sale of premises and equipment - 201 Other miscellaneous income 197 32 Total noninterest income $ 1,603 $ 1,845 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Components of Lease Expense | The components of lease expense are as follows: For the three months ended (In thousands) March 31, 2022 March 31, 2021 Operating lease cost $ 57 $ 57 Finance lease cost 21 20 |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows: For the three months ended (In thousands) March 31, 2022 March 31, 2021 Cash paid for amount included in the measurement of lease liabilities: Operating cash flows from operating leases $ 52 $ 52 Operating cash flows from finance leases 21 20 Financing cash flows from finance leases 18 18 |
Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows: For the three months ended (In thousands, except lease term and discount rate) March 31, 2022 March 31, 2021 Operating Leases: Operating lease right-of-use assets $ 2,102 $ 2,136 Operating lease liabilities $ 2,409 $ 2,440 Finance Leases: Financial Liability $ 599 $ 596 Weighted Average Remaining Lease Term: Operating Leases 18.16 years 18.29 years Finance Leases 27.17 years 27.42 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: Three Months Ending March 31, 2022 (In thousands) 2023 $ 85 2024 118 2025 118 2026 126 2027 133 Thereafter 2,428 Total minimum lease payments $ 3,008 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of Loans to Related Parties | The following represents the activity associated with loans to related parties during the three months ended March 31, 2022 and the year ended December 31, 2021: (In thousands) 2022 2021 Balance at the beginning of the period $ 22,427 $ 22,445 Originations and related party additions 18 8,007 Principal payments and related party removals (1,220 ) (8,025 ) Balance at the end of the period $ 21,225 $ 22,427 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Details) | Mar. 31, 2022 |
Nature of Operations [Line Items] | |
Consolidation of membership interest in Fitzgibbons | 100.00% |
FitzGibbons Agency LLC [Member] | Pathfinder Risk Management Company Inc [Member] | |
Nature of Operations [Line Items] | |
Membership interest own in Fitzgibbons through subsidiary | 51.00% |
Noncontrolling interest by subsidiary | 49.00% |
Earnings per Common Share - Add
Earnings per Common Share - Additional Information (Details) - shares | Jun. 04, 2021 | Mar. 31, 2022 | Mar. 31, 2021 |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Conversion of preferred stock, shares converted | 1,380,283 | ||
Conversion of stock, description | the Company converted 1,380,283 shares of its Series B Convertible Perpetual Preferred Stock to an equal number of shares of its newly-created Series A Non-Voting Common Stock. | ||
Stock Option [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive stock options (in shares) | 0 | 0 |
Earnings per Common Share - Cal
Earnings per Common Share - Calculations of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Net income attributable to Pathfinder Bancorp, Inc. | $ 2,950 | $ 2,154 |
Convertible preferred stock dividends | $ 97 | |
Dividends per common share (Voting and Series A Non-Voting) | $ 0.09 | $ 0.07 |
Series A Nonvoting Common Stock [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Net income attributable to Pathfinder Bancorp, Inc. | $ 673 | |
Dividends per common share (Voting and Series A Non-Voting) | $ 124 | |
Warrant dividends | $ 11 | |
Undistributed earnings allocated to participating securities | $ 1,857 | |
Basic weighted average common shares outstanding- Voting | 1,380,283 | |
Diluted weighted average common shares outstanding- Voting | 1,380,283 | |
Earnings per common share- basic | $ 0.49 | |
Earnings per common share - diluted | 0.49 | |
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) | $ 409 | |
Warrant dividends | $ 11 | $ 9 |
Undistributed earnings allocated to participating securities | 600 | 439 |
Net income available to common shareholders- Voting | $ 2,215 | $ 1,666 |
Basic weighted average common shares outstanding- Voting | 4,535,967 | 4,442,231 |
Diluted weighted average common shares outstanding- Voting | 4,535,967 | 4,442,231 |
Earnings per common share- basic | $ 0.49 | $ 0.36 |
Earnings per common share - diluted | $ 0.49 | $ 0.36 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Estimated Fair Value of Investment Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | $ 203,128 | $ 189,813 |
Gross Unrealized Gains, Debt investment securities | 1,537 | 2,434 |
Gross Unrealized Losses, Debt investment securities | (6,741) | (1,855) |
Available-for-sale Securities, Debt investment securities | 197,924 | 190,392 |
Amortized cost, equity securities | 206 | 206 |
Gross Unrealized Gains, Equity investment securities | 0 | 0 |
Gross Unrealized Losses, Equity investment securities | 0 | 0 |
Available-for-sale Securities, Equity investment securities | 206 | 206 |
Total investment securities, amortized cost basis | 203,334 | 190,019 |
Gross Unrealized Gains | 1,537 | 2,434 |
Gross Unrealized Losses | (6,741) | (1,855) |
Estimated Fair Value | 198,130 | 190,598 |
Held-to-maturity securities, debt maturities, Amortized Cost | 167,997 | 160,923 |
Held to maturity, gross unrealized gains | 450 | 2,601 |
Held to maturity, gross unrealized losses | (3,656) | (719) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 164,791 | 162,805 |
US Treasury, Agencies and GSEs [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 31,624 | 32,669 |
Gross Unrealized Gains, Debt investment securities | 15 | 17 |
Gross Unrealized Losses, Debt investment securities | (1,617) | (413) |
Available-for-sale Securities, Debt investment securities | 30,022 | 32,273 |
Held-to-maturity securities, debt maturities, Amortized Cost | 0 | 0 |
Held to maturity, gross unrealized gains | 0 | 0 |
Held to maturity, gross unrealized losses | 0 | 0 |
Held-to-maturity Securities, Debt Maturities, Fair Value | 0 | 0 |
State and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 43,117 | 37,860 |
Gross Unrealized Gains, Debt investment securities | 887 | 1,383 |
Gross Unrealized Losses, Debt investment securities | (1,133) | (44) |
Available-for-sale Securities, Debt investment securities | 42,871 | 39,199 |
Held-to-maturity securities, debt maturities, Amortized Cost | 14,735 | 14,790 |
Held to maturity, gross unrealized gains | 25 | 416 |
Held to maturity, gross unrealized losses | (928) | (140) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 13,832 | 15,066 |
Corporate [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 14,591 | 13,603 |
Gross Unrealized Gains, Debt investment securities | 579 | 562 |
Gross Unrealized Losses, Debt investment securities | (144) | (38) |
Available-for-sale Securities, Debt investment securities | 15,026 | 14,127 |
Held-to-maturity securities, debt maturities, Amortized Cost | 47,304 | 46,290 |
Held to maturity, gross unrealized gains | 291 | 1,252 |
Held to maturity, gross unrealized losses | (524) | (102) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 47,071 | 47,440 |
Asset Backed Securities [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 15,837 | 13,693 |
Gross Unrealized Gains, Debt investment securities | 0 | 9 |
Gross Unrealized Losses, Debt investment securities | (300) | (89) |
Available-for-sale Securities, Debt investment securities | 15,537 | 13,613 |
Held-to-maturity securities, debt maturities, Amortized Cost | 13,759 | 14,636 |
Held to maturity, gross unrealized gains | 0 | 67 |
Held to maturity, gross unrealized losses | (359) | (188) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 13,400 | 14,515 |
Residential Mortgage-Backed - US Agency [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 23,087 | 22,482 |
Gross Unrealized Gains, Debt investment securities | 36 | 148 |
Gross Unrealized Losses, Debt investment securities | (1,083) | (466) |
Available-for-sale Securities, Debt investment securities | 22,040 | 22,164 |
Held-to-maturity securities, debt maturities, Amortized Cost | 9,514 | 9,740 |
Held to maturity, gross unrealized gains | 77 | 277 |
Held to maturity, gross unrealized losses | (227) | (18) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 9,364 | 9,999 |
Collateralized Mortgage Obligations - US Agency [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 11,881 | 12,658 |
Gross Unrealized Gains, Debt investment securities | 0 | 30 |
Gross Unrealized Losses, Debt investment securities | (766) | (403) |
Available-for-sale Securities, Debt investment securities | 11,115 | 12,285 |
Held-to-maturity securities, debt maturities, Amortized Cost | 14,093 | 11,362 |
Held to maturity, gross unrealized gains | 57 | 367 |
Held to maturity, gross unrealized losses | (255) | (9) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 13,895 | 11,720 |
Collateralized Mortgage Obligations - Private Label [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Totals, amortized cost | 62,991 | 56,848 |
Gross Unrealized Gains, Debt investment securities | 20 | 285 |
Gross Unrealized Losses, Debt investment securities | (1,698) | (402) |
Available-for-sale Securities, Debt investment securities | 61,313 | 56,731 |
Held-to-maturity securities, debt maturities, Amortized Cost | 68,592 | 64,105 |
Held to maturity, gross unrealized gains | 0 | 222 |
Held to maturity, gross unrealized losses | (1,363) | (262) |
Held-to-maturity Securities, Debt Maturities, Fair Value | 67,229 | 64,065 |
Mutual funds Common Stock Financial Services Industry [Member] | ||
Schedule of Available-for-sale Securities and Held-to-Maturity Securities [Line Items] | ||
Amortized cost, equity securities | 206 | 206 |
Gross Unrealized Gains, Equity investment securities | 0 | 0 |
Gross Unrealized Losses, Equity investment securities | 0 | 0 |
Available-for-sale Securities, Equity investment securities | $ 206 | $ 206 |
Investment Securities - Amort_2
Investment Securities - Amortized Cost and Estimated Fair Value of Debt Investments by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Available-for-sale securities, debt maturities, amortized cost [Abstract] | ||
Due in one year or less | $ 5,883 | |
Due after one year through five years | 6,153 | |
Due after five years through ten years | 33,839 | |
Due after ten years | 59,294 | |
Sub-total | 105,169 | |
Amortized cost | 203,128 | $ 189,813 |
Available-for-sale securities, debt maturities, Estimated Fair Value [Abstract] | ||
Due in one year or less | 6,437 | |
Due after one year through five years | 6,117 | |
Due after five years through ten years | 32,156 | |
Due after ten years | 58,746 | |
Sub-total | 103,456 | |
Available-for-sale securities, debt maturities, fair value, totals | 197,924 | |
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | ||
Due in one year or less | 2,821 | |
Due after one year through five years | 9,843 | |
Due after five years through ten years | 43,247 | |
Due after ten years | 19,887 | |
Sub-total | 75,798 | |
Held-to-maturity securities, debt maturities, Amortized Cost | 167,997 | 160,923 |
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | ||
Due in one year or less | 2,839 | |
Due after one year through five years | 9,932 | |
Due after five years through ten years | 42,736 | |
Due after ten years | 18,796 | |
Sub-total | 74,303 | |
Held-to-maturity securities at fair value | 164,791 | 162,805 |
Residential Mortgage-Backed - US Agency [Member] | ||
Available-for-sale securities, debt maturities, amortized cost [Abstract] | ||
Amortized cost | 23,087 | 22,482 |
Available-for-sale securities, debt maturities, Estimated Fair Value [Abstract] | ||
Available-for-sale securities, debt maturities, fair value, totals | 22,040 | |
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | ||
Held-to-maturity securities, debt maturities, Amortized Cost | 9,514 | 9,740 |
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | ||
Held-to-maturity securities at fair value | 9,364 | 9,999 |
Collateralized Mortgage Obligations - US Agency [Member] | ||
Available-for-sale securities, debt maturities, amortized cost [Abstract] | ||
Amortized cost | 11,881 | 12,658 |
Available-for-sale securities, debt maturities, Estimated Fair Value [Abstract] | ||
Available-for-sale securities, debt maturities, fair value, totals | 11,115 | |
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | ||
Held-to-maturity securities, debt maturities, Amortized Cost | 14,093 | 11,362 |
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | ||
Held-to-maturity securities at fair value | 13,895 | 11,720 |
Collateralized Mortgage Obligations - Private Label [Member] | ||
Available-for-sale securities, debt maturities, amortized cost [Abstract] | ||
Amortized cost | 62,991 | 56,848 |
Available-for-sale securities, debt maturities, Estimated Fair Value [Abstract] | ||
Available-for-sale securities, debt maturities, fair value, totals | 61,313 | |
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | ||
Held-to-maturity securities, debt maturities, Amortized Cost | 68,592 | 64,105 |
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | ||
Held-to-maturity securities at fair value | $ 67,229 | $ 64,065 |
Investment Securities - Investm
Investment Securities - Investment Securities' Gross Unrealized Losses and Fair Value by Investment Category and Length of Time that Individual Securities Have Continuous Unrealized Loss Position (Details) | Mar. 31, 2022USD ($)Security | Dec. 31, 2021USD ($)Security |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 7 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Twelve months or more Unrealized Losses | $ (772,000) | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 72 | 22 |
Less than twelve months Fair Value | $ 89,195,000 | $ 27,634,000 |
Number of securities in unrealized loss positions, twelve months or more | Security | 7 | 8 |
Twelve months or more Fair Value | $ 10,223,000 | $ 10,527,000 |
Number of securities in unrealized loss positions | Security | 79 | 30 |
Total Fair Value | $ 99,418,000 | $ 38,161,000 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (2,830,000) | (441,000) |
Twelve months or more Unrealized Losses | (826,000) | (278,000) |
Total Unrealized Losses | $ (3,656,000) | $ (719,000) |
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 | 3 |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 |
Number of securities in unrealized loss positions | Security | 3 | 3 |
Less than twelve months Fair Value | $ 29,017,000 | $ 31,195,000 |
Twelve months or more Fair Value | 0 | 0 |
Total Fair Value | 29,017,000 | 31,195,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (1,617,000) | (413,000) |
Twelve months or more Unrealized Losses | 0 | 0 |
Total Unrealized Losses | $ (1,617,000) | $ (413,000) |
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 | 15 | 3 |
Number of securities in unrealized loss positions, twelve months or more | Security | 1 | 0 |
Number of securities in unrealized loss positions | Security | 16 | 3 |
Less than twelve months Fair Value | $ 18,445,000 | $ 4,847,000 |
Twelve months or more Fair Value | 2,155,000 | 0 |
Total Fair Value | 20,600,000 | 4,847,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (983,000) | (44,000) |
Twelve months or more Unrealized Losses | (150,000) | 0 |
Total Unrealized Losses | $ (1,133,000) | $ (44,000) |
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 |
Less than twelve months Fair Value | $ 7,898,000 | $ 2,013,000 |
Number of securities in unrealized loss positions, twelve months or more | Security | 2 | 2 |
Twelve months or more Fair Value | $ 3,590,000 | $ 3,988,000 |
Number of securities in unrealized loss positions | Security | 11 | 6 |
Total Fair Value | $ 11,488,000 | $ 6,001,000 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (421,000) | (28,000) |
Twelve months or more Unrealized Losses | (507,000) | (112,000) |
Total Unrealized Losses | $ (928,000) | $ (140,000) |
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 | 4 | 2 |
Number of securities in unrealized loss positions, twelve months or more | Security | 1 | 1 |
Number of securities in unrealized loss positions | Security | 5 | 3 |
Less than twelve months Fair Value | $ 3,212,000 | $ 1,162,000 |
Twelve months or more Fair Value | 660,000 | 722,000 |
Total Fair Value | 3,872,000 | 1,884,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (49,000) | (5,000) |
Twelve months or more Unrealized Losses | (95,000) | (33,000) |
Total Unrealized Losses | $ (144,000) | $ (38,000) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 20 | 9 |
Less than twelve months Fair Value | $ 18,325,000 | $ 7,636,000 |
Number of securities in unrealized loss positions, twelve months or more | Security | 1 | 0 |
Twelve months or more Fair Value | $ 707,000 | $ 0 |
Number of securities in unrealized loss positions | Security | 21 | 9 |
Total Fair Value | $ 19,032,000 | $ 7,636,000 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (481,000) | (102,000) |
Twelve months or more Unrealized Losses | (43,000) | 0 |
Total Unrealized Losses | $ (524,000) | $ (102,000) |
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 | 9 | 5 |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 |
Number of securities in unrealized loss positions | Security | 9 | 5 |
Less than twelve months Fair Value | $ 15,380,000 | $ 11,206,000 |
Twelve months or more Fair Value | 0 | 0 |
Total Fair Value | 15,380,000 | 11,206,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (300,000) | (89,000) |
Twelve months or more Unrealized Losses | 0 | 0 |
Total Unrealized Losses | $ (300,000) | $ (89,000) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 6 | 2 |
Less than twelve months Fair Value | $ 7,201,000 | $ 2,974,000 |
Number of securities in unrealized loss positions, twelve months or more | Security | 1 | 2 |
Twelve months or more Fair Value | $ 1,403,000 | $ 1,610,000 |
Number of securities in unrealized loss positions | Security | 7 | 4 |
Total Fair Value | $ 8,604,000 | $ 4,584,000 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (347,000) | (130,000) |
Twelve months or more Unrealized Losses | (12,000) | (58,000) |
Total Unrealized Losses | $ (359,000) | $ (188,000) |
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 | 12 | 3 |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 |
Number of securities in unrealized loss positions | Security | 12 | 3 |
Less than twelve months Fair Value | $ 19,407,000 | $ 13,090,000 |
Twelve months or more Fair Value | 0 | 0 |
Total Fair Value | 19,407,000 | 13,090,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (1,083,000) | (466,000) |
Twelve months or more Unrealized Losses | 0 | 0 |
Total Unrealized Losses | $ (1,083,000) | $ (466,000) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 6 | 1 |
Less than twelve months Fair Value | $ 5,744,000 | $ 1,941,000 |
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 |
Twelve months or more Fair Value | $ 0 | $ 0 |
Number of securities in unrealized loss positions | Security | 6 | 1 |
Total Fair Value | $ 5,744,000 | $ 1,941,000 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (227,000) | (18,000) |
Twelve months or more Unrealized Losses | 0 | 0 |
Total Unrealized Losses | $ (227,000) | $ (18,000) |
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 | 11 | 3 |
Number of securities in unrealized loss positions, twelve months or more | Security | 3 | 2 |
Number of securities in unrealized loss positions | Security | 14 | 5 |
Less than twelve months Fair Value | $ 6,323,000 | $ 6,504,000 |
Twelve months or more Fair Value | 4,455,000 | 2,204,000 |
Total Fair Value | 10,778,000 | 8,708,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (255,000) | (126,000) |
Twelve months or more Unrealized Losses | (511,000) | (277,000) |
Total Unrealized Losses | $ (766,000) | $ (403,000) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 5 | 0 |
Less than twelve months Fair Value | $ 8,393,000 | $ 0 |
Number of securities in unrealized loss positions, twelve months or more | Security | 1 | 1 |
Twelve months or more Fair Value | $ 1,029,000 | $ 1,109,000 |
Number of securities in unrealized loss positions | Security | 6 | 1 |
Total Fair Value | $ 9,422,000 | $ 1,109,000 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (244,000) | 0 |
Twelve months or more Unrealized Losses | (11,000) | (9,000) |
Total Unrealized Losses | $ (255,000) | $ (9,000) |
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 | 26 | 18 |
Number of securities in unrealized loss positions, twelve months or more | Security | 2 | 2 |
Number of securities in unrealized loss positions | Security | 28 | 20 |
Less than twelve months Fair Value | $ 51,149,000 | $ 38,816,000 |
Twelve months or more Fair Value | 1,533,000 | 1,539,000 |
Total Fair Value | 52,682,000 | 40,355,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (1,682,000) | (388,000) |
Twelve months or more Unrealized Losses | (16,000) | (14,000) |
Total Unrealized Losses | $ (1,698,000) | $ (402,000) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 26 | 6 |
Less than twelve months Fair Value | $ 41,634,000 | $ 13,070,000 |
Number of securities in unrealized loss positions, twelve months or more | Security | 2 | 3 |
Twelve months or more Fair Value | $ 3,494,000 | $ 3,820,000 |
Number of securities in unrealized loss positions | Security | 28 | 9 |
Total Fair Value | $ 45,128,000 | $ 16,890,000 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (1,110,000) | (163,000) |
Twelve months or more Unrealized Losses | (253,000) | (99,000) |
Total Unrealized Losses | $ (1,363,000) | $ (262,000) |
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 | 80 | 37 |
Number of securities in unrealized loss positions, twelve months or more | Security | 7 | 5 |
Number of securities in unrealized loss positions | Security | 87 | 42 |
Less than twelve months Fair Value | $ 142,933,000 | $ 106,820,000 |
Twelve months or more Fair Value | 8,803,000 | 4,465,000 |
Total Fair Value | 151,736,000 | 111,285,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than twelve months Unrealized Losses | (5,969,000) | (1,531,000) |
Twelve months or more Unrealized Losses | (772,000) | (324,000) |
Total Unrealized Losses | $ (6,741,000) | $ (1,855,000) |
Investment Securities - Additio
Investment Securities - Additional Information (Details) | 3 Months Ended | |
Mar. 31, 2022USD ($)SecurityBond | Dec. 31, 2021USD ($)Security | |
Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 7 | |
Available for sale securities continuous unrealized loss position twelve months or more amortized historical cost basis | $ 9,600,000 | |
Available for sale securities unrealized aggregate loss | $ 772,000 | |
Available for sale securities unrealized aggregate loss percentage | (8.10%) | |
Held-to-maturity Securities [Abstract] | ||
Held to maturity securities continuous unrealized loss position greater than twelve months amortized historical cost basis | $ 11,000,000 | |
Held-to-maturity securities aggregate unrealized loss | $ 826,000 | $ 278,000 |
Held To Maturity Securities Continuous Unrealized Loss Position Twelve Months Or Longer Accumulated Loss Percentage | (7.50%) | |
Number of securities in unrealized loss positions, twelve months or more | Security | 7 | 8 |
Held to maturity securities continuous unrealized loss position greater than twelve months amortized historical cost basis | $ 11,000,000 | |
Held-to-maturity securities aggregate unrealized loss | $ 826,000 | $ 278,000 |
Held-to-maturity securities aggregate unrealized loss percentage | (7.50%) | |
Twelve months or more Fair Value | $ 10,223,000 | 10,527,000 |
Held to maturity securities | Security | 7 | |
Number of securities in unrealized loss positions, twelve months or more | Security | 14 | |
Number of securities amortized | Security | 4 | |
Percentage of securities amortized | 29.10% | |
Debt securities, amortized cost balance | $ 6,000,000 | |
Gain (Loss) on Sale of Investments [Abstract] | ||
Securities pledged to collateralize deposit | 154,000,000 | 103,200,000 |
Securities pledged to collateralize borrowing | $ 8,900,000 | $ 9,400,000 |
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 | $ 95,000 | |
Available for sale securities unrealized aggregate loss percentage | (12.51%) | |
Held-to-maturity Securities [Abstract] | ||
Held to maturity securities continuous unrealized loss position greater than twelve months amortized historical cost basis | $ 750,000 | |
Held-to-maturity securities aggregate unrealized loss | $ 43,000 | |
Held To Maturity Securities Continuous Unrealized Loss Position Twelve Months Or Longer Accumulated Loss Percentage | (5.68%) | |
Number of securities in unrealized loss positions, twelve months or more | Bond | 1 | |
Held to maturity securities continuous unrealized loss position greater than twelve months amortized historical cost basis | $ 750,000 | |
Held-to-maturity securities aggregate unrealized loss | $ 43,000 | |
Held-to-maturity securities aggregate unrealized loss percentage | (5.68%) | |
Municipal Securities [Member] | ||
Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 1 | |
Available for sale securities continuous unrealized loss position twelve months or more amortized historical cost basis | $ 2,300,000 | |
Available for sale securities unrealized aggregate loss | $ 150,000 | |
Available for sale securities unrealized aggregate loss percentage | (6.53%) | |
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 | $ 507,000 | |
Held To Maturity Securities Continuous Unrealized Loss Position Twelve Months Or Longer Accumulated Loss Percentage | (12.37%) | |
Number of securities in unrealized loss positions, twelve months or more | Security | 2 | |
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 | $ 507,000 | |
Held-to-maturity securities aggregate unrealized loss percentage | (12.37%) | |
Municipal Securities [Member] | ||
Held-to-maturity Securities [Abstract] | ||
Months of unrealized loss positions | 12 months | |
Corporate Bond [Member] | ||
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 | $ 16,000 | |
Available for sale securities unrealized aggregate loss percentage | (0.967%) | |
Available for sale securities continuous unrealized loss position twelve months or more amortized historical cost basis | $ 1,500,000 | |
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 | 1,400,000 | |
Held-to-maturity securities aggregate unrealized loss | $ 12,000 | |
Held To Maturity Securities Continuous Unrealized Loss Position Twelve Months Or Longer Accumulated Loss Percentage | (0.83%) | |
Number of securities in unrealized loss positions, twelve months or more | Security | 1 | |
Held to maturity securities continuous unrealized loss position greater than twelve months amortized historical cost basis | $ 1,400,000 | |
Held-to-maturity securities aggregate unrealized loss | $ 12,000 | |
Held-to-maturity securities aggregate unrealized loss percentage | (0.83%) | |
Twelve months or more Fair Value | $ 1,400,000 | |
3 Private-Label Asset - Backed Securities by Commercial Mortgage Loan [Member] | ||
Held-to-maturity Securities [Abstract] | ||
Held to maturity securities continuous unrealized loss position greater than twelve months amortized historical cost basis | 3,700,000 | |
Held-to-maturity securities aggregate unrealized loss | $ 253,000 | |
Held To Maturity Securities Continuous Unrealized Loss Position Twelve Months Or Longer Accumulated Loss Percentage | (6.76%) | |
Number of securities in unrealized loss positions, twelve months or more | Security | 2 | |
Held to maturity securities continuous unrealized loss position greater than twelve months amortized historical cost basis | $ 3,700,000 | |
Held-to-maturity securities aggregate unrealized loss | $ 253,000 | |
Held-to-maturity securities aggregate unrealized loss percentage | (6.76%) | |
Twelve months or more Fair Value | $ 3,500,000 |
Investment Securities - Gross R
Investment Securities - Gross Realized Gains (Losses) on Sale and Redemptions of Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Gain Loss On Sale Of Investments [Abstract] | ||
Realized gains on investments | $ 0 | $ 7 |
Realized losses on investments | (6) | (7) |
Total | $ (6) | $ 0 |
Pension and Postretirement Be_3
Pension and Postretirement Benefits - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2022 | |
Compensation And Retirement Disclosure [Abstract] | |
Minimum years of service to participate in the health and life insurance benefits as of January 1, 1995 | 14 years |
Pension and Postretirement Be_4
Pension and Postretirement Benefits - Composition of Net Periodic Pension Plan and Postretirement Plan Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | $ 116 | $ 110 |
Expected return on plan assets | (267) | (286) |
Amortization of net losses | 25 | |
Net periodic benefit plan (benefit) cost | (151) | (151) |
Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | 3 | 3 |
Amortization of prior service credits | (1) | (1) |
Amortization of net losses | 1 | 2 |
Net periodic benefit plan (benefit) cost | $ 3 | $ 4 |
Loans - Major Classification of
Loans - Major Classification of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | $ 856,845 | $ 833,739 | $ 867,540 |
Net deferred loan fees | (1,244) | (1,280) | |
Less allowance for loan losses | (13,017) | (12,935) | |
Loans receivable, net | 842,584 | 819,524 | |
Residential Mortgage Loans [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 255,082 | 247,276 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 232,809 | 240,434 | 226,058 |
Residential Mortgage Loans [Member] | Construction [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 21,594 | 6,329 | |
Residential Mortgage Loans [Member] | Loans Held For Sale [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 679 | 513 | |
Commercial Loans [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 467,157 | 444,618 | |
Commercial Loans [Member] | Real Estate [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 303,250 | 288,450 | 289,182 |
Commercial Loans [Member] | Lines of Credit [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 75,370 | 61,884 | 63,158 |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 69,695 | 69,135 | 77,915 |
Commercial Loans [Member] | Tax Exempt Loans [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 5,550 | 5,811 | 6,959 |
Commercial Loans [Member] | Paycheck Protection Program loans [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 13,292 | 19,338 | |
Consumer Loans [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 134,606 | 141,845 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 30,781 | 31,737 | 36,181 |
Consumer Loans [Member] | Other Consumer [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | $ 103,825 | $ 110,108 | $ 87,976 |
Loans - Summary of Purchased Lo
Loans - Summary of Purchased Loans Pools (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022USD ($)Loan | Dec. 31, 2021USD ($)Loan | |
Accounts Notes And Loans Receivable [Line Items] | ||
Original Balance | $ 230,200 | $ 230,200 |
Current Balance | 126,800 | 128,500 |
Unamortized Premium/ (Discount) | $ (7,573) | $ (7,820) |
Number of Loans | Loan | 6,023 | 6,771 |
Cumulative net charge-offs | $ 1,821 | $ 577 |
Residential Mortgage [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Original Balance | 4,300 | 4,300 |
Current Balance | 4,100 | 4,100 |
Unamortized Premium/ (Discount) | $ 253 | $ 257 |
Number of Loans | Loan | 50 | 51 |
Residential Mortgage [Member] | Minimum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 19 years | 17 years |
Residential Mortgage [Member] | Maximum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 24 years | 23 years |
Secured Consumer Installment Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Original Balance | $ 21,300 | $ 21,300 |
Current Balance | 20,900 | 21,400 |
Unamortized Premium/ (Discount) | $ (3,492) | $ (3,642) |
Number of Loans | Loan | 880 | 900 |
Secured Consumer Installment Loans [Member] | Minimum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 19 years | 19 years |
Secured Consumer Installment Loans [Member] | Maximum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 26 years | 25 years |
Commercial and Industrial Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Original Balance | $ 6,800 | $ 6,800 |
Current Balance | $ 3,700 | $ 3,900 |
Number of Loans | Loan | 33 | 33 |
Commercial and Industrial Loans [Member] | Minimum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 0 years | 4 years |
Commercial and Industrial Loans [Member] | Maximum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 5 years | 8 years |
Purchased Commercial Line of Credit 1 [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Original Balance | $ 11,600 | $ 11,600 |
Current Balance | 12,300 | 7,100 |
Unamortized Premium/ (Discount) | $ 23 | $ 26 |
Number of Loans | Loan | 1 | 1 |
Purchased Commercial Line of Credit 1 [Member] | Minimum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 0 years | 0 years |
Purchased Commercial Line of Credit 1 [Member] | Maximum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 1 year | 1 year |
Purchased Commercial Line of Credit 2 [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Original Balance | $ 10,500 | $ 10,500 |
Current Balance | 9,300 | 9,300 |
Unamortized Premium/ (Discount) | $ 32 | $ 35 |
Number of Loans | Loan | 1 | 1 |
Purchased Commercial Line of Credit 2 [Member] | Minimum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 0 years | 0 years |
Purchased Commercial Line of Credit 2 [Member] | Maximum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 1 year | 1 year |
Home Equity Line of Credit [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Original Balance | $ 21,900 | $ 21,900 |
Current Balance | 7,500 | 8,400 |
Unamortized Premium/ (Discount) | $ 229 | $ 243 |
Number of Loans | Loan | 173 | 187 |
Home Equity Line of Credit [Member] | Minimum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 2 years | 2 years |
Home Equity Line of Credit [Member] | Maximum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 28 years | 28 years |
Automobile Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Original Balance | $ 50,400 | $ 50,400 |
Current Balance | 7,300 | 8,800 |
Unamortized Premium/ (Discount) | $ 242 | $ 301 |
Number of Loans | Loan | 758 | 855 |
Cumulative net charge-offs | $ 239 | $ 239 |
Automobile Loans [Member] | Minimum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 0 years | 0 years |
Automobile Loans [Member] | Maximum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 5 years | 5 years |
Consumer Loan Pool 1 [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Original Balance | $ 5,400 | $ 5,400 |
Current Balance | $ 2,400 | $ 2,600 |
Number of Loans | Loan | 65 | 66 |
Consumer Loan Pool 1 [Member] | Minimum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 0 years | 3 years |
Consumer Loan Pool 1 [Member] | Maximum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 5 years | 5 years |
Consumer Loan Pool 2 [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Original Balance | $ 26,600 | $ 26,600 |
Current Balance | 4,500 | 6,300 |
Unamortized Premium/ (Discount) | $ 24 | $ 30 |
Number of Loans | Loan | 1,239 | 1,438 |
Cumulative net charge-offs | $ 1,551 | $ 42 |
Consumer Loan Pool 2 [Member] | Minimum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 0 years | 1 year |
Consumer Loan Pool 2 [Member] | Maximum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 3 years | 3 years |
Unsecured Consumer Installment Loans Pool 3 [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Original Balance | $ 10,300 | $ 10,300 |
Current Balance | 1,800 | 2,200 |
Unamortized Premium/ (Discount) | $ 63 | $ 74 |
Number of Loans | Loan | 977 | 1,356 |
Cumulative net charge-offs | $ 31 | $ 296 |
Unsecured Consumer Installment Loans Pool 3 [Member] | Minimum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 0 years | 0 years |
Unsecured Consumer Installment Loans Pool 3 [Member] | Maximum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 6 years | 6 years |
Secured Consumer Installment Loans Pool 4 [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Original Balance | $ 14,500 | $ 14,500 |
Current Balance | 12,300 | 12,600 |
Unamortized Premium/ (Discount) | $ (1,699) | $ (1,776) |
Number of Loans | Loan | 553 | 563 |
Secured Consumer Installment Loans Pool 4 [Member] | Maximum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 15 years | 15 years |
Consumer Loan Pool 5 [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Original Balance | $ 24,400 | $ 24,400 |
Current Balance | 19,100 | 19,700 |
Unamortized Premium/ (Discount) | $ (554) | $ (583) |
Number of Loans | Loan | 733 | 756 |
Consumer Loan Pool 5 [Member] | Maximum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 15 years | 15 years |
Consumer Loan Pool 6 [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Original Balance | $ 22,200 | $ 22,200 |
Current Balance | 21,600 | 22,100 |
Unamortized Premium/ (Discount) | $ (2,694) | $ (2,785) |
Number of Loans | Loan | 560 | 564 |
Consumer Loan Pool 6 [Member] | Maximum [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Range | 15 years | 15 years |
Loans - Additional Information
Loans - Additional Information (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022USD ($)LoanSegment | Mar. 31, 2021Loan | Dec. 31, 2021USD ($) | |
Accounts Notes And Loans Receivable [Line Items] | |||
Number of portfolio segment | Segment | 3 | ||
Number of loan | 1 | ||
Troubled Debt Restructuring During Prior Twelve Months [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Number of loans subsequently defaulted | 2 | 1 | |
Residential Mortgage Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Residential mortgage loans pledged to FHLBNY as blanket collateral | $ | $ 123 | $ 123.2 |
Loans - Summary of Classes of L
Loans - Summary of Classes of Loan Portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | $ 856,845 | $ 833,739 | $ 867,540 |
Paycheck Protection Program [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 13,292 | 71,885 | |
Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 814,451 | 790,048 | |
Special Mention [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 17,975 | 18,268 | |
Substandard [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 22,724 | 23,806 | |
Doubtful [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 1,694 | 1,617 | |
Residential Mortgage Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 255,082 | 247,276 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 232,809 | 240,434 | 226,058 |
Residential Mortgage Loans [Member] | Construction [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 21,594 | 6,329 | |
Residential Mortgage Loans [Member] | Loans Held-For-Sale [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 679 | 513 | |
Residential Mortgage Loans [Member] | Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 253,312 | 245,665 | |
Residential Mortgage Loans [Member] | Pass [Member] | 1-4 Family First Lien Residential Mortgages [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 231,039 | 238,823 | |
Residential Mortgage Loans [Member] | Pass [Member] | Construction [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 21,594 | 6,329 | |
Residential Mortgage Loans [Member] | Pass [Member] | Loans Held-For-Sale [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 679 | 513 | |
Residential Mortgage Loans [Member] | Special Mention [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 510 | 269 | |
Residential Mortgage Loans [Member] | Special Mention [Member] | 1-4 Family First Lien Residential Mortgages [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 510 | 269 | |
Residential Mortgage Loans [Member] | Special Mention [Member] | Construction [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Residential Mortgage Loans [Member] | Special Mention [Member] | Loans Held-For-Sale [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Residential Mortgage Loans [Member] | Substandard [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 599 | 811 | |
Residential Mortgage Loans [Member] | Substandard [Member] | 1-4 Family First Lien Residential Mortgages [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 599 | 811 | |
Residential Mortgage Loans [Member] | Substandard [Member] | Construction [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Residential Mortgage Loans [Member] | Substandard [Member] | Loans Held-For-Sale [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Residential Mortgage Loans [Member] | Doubtful [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 661 | 531 | |
Residential Mortgage Loans [Member] | Doubtful [Member] | 1-4 Family First Lien Residential Mortgages [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 661 | 531 | |
Residential Mortgage Loans [Member] | Doubtful [Member] | Construction [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Residential Mortgage Loans [Member] | Doubtful [Member] | Loans Held-For-Sale [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Commercial Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 467,157 | 444,618 | |
Commercial Loans [Member] | Real Estate [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 303,250 | 288,450 | 289,182 |
Commercial Loans [Member] | Lines of Credit [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 75,370 | 61,884 | 63,158 |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 69,695 | 69,135 | 77,915 |
Commercial Loans [Member] | Tax Exempt Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 5,550 | 5,811 | 6,959 |
Commercial Loans [Member] | Paycheck Protection Program loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 13,292 | 19,338 | |
Commercial Loans [Member] | Paycheck Protection Program [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 19,338 | ||
Commercial Loans [Member] | Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 427,607 | 403,664 | |
Commercial Loans [Member] | Pass [Member] | Real Estate [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 282,336 | 267,388 | |
Commercial Loans [Member] | Pass [Member] | Lines of Credit [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 67,908 | 54,408 | |
Commercial Loans [Member] | Pass [Member] | Other Commercial and Industrial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 58,521 | 56,719 | |
Commercial Loans [Member] | Pass [Member] | Tax Exempt Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 5,550 | 5,811 | |
Commercial Loans [Member] | Pass [Member] | Paycheck Protection Program loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 13,292 | ||
Commercial Loans [Member] | Pass [Member] | Paycheck Protection Program [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 19,338 | ||
Commercial Loans [Member] | Special Mention [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 17,302 | 17,822 | |
Commercial Loans [Member] | Special Mention [Member] | Real Estate [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 9,768 | 9,879 | |
Commercial Loans [Member] | Special Mention [Member] | Lines of Credit [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 4,078 | 4,036 | |
Commercial Loans [Member] | Special Mention [Member] | Other Commercial and Industrial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 3,457 | 3,907 | |
Commercial Loans [Member] | Special Mention [Member] | Tax Exempt Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Commercial Loans [Member] | Special Mention [Member] | Paycheck Protection Program loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | ||
Commercial Loans [Member] | Special Mention [Member] | Paycheck Protection Program [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | ||
Commercial Loans [Member] | Substandard [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 21,440 | 22,312 | |
Commercial Loans [Member] | Substandard [Member] | Real Estate [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 10,569 | 10,604 | |
Commercial Loans [Member] | Substandard [Member] | Lines of Credit [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 3,337 | 3,387 | |
Commercial Loans [Member] | Substandard [Member] | Other Commercial and Industrial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 7,534 | 8,321 | |
Commercial Loans [Member] | Substandard [Member] | Tax Exempt Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Commercial Loans [Member] | Substandard [Member] | Paycheck Protection Program loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | ||
Commercial Loans [Member] | Substandard [Member] | Paycheck Protection Program [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | ||
Commercial Loans [Member] | Doubtful [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 808 | 820 | |
Commercial Loans [Member] | Doubtful [Member] | Real Estate [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 577 | 579 | |
Commercial Loans [Member] | Doubtful [Member] | Lines of Credit [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 48 | 53 | |
Commercial Loans [Member] | Doubtful [Member] | Other Commercial and Industrial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 183 | 188 | |
Commercial Loans [Member] | Doubtful [Member] | Tax Exempt Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | 0 | |
Commercial Loans [Member] | Doubtful [Member] | Paycheck Protection Program loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | ||
Commercial Loans [Member] | Doubtful [Member] | Paycheck Protection Program [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 0 | ||
Consumer Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 134,606 | 141,845 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 30,781 | 31,737 | 36,181 |
Consumer Loans [Member] | Other Consumer [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 103,825 | 110,108 | $ 87,976 |
Consumer Loans [Member] | Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 133,532 | 140,719 | |
Consumer Loans [Member] | Pass [Member] | Home Equity and Junior Liens [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 29,776 | 30,740 | |
Consumer Loans [Member] | Pass [Member] | Other Consumer [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 103,755 | 109,979 | |
Consumer Loans [Member] | Special Mention [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 163 | 177 | |
Consumer Loans [Member] | Special Mention [Member] | Home Equity and Junior Liens [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 145 | 133 | |
Consumer Loans [Member] | Special Mention [Member] | Other Consumer [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 18 | 44 | |
Consumer Loans [Member] | Substandard [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 686 | 683 | |
Consumer Loans [Member] | Substandard [Member] | Home Equity and Junior Liens [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 634 | 606 | |
Consumer Loans [Member] | Substandard [Member] | Other Consumer [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 52 | 77 | |
Consumer Loans [Member] | Doubtful [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 225 | 266 | |
Consumer Loans [Member] | Doubtful [Member] | Home Equity and Junior Liens [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | 225 | 258 | |
Consumer Loans [Member] | Doubtful [Member] | Other Consumer [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | $ 0 | $ 8 |
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 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Recorded Investment, Past Due [Line Items] | |||
Total Loans Receivable | $ 856,845 | $ 833,739 | $ 867,540 |
30-59 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 4,478 | 5,239 | |
60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 5,979 | 4,617 | |
90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 7,688 | 8,006 | |
Total Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 18,145 | 17,862 | |
Current [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 838,700 | 815,877 | |
Residential Mortgage Loans [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Loans Receivable | 255,082 | 247,276 | |
Residential Mortgage Loans [Member] | 30-59 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,072 | 960 | |
Residential Mortgage Loans [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 322 | 416 | |
Residential Mortgage Loans [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,098 | 891 | |
Residential Mortgage Loans [Member] | Total Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,492 | 2,268 | |
Residential Mortgage Loans [Member] | Current [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 252,590 | 245,008 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Loans Receivable | 232,809 | 240,434 | 226,058 |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | 30-59 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,072 | 960 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 322 | 416 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,098 | 891 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | Total Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,492 | 2,268 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | Current [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 230,317 | 238,166 | |
Residential Mortgage Loans [Member] | Construction [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Loans Receivable | 21,594 | 6,329 | |
Residential Mortgage Loans [Member] | Construction [Member] | 30-59 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Residential Mortgage Loans [Member] | Construction [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Residential Mortgage Loans [Member] | Construction [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Residential Mortgage Loans [Member] | 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 | 21,594 | 6,329 | |
Residential Mortgage Loans [Member] | Loans Held-For-Sale [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Loans Receivable | 679 | 513 | |
Residential Mortgage Loans [Member] | Loans Held-For-Sale [Member] | 30-59 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Residential Mortgage Loans [Member] | Loans Held-For-Sale [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Residential Mortgage Loans [Member] | Loans Held-For-Sale [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Residential Mortgage Loans [Member] | Loans Held-For-Sale [Member] | Total Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Residential Mortgage Loans [Member] | Loans Held-For-Sale [Member] | Current [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 679 | 513 | |
Commercial Loans [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Loans Receivable | 467,157 | 444,618 | |
Commercial Loans [Member] | 30-59 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,900 | 3,691 | |
Commercial Loans [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 5,181 | 3,895 | |
Commercial Loans [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 5,307 | 6,011 | |
Commercial Loans [Member] | Total Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 13,388 | 13,597 | |
Commercial Loans [Member] | Current [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 453,769 | 471,091 | |
Commercial Loans [Member] | Real Estate [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Loans Receivable | 303,250 | 288,450 | 289,182 |
Commercial Loans [Member] | Real Estate [Member] | 30-59 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,054 | 1,735 | |
Commercial Loans [Member] | Real Estate [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,800 | 1,029 | |
Commercial Loans [Member] | Real Estate [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 4,212 | 4,379 | |
Commercial Loans [Member] | Real Estate [Member] | Total Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 9,066 | 7,143 | |
Commercial Loans [Member] | Real Estate [Member] | Current [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 294,184 | 281,307 | |
Commercial Loans [Member] | Lines of Credit [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Loans Receivable | 75,370 | 61,884 | 63,158 |
Commercial Loans [Member] | Lines of Credit [Member] | 30-59 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 274 | 156 | |
Commercial Loans [Member] | Lines of Credit [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 365 | 1,180 | |
Commercial Loans [Member] | Lines of Credit [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 94 | 576 | |
Commercial Loans [Member] | Lines of Credit [Member] | Total Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 733 | 1,913 | |
Commercial Loans [Member] | Lines of Credit [Member] | Current [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 74,637 | 59,971 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Loans Receivable | 69,695 | 69,135 | 77,915 |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | 30-59 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,572 | 1,799 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,016 | 1,686 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,001 | 1,056 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | Total Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 3,589 | 4,541 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | Current [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 66,106 | 64,594 | |
Commercial Loans [Member] | Paycheck Protection Program loans [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Loans Receivable | 13,292 | 19,338 | |
Commercial Loans [Member] | Paycheck Protection Program loans [Member] | 30-59 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Commercial Loans [Member] | Paycheck Protection Program loans [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Commercial Loans [Member] | Paycheck Protection Program loans [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Commercial Loans [Member] | Paycheck Protection Program loans [Member] | Total Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Commercial Loans [Member] | Paycheck Protection Program loans [Member] | Current [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 13,292 | 19,338 | |
Commercial Loans [Member] | Tax Exempt Loans [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Loans Receivable | 5,550 | 5,811 | 6,959 |
Commercial Loans [Member] | Tax Exempt Loans [Member] | 30-59 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Commercial Loans [Member] | Tax Exempt Loans [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Commercial Loans [Member] | Tax Exempt Loans [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
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 | 5,550 | 5,811 | |
Consumer Loans [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Loans Receivable | 134,606 | 141,845 | |
Consumer Loans [Member] | 30-59 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 506 | 588 | |
Consumer Loans [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 476 | 306 | |
Consumer Loans [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,283 | 1,103 | |
Consumer Loans [Member] | Total Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,265 | 1,998 | |
Consumer Loans [Member] | Current [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 132,341 | 139,847 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Loans Receivable | 30,781 | 31,737 | 36,181 |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | 30-59 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 117 | 17 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 64 | 49 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 388 | 251 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | Total Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 569 | 317 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | Current [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 30,212 | 31,420 | |
Consumer Loans [Member] | Other Consumer [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Loans Receivable | 103,825 | 110,108 | $ 87,976 |
Consumer Loans [Member] | Other Consumer [Member] | 30-59 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 389 | 571 | |
Consumer Loans [Member] | Other Consumer [Member] | 60-89 Days Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 412 | 257 | |
Consumer Loans [Member] | Other Consumer [Member] | 90 Days and Over [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 895 | 852 | |
Consumer Loans [Member] | Other Consumer [Member] | Total Past Due [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,696 | 1,680 | |
Consumer Loans [Member] | Other Consumer [Member] | Current [Member] | |||
Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 102,129 | $ 108,428 |
Loans - Nonaccrual Loans Segreg
Loans - Nonaccrual Loans Segregated by Class of Loan (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | $ 7,948 | $ 8,292 |
Residential Mortgage Loans [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 1,098 | 891 |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 1,098 | 891 |
Commercial Loans [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 5,567 | 6,297 |
Commercial Loans [Member] | Real Estate [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 4,235 | 4,407 |
Commercial Loans [Member] | Lines of Credit [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 141 | 629 |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 1,191 | 1,261 |
Consumer Loans [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 1,283 | 1,104 |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | 388 | 252 |
Consumer Loans [Member] | Other Consumer [Member] | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | ||
Nonaccrual status loans | $ 895 | $ 852 |
Loans - Troubled Debt Restructu
Loans - Troubled Debt Restructurings on Financing Receivables (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($)Loan | |
Troubled Debt Restructuring, Modified [Abstract] | |
Number of loans | Loan | 1 |
Commercial Real Estate | |
Troubled Debt Restructuring, Modified [Abstract] | |
Number of loans | Loan | 1 |
Pre-modification outstanding recorded investment | $ | $ 355 |
Post-modification outstanding recorded investment | $ | $ 355 |
Loans - Summary of Impaired Loa
Loans - Summary of Impaired Loan Information by Portfolio Class (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
With an allowance recorded [Abstract] | ||
Related Allowance | $ 1,964 | $ 1,875 |
Total [Abstract] | ||
Recorded Investment | 11,268 | 11,357 |
Unpaid Principal Balance | 11,410 | 11,493 |
Related Allowance | 1,964 | 1,875 |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 662 | 666 |
Unpaid Principal Balance | 662 | 666 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 528 | 539 |
Unpaid Principal Balance | 528 | 539 |
Related Allowance | 97 | 90 |
Total [Abstract] | ||
Recorded Investment | 1,191 | 1,205 |
Unpaid Principal Balance | 1,190 | 1,205 |
Related Allowance | 97 | 90 |
Commercial Loans [Member] | Real Estate [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 4,206 | 4,708 |
Unpaid Principal Balance | 4,301 | 4,801 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 2,908 | 2,450 |
Unpaid Principal Balance | 2,908 | 2,450 |
Related Allowance | 352 | 300 |
Total [Abstract] | ||
Recorded Investment | 7,114 | 7,158 |
Unpaid Principal Balance | 7,209 | 7,251 |
Related Allowance | 352 | 300 |
Commercial Loans [Member] | Lines of Credit [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 100 | 100 |
Unpaid Principal Balance | 100 | 104 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 48 | 53 |
Unpaid Principal Balance | 53 | 53 |
Related Allowance | 48 | 53 |
Total [Abstract] | ||
Recorded Investment | 148 | 153 |
Unpaid Principal Balance | 153 | 157 |
Related Allowance | 48 | 53 |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 299 | 357 |
Unpaid Principal Balance | 335 | 396 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 1,887 | 1,852 |
Unpaid Principal Balance | 1,893 | 1,852 |
Related Allowance | 1,353 | 1,318 |
Total [Abstract] | ||
Recorded Investment | 2,185 | 2,209 |
Unpaid Principal Balance | 2,228 | 2,248 |
Related Allowance | 1,353 | 1,318 |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded Investment | 91 | 93 |
Unpaid Principal Balance | 91 | 93 |
With an allowance recorded [Abstract] | ||
Recorded Investment | 539 | 539 |
Unpaid Principal Balance | 539 | 539 |
Related Allowance | 114 | 114 |
Total [Abstract] | ||
Recorded Investment | 630 | 632 |
Unpaid Principal Balance | 630 | 632 |
Related Allowance | $ 114 | $ 114 |
Loans - Summary of Average Reco
Loans - Summary of Average Recorded Investment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Average recorded investment [Abstract] | ||
Average recorded investment in impaired loans | $ 11,312 | $ 23,103 |
1-4 Family First Lien Residential Mortgages [Member] | ||
Average recorded investment [Abstract] | ||
Average recorded investment in impaired loans | 1,197 | 1,677 |
Commercial Real Estate [Member] | ||
Average recorded investment [Abstract] | ||
Average recorded investment in impaired loans | 7,135 | 13,152 |
Commercial Lines of Credit [Member] | ||
Average recorded investment [Abstract] | ||
Average recorded investment in impaired loans | 151 | 943 |
Other Commercial and Industrial [Member] | ||
Average recorded investment [Abstract] | ||
Average recorded investment in impaired loans | 2,198 | 6,846 |
Home Equity and Junior Liens [Member] | ||
Average recorded investment [Abstract] | ||
Average recorded investment in impaired loans | 631 | 398 |
Other Consumer [Member] | ||
Average recorded investment [Abstract] | ||
Average recorded investment in impaired loans | $ 0 | $ 87 |
Loans - Schedule of Cash Basis
Loans - Schedule of Cash Basis Interest Income Recognized on Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||
Cash basis interest income recognized on impaired loans | $ 107 | $ 122 |
1-4 Family First Lien Residential Mortgages [Member] | ||
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||
Cash basis interest income recognized on impaired loans | 16 | 16 |
Commercial Real Estate [Member] | ||
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||
Cash basis interest income recognized on impaired loans | 63 | 65 |
Commercial Lines of Credit [Member] | ||
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||
Cash basis interest income recognized on impaired loans | 2 | 10 |
Other Commercial and Industrial [Member] | ||
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||
Cash basis interest income recognized on impaired loans | 20 | 25 |
Home Equity and Junior Liens [Member] | ||
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||
Cash basis interest income recognized on impaired loans | $ 6 | 1 |
Other Consumer [Member] | ||
Cash Basis Interest Recognized on Impaired Loans [Abstract] | ||
Cash basis interest income recognized on impaired loans | $ 5 |
Allowance for Loan Losses - Add
Allowance for Loan Losses - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Allowance For Loan Losses [Abstract] | ||
Provision for loan losses | $ 102,000 | $ 1,028,000 |
Allowance for Loan Losses - Cha
Allowance for Loan Losses - Changes in the Allowance for Loan Losses (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Allowance for loan losses: | |||
Beginning Balance | $ 12,935,000 | $ 12,777,000 | |
Charge-offs | (46,000) | (143,000) | |
Recoveries | 26,000 | 31,000 | |
Provisions (credits) | 102,000 | 1,028,000 | |
Ending balance | 13,017,000 | 13,693,000 | |
Ending balance: related to loans individually evaluated for impairment | 1,964,000 | 2,879,000 | |
Ending balance: related to loans collectively evaluated for impairment | 11,053,000 | 10,814,000 | |
Total Loans Receivable | 856,845,000 | 867,540,000 | $ 833,739,000 |
Ending balance: individually evaluated for impairment | 11,268,000 | 23,372,000 | |
Ending balance: collectively evaluated for impairment | 845,577,000 | 844,168,000 | |
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 | 13,292,000 | 71,885,000 | |
Ending balance: individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 13,292,000 | 71,885,000 | |
Unallocated [Member] | |||
Allowance for loan losses: | |||
Beginning Balance | 984,000 | 545,000 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provisions (credits) | 5,000 | (545,000) | |
Ending balance | 989,000 | 0 | |
Ending balance: related to loans individually evaluated for impairment | 0 | 0 | |
Ending balance: related to loans collectively evaluated for impairment | 989,000 | 0 | |
Total Loans Receivable | 679,000 | 437,000 | |
Ending balance: individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 679,000 | 437,000 | |
Residential Mortgage Loans [Member] | |||
Allowance for loan losses: | |||
Total Loans Receivable | 255,082,000 | 247,276,000 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | |||
Allowance for loan losses: | |||
Beginning Balance | 872,000 | 931,000 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provisions (credits) | (42,000) | 44,000 | |
Ending balance | 830,000 | 975,000 | |
Ending balance: related to loans individually evaluated for impairment | 97,000 | 161,000 | |
Ending balance: related to loans collectively evaluated for impairment | 733,000 | 814,000 | |
Total Loans Receivable | 232,809,000 | 226,058,000 | 240,434,000 |
Ending balance: individually evaluated for impairment | 1,191,000 | 1,507,000 | |
Ending balance: collectively evaluated for impairment | 231,618,000 | 224,551,000 | |
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 | 21,594,000 | 7,789,000 | |
Ending balance: individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 21,594,000 | 7,789,000 | |
Commercial Loans [Member] | |||
Allowance for loan losses: | |||
Total Loans Receivable | 467,157,000 | 444,618,000 | |
Commercial Loans [Member] | Real Estate [Member] | |||
Allowance for loan losses: | |||
Beginning Balance | 5,308,000 | 4,776,000 | |
Charge-offs | 0 | (100,000) | |
Recoveries | 0 | 0 | |
Provisions (credits) | (10,000) | 1,045,000 | |
Ending balance | 5,298,000 | 5,721,000 | |
Ending balance: related to loans individually evaluated for impairment | 352,000 | 252,000 | |
Ending balance: related to loans collectively evaluated for impairment | 4,946,000 | 5,469,000 | |
Total Loans Receivable | 303,250,000 | 289,182,000 | 288,450,000 |
Ending balance: individually evaluated for impairment | 7,114,000 | 13,521,000 | |
Ending balance: collectively evaluated for impairment | 296,136,000 | 275,661,000 | |
Commercial Loans [Member] | Lines of Credit [Member] | |||
Allowance for loan losses: | |||
Beginning Balance | 935,000 | 1,670,000 | |
Charge-offs | (17,000) | 0 | |
Recoveries | 0 | 1,000 | |
Provisions (credits) | 143,000 | 245,000 | |
Ending balance | 1,061,000 | 1,916,000 | |
Ending balance: related to loans individually evaluated for impairment | 48,000 | 960,000 | |
Ending balance: related to loans collectively evaluated for impairment | 1,013,000 | 956,000 | |
Total Loans Receivable | 75,370,000 | 63,158,000 | 61,884,000 |
Ending balance: individually evaluated for impairment | 148,000 | 960,000 | |
Ending balance: collectively evaluated for impairment | 75,222,000 | 62,198,000 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | |||
Allowance for loan losses: | |||
Beginning Balance | 2,762,000 | 2,992,000 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provisions (credits) | (25,000) | 24,000 | |
Ending balance | 2,737,000 | 3,016,000 | |
Ending balance: related to loans individually evaluated for impairment | 1,353,000 | 1,285,000 | |
Ending balance: related to loans collectively evaluated for impairment | 1,384,000 | 1,731,000 | |
Total Loans Receivable | 69,695,000 | 77,915,000 | 69,135,000 |
Ending balance: individually evaluated for impairment | 2,185,000 | 6,714,000 | |
Ending balance: collectively evaluated for impairment | 67,510,000 | 71,201,000 | |
Commercial Loans [Member] | Paycheck Protection Program [Member] | |||
Allowance for loan losses: | |||
Total Loans Receivable | 19,338,000 | ||
Commercial Loans [Member] | Tax Exempt Loans [Member] | |||
Allowance for loan losses: | |||
Beginning Balance | 3,000 | 1,000 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provisions (credits) | 1,000 | 0 | |
Ending balance | 4,000 | 1,000 | |
Ending balance: related to loans individually evaluated for impairment | 0 | 0 | |
Ending balance: related to loans collectively evaluated for impairment | 4,000 | 1,000 | |
Total Loans Receivable | 5,550,000 | 6,959,000 | 5,811,000 |
Ending balance: individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 5,550,000 | 6,959,000 | |
Consumer Loans [Member] | |||
Allowance for loan losses: | |||
Total Loans Receivable | 134,606,000 | 141,845,000 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | |||
Allowance for loan losses: | |||
Beginning Balance | 774,000 | 739,000 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provisions (credits) | (98,000) | 88,000 | |
Ending balance | 676,000 | 827,000 | |
Ending balance: related to loans individually evaluated for impairment | 114,000 | 221,000 | |
Ending balance: related to loans collectively evaluated for impairment | 562,000 | 606,000 | |
Total Loans Receivable | 30,781,000 | 36,181,000 | 31,737,000 |
Ending balance: individually evaluated for impairment | 630,000 | 578,000 | |
Ending balance: collectively evaluated for impairment | 30,151,000 | 35,603,000 | |
Consumer Loans [Member] | Other Consumer [Member] | |||
Allowance for loan losses: | |||
Beginning Balance | 1,297,000 | 1,123,000 | |
Charge-offs | (29,000) | (43,000) | |
Recoveries | 26,000 | 30,000 | |
Provisions (credits) | 128,000 | 127,000 | |
Ending balance | 1,422,000 | 1,237,000 | |
Ending balance: related to loans individually evaluated for impairment | 0 | 0 | |
Ending balance: related to loans collectively evaluated for impairment | 1,422,000 | 1,237,000 | |
Total Loans Receivable | 103,825,000 | 87,976,000 | $ 110,108,000 |
Ending balance: individually evaluated for impairment | 0 | 92,000 | |
Ending balance: collectively evaluated for impairment | $ 103,825,000 | $ 87,884,000 |
Allowance for Loan Losses - Sch
Allowance for Loan Losses - Schedule of Allowance for Loan Losses on Basis of Calculation Methodology (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | ||||
Specifically reserved | $ 1,964 | $ 2,879 | ||
Historical loss rate | 1,680 | 1,517 | ||
Qualitative factors | 8,384 | 9,297 | ||
Other | 989 | |||
Total | 13,017 | $ 12,935 | 13,693 | $ 12,777 |
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 | 989 | |||
Total | 989 | 984 | 0 | 545 |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgages [Member] | ||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | ||||
Specifically reserved | 97 | 161 | ||
Historical loss rate | 85 | 84 | ||
Qualitative factors | 648 | 730 | ||
Total | 830 | 872 | 975 | 931 |
Residential Mortgage Loans [Member] | Residential Construction Mortgage [Member] | ||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | ||||
Specifically reserved | 0 | 0 | ||
Historical loss rate | 0 | 0 | ||
Qualitative factors | 0 | 0 | ||
Total | 0 | 0 | 0 | 0 |
Commercial Loans [Member] | Real Estate [Member] | ||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | ||||
Specifically reserved | 352 | 252 | ||
Historical loss rate | 2 | 1 | ||
Qualitative factors | 4,944 | 5,468 | ||
Total | 5,298 | 5,308 | 5,721 | 4,776 |
Commercial Loans [Member] | Lines of Credit [Member] | ||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | ||||
Specifically reserved | 48 | 960 | ||
Historical loss rate | 26 | 89 | ||
Qualitative factors | 987 | 867 | ||
Total | 1,061 | 935 | 1,916 | 1,670 |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | ||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | ||||
Specifically reserved | 1,353 | 1,285 | ||
Historical loss rate | 96 | 61 | ||
Qualitative factors | 1,288 | 1,670 | ||
Total | 2,737 | 2,762 | 3,016 | 2,992 |
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 | 4 | 1 | ||
Other | 0 | |||
Total | 4 | 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 | 221 | ||
Historical loss rate | 324 | 325 | ||
Qualitative factors | 238 | 281 | ||
Other | 0 | |||
Total | 676 | 774 | 827 | 739 |
Consumer Loans [Member] | Other Consumer [Member] | ||||
Allowance For Loan Losses On Basis Of Calculation Methodology Abstract | ||||
Specifically reserved | 0 | 0 | ||
Historical loss rate | 1,147 | 957 | ||
Qualitative factors | 275 | 280 | ||
Other | 0 | |||
Total | $ 1,422 | $ 1,297 | $ 1,237 | $ 1,123 |
Foreclosed Real Estate - Additi
Foreclosed Real Estate - Additional Information (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Real Estate Owned Disclosure Of Detailed Components [Abstract] | ||
Residential real estate loans in the process of foreclosure | $ 722,000 | $ 594,000 |
Guarantees - Additional Informa
Guarantees - Additional Information (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Standby Letters of Credit [Member] | |
Loss Contingencies [Line Items] | |
Maximum amount of loss due to credit risk | $ 2.7 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule Of Available For Sale Securities [Line Items] | ||
Available for sale securities continuous unrealized loss position twelve months or more amortized historical cost basis | $ 9,600 | |
Available-for-sale Securities, Equity investment securities | 206 | $ 206 |
Level 1 [Member] | Equity Investment [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Equity investment securities | 1,200 | |
Corporate [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for sale securities aggregate market value | 660 | $ 722 |
Corporate [Member] | Level 2 [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for sale securities continuous unrealized loss position twelve months or more amortized historical cost basis | 4,100 | |
Available for sale securities aggregate market value | $ 4,700 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Assets on Recurring Basis Segregated by Level of Valuation Inputs (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt investment securities: | ||
Investment securities - available-for-sale | $ 198,130 | $ 190,598 |
Equity investment securities: | ||
Marketable equity securities measured at NAV | 206 | 206 |
Level 1 [Member] | Total Fair Value [Member] | ||
Equity investment securities: | ||
Marketable equity securities measured at NAV | 1,230 | 677 |
Level 2 [Member] | Total Fair Value [Member] | ||
Debt investment securities: | ||
Investment securities - available-for-sale | 193,272 | 185,895 |
Net Asset Value [Member] | Total Fair Value [Member] | ||
Debt investment securities: | ||
Investment securities - available-for-sale | 4,652 | 4,497 |
Recurring Basis [Member] | Total Fair Value [Member] | ||
Debt investment securities: | ||
Total available-for-sale securities | 197,924 | 190,392 |
Equity investment securities: | ||
Marketable equity securities measured at NAV | 1,230 | 677 |
Interest rate swap derivative fair value hedges | (894) | (152) |
Interest rate swap derivative cash flow hedges | 262 | (387) |
Recurring Basis [Member] | Level 1 [Member] | ||
Equity investment securities: | ||
Marketable equity securities measured at NAV | 1,230 | 677 |
Recurring Basis [Member] | Level 2 [Member] | ||
Debt investment securities: | ||
US Treasury, agencies and GSEs | 30,022 | 32,273 |
State and political subdivisions | 42,871 | 39,199 |
Corporate | 10,374 | 9,630 |
Asset backed securities | 15,537 | 13,613 |
Residential mortgage-backed - US agency | 22,040 | 22,164 |
Collateralized mortgage obligations - US agency | 11,115 | 12,285 |
Collateralized mortgage obligations - Private label | 61,313 | 56,731 |
Investment securities - available-for-sale | 193,272 | 185,895 |
Total available-for-sale securities | 193,272 | 185,895 |
Equity investment securities: | ||
Interest rate swap derivative fair value hedges | (894) | (152) |
Interest rate swap derivative cash flow hedges | 262 | (387) |
Recurring Basis [Member] | Level 1, 2 and 3 [Member] | Total Fair Value [Member] | ||
Debt investment securities: | ||
US Treasury, agencies and GSEs | 30,022 | 32,273 |
State and political subdivisions | 42,871 | 39,199 |
Corporate | 10,374 | 9,630 |
Asset backed securities | 15,537 | 13,613 |
Residential mortgage-backed - US agency | 22,040 | 22,164 |
Collateralized mortgage obligations - US agency | 11,115 | 12,285 |
Collateralized mortgage obligations - Private label | 61,313 | 56,731 |
Investment securities - available-for-sale | 193,272 | 185,895 |
Recurring Basis [Member] | Net Asset Value [Member] | Total Fair Value [Member] | ||
Debt investment securities: | ||
Investment securities - available-for-sale | $ 4,652 | $ 4,497 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value Assets Measured on Nonrecurring Basis (Details) - Nonrecurring Basis [Member] - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Total Fair Value [Member] | ||
Nonrecurring basis [Abstract] | ||
Impaired loans | $ 793 | $ 4,182 |
Level 3 [Member] | ||
Nonrecurring basis [Abstract] | ||
Impaired loans | $ 793 | $ 4,182 |
Fair Value Measurements - Fai_2
Fair Value Measurements - Fair Value Inputs, Quantitative Information (Details) - Level 3 [Member] - Impaired Loans [Member] - Measurement Input, Discount Rate [Member] | Mar. 31, 2022 | Dec. 31, 2021 |
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 | 30 |
Maximum [Member] | Appraisal of Collateral - Cost to Sell [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value inputs, discount rate | 14 | 14 |
Weighted Average [Member] | Appraisal of Collateral - Appraisal Adjustments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value inputs, discount rate | (17) | (15) |
Weighted Average [Member] | Appraisal of Collateral - Cost to Sell [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair value inputs, discount rate | (12) | (10) |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amounts and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financial assets: | ||
Investment securities - available-for-sale | $ 198,130 | $ 190,598 |
Investment securities - marketable equity | 206 | 206 |
Investment securities - held-to-maturity | 164,791 | 162,805 |
Level 1 [Member] | Carrying Amounts [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 37,184 | 37,149 |
Investment securities - marketable equity | 1,230 | 677 |
Accrued interest receivable | 4,740 | 4,520 |
Financial liabilities: | ||
Demand Deposits, Savings, NOW and MMDA | 748,162 | 694,089 |
Accrued interest payable | 122 | 106 |
Level 1 [Member] | Estimated Fair Values [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 37,184 | 37,149 |
Investment securities - marketable equity | 1,230 | 677 |
Accrued interest receivable | 4,740 | 4,520 |
Financial liabilities: | ||
Demand Deposits, Savings, NOW and MMDA | 748,162 | 694,089 |
Accrued interest payable | 122 | 106 |
Level 2 [Member] | Carrying Amounts [Member] | ||
Financial assets: | ||
Investment securities - available-for-sale | 193,272 | 185,895 |
Investment securities - held-to-maturity | 167,997 | 160,923 |
Federal Home Loan Bank stock | 3,533 | 4,189 |
Interest rate swap derivative fair value hedges | 4,229 | 1,308 |
Financial liabilities: | ||
Time Deposits | 365,915 | 361,257 |
Borrowings | 62,521 | 77,098 |
Subordinated loans | 29,604 | 29,563 |
Interest rate swap derivative fair value hedges | 894 | 152 |
Interest rate swap derivative cash flow hedges | (262) | 387 |
Level 2 [Member] | Estimated Fair Values [Member] | ||
Financial assets: | ||
Investment securities - available-for-sale | 193,272 | 185,895 |
Investment securities - held-to-maturity | 164,791 | 162,805 |
Federal Home Loan Bank stock | 3,533 | 4,189 |
Interest rate swap derivative fair value hedges | 4,229 | 1,308 |
Financial liabilities: | ||
Time Deposits | 361,757 | 360,680 |
Borrowings | 59,951 | 76,957 |
Subordinated loans | 29,896 | 30,627 |
Interest rate swap derivative fair value hedges | 894 | 152 |
Interest rate swap derivative cash flow hedges | (262) | 387 |
Net Asset Value [Member] | Carrying Amounts [Member] | ||
Financial assets: | ||
Investment securities - available-for-sale | 4,652 | 4,497 |
Net Asset Value [Member] | Estimated Fair Values [Member] | ||
Financial assets: | ||
Investment securities - available-for-sale | 4,652 | 4,497 |
Level 3 [Member] | Carrying Amounts [Member] | ||
Financial assets: | ||
Net loans | 842,584 | 819,524 |
Level 3 [Member] | Estimated Fair Values [Member] | ||
Financial assets: | ||
Net loans | $ 835,644 | $ 819,721 |
Interest Rate Derivatives - Cum
Interest Rate Derivatives - Cumulative Basis Adjustments for Fair Value Hedges (Details) - Interest Rate Derivatives [Member] - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Available for Sale Securities [Member] | |||
Derivative [Line Items] | |||
Carrying Amount of the Hedged Assets | [1] | $ 65,636 | $ 61,808 |
Cumulative Amount of Fair Value Hedging Adjustment Included in The Carrying Amount of the Hedged Assets | [1] | (4,229) | (1,308) |
Loans Receivable [Member] | |||
Derivative [Line Items] | |||
Carrying Amount of the Hedged Assets | [2] | 39,887 | 41,651 |
Cumulative Amount of Fair Value Hedging Adjustment Included in The Carrying Amount of the Hedged Assets | [2] | $ (894) | $ (152) |
[1] | These amounts represent the amortized | ||
[2] | These amounts include the amortized cost of a specific loan pool designated as the underlying asset for the hedging relationship in which the hedged item is the underlying asset's amortized cost (last layer) projected to be remaining at the end of the contractual term of the hedging instrument. The amount of the designated hedged item was $39.9 million and $41.7 million as of March 31, 2022 and December 31, 2021, respectively. At March 31, 2022, the fair value of the derivative resulted in a net asset position of $894,000, recorded by the Company in other assets. The Company’s participation in the fair value hedge had an immaterial effect on recorded interest income at March 31, 2022 and December 31, 2021. |
Interest Rate Derivatives - C_2
Interest Rate Derivatives - Cumulative Basis Adjustments for Fair Value Hedges (Parenthetical) (Details) - Interest Rate Derivatives [Member] - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Available for Sale Securities [Member] | ||
Derivative [Line Items] | ||
Derivative Notional Amount | $ 65,600,000 | $ 61,800,000 |
Derivative Asset | 4,200,000 | 1,300,000 |
Loans Receivable [Member] | ||
Derivative [Line Items] | ||
Derivative Asset | 894,000 | |
Amount of designated hedging item | $ 39,900,000 | $ 41,700,000 |
Interest Rate Derivatives - Sch
Interest Rate Derivatives - Schedule of Cash Flow Hedges (Details) - Cash Flow Hedging - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | ||
Total loss in comprehensive income | $ 262 | $ (387) |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Total loss in comprehensive income | $ 262 | $ (387) |
Interest Rate Derivatives - Add
Interest Rate Derivatives - Additional Information (Details) $ in Millions | Mar. 31, 2022USD ($) |
Interest Rate Swap [Member] | |
Derivative [Line Items] | |
Notional amount | $ 1.6 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Balance | $ 110,633 | $ 97,722 |
Other comprehensive income before reclassifications | (3,791) | 449 |
Amounts reclassified from AOCI | 1 | 19 |
Balance | 109,446 | 100,243 |
Retirement Plans [Member] | ||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Balance | (1,412) | (2,093) |
Other comprehensive income before reclassifications | 0 | 0 |
Amounts reclassified from AOCI | 1 | 19 |
Balance | (1,411) | (2,074) |
Unrealized Gain and Loss on Available-for-Sale Securities [Member] | ||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Balance | 428 | 837 |
Other comprehensive income before reclassifications | (4,271) | 271 |
Amounts reclassified from AOCI | 0 | 0 |
Balance | (3,843) | 1,108 |
Unrealized Gain and Loss on Derivatives and Hedging Activities [Member] | ||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Balance | (286) | (966) |
Other comprehensive income before reclassifications | 480 | 173 |
Amounts reclassified from AOCI | 0 | 0 |
Balance | 194 | (793) |
Unrealized Gain and Loss on Securities Transferred to Held-to-Maturity [Member] | ||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Balance | 2 | (14) |
Other comprehensive income before reclassifications | 0 | 5 |
Amounts reclassified from AOCI | 0 | 0 |
Balance | 2 | (9) |
AOCI Attributable to Parent [Member] | ||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Balance | (1,268) | (2,236) |
Balance | $ (5,058) | $ (1,768) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Summary of Amounts Reclassified Out of Each Component of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Salaries and employee benefits | $ (4,049) | $ (3,341) | |
Provision for income taxes | (721) | (549) | |
Net income attributable to Pathfinder Bancorp Inc. | 2,950 | 2,154 | |
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] | (1) | (26) |
Provision for income taxes | [1] | 0 | 7 |
Net income attributable to Pathfinder Bancorp Inc. | [1] | $ (1) | $ (19) |
[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 | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation Of Revenue [Line Items] | ||
Earnings and gain on bank owned life insurance | $ 162 | $ 125 |
Net losses on sales and redemptions of investment securities | (6) | |
Gains on marketable equity securities | 68 | 234 |
Net gains on sale of premises and equipment | 201 | |
Other miscellaneous income | 197 | 32 |
Total noninterest income | 1,603 | 1,845 |
Insufficient Funds Fees [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 118 | 190 |
Deposit Related Fees [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 102 | 97 |
ATM Fees [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 39 | 44 |
Service Fees [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 259 | 331 |
Insurance Commissions [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 299 | 279 |
Investment Services Revenue [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 97 | 83 |
ATM Fees Surcharge [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 48 | 51 |
Banking House Rents Collected [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 55 | 63 |
Fee Income [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 499 | 476 |
Debit Card Interchange Fees [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 228 | 221 |
Merchant Card Fees [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 16 | 15 |
Card Income [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 244 | 236 |
Loan Servicing Fees [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 117 | 90 |
Net Gain on Sale of Loans and Foreclosed Real Estate [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 63 | 120 |
Total Mortgage Fee Income and Realized Gain on Sale of Loans and Foreclosed Real Estate [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | 180 | 210 |
Service Fees, Fee Income, Card Income and Mortgage Fee Income and Realized Gain on Sale of Loans and Foreclosed Real Estate [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Noninterest income | $ 1,182 | $ 1,253 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Lessee Lease Description [Line Items] | ||
Operating lease, option to extend lease term, description | Our leases have remaining lease terms that vary from less than two years 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 | $ 55,000 | $ 63,000 |
Minimum [Member] | ||
Lessee Lease Description [Line Items] | ||
Operating leases remaining lease term | 2 years | |
Maximum [Member] | ||
Lessee Lease Description [Line Items] | ||
Operating leases remaining lease term | 30 years |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Lease Cost [Abstract] | ||
Operating lease cost | $ 57 | $ 57 |
Finance lease cost | $ 21 | $ 20 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash paid for amount included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 52 | $ 52 |
Operating cash flows from finance leases | 21 | 20 |
Financing cash flows from finance leases | $ 18 | $ 18 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Operating Leases: | |||
Operating lease right-of-use assets | $ 2,102 | $ 2,136 | $ 2,136 |
Operating lease liabilities | 2,409 | $ 2,440 | 2,440 |
Finance Leases: | |||
Financial Liability | $ 599 | $ 596 | |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities | |
Weighted Average Remaining Lease Term: | |||
Operating Leases | 18 years 1 month 28 days | 18 years 3 months 14 days | |
Finance Leases | 27 years 2 months 1 day | 27 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 | Mar. 31, 2022USD ($) |
Operating Lease Liabilities Payments Due Rolling Maturity [Abstract] | |
2023 | $ 85 |
2024 | 118 |
2025 | 118 |
2026 | 126 |
2027 | 133 |
Thereafter | 2,428 |
Total minimum lease payments | $ 3,008 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Loans to Related Parties (Details) - Directors, Executive Officers and Affiliates [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Loans to Related Parties [Roll Forward] | ||
Balance at the beginning of the period | $ 22,427 | $ 22,445 |
Originations and related party additions | 18 | 8,007 |
Principal payments and related party removals | (1,220) | (8,025) |
Balance at the end of the period | $ 21,225 | $ 22,427 |