Maryland
(State of Other Jurisdiction of Incorporation)
|
001-36695
(Commission File No.)
|
38-3941859
(I.R.S. Employer Identification No.)
|
PART I - FINANCIAL INFORMATION
|
PAGE NO.
|
||
Item 1.
|
Consolidated Financial Statements (Unaudited)
|
||
3
|
|||
4
|
|||
5
|
|||
6
|
|||
7
|
|||
8
|
|||
Item 2.
|
35
|
||
and Results of Operations (Unaudited)
|
|||
Item 3.
|
50
|
||
Item 4.
|
50
|
||
51
|
|||
Item 1.
|
Legal Proceedings
|
||
Item 1A.
|
Risk Factors
|
||
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
||
Item 3.
|
Defaults upon Senior Securities
|
||
Item 4.
|
Mine Safety Disclosures
|
||
Item 5.
|
Other information
|
||
Item 6.
|
Exhibits
|
||
52
|
|||
June 30,
|
December 31,
|
|||||||
(In thousands, except share and per share data)
|
2016
|
2015
|
||||||
ASSETS:
|
||||||||
Cash and due from banks
|
$
|
12,296
|
$
|
9,624
|
||||
Interest earning deposits
|
12,800
|
5,621
|
||||||
Total cash and cash equivalents
|
25,096
|
15,245
|
||||||
Available-for-sale securities, at fair value
|
116,395
|
98,942
|
||||||
Held-to-maturity securities, at amortized cost (fair value of $43,887 and $45,515, respectively)
|
42,126
|
44,297
|
||||||
Federal Home Loan Bank stock, at cost
|
4,036
|
2,424
|
||||||
Loans
|
450,581
|
430,438
|
||||||
Less: Allowance for loan losses
|
5,930
|
5,706
|
||||||
Loans receivable, net
|
444,651
|
424,732
|
||||||
Premises and equipment, net
|
14,880
|
14,834
|
||||||
Accrued interest receivable
|
2,069
|
2,053
|
||||||
Foreclosed real estate
|
506
|
517
|
||||||
Intangible assets, net
|
206
|
214
|
||||||
Goodwill
|
4,536
|
4,536
|
||||||
Bank owned life insurance
|
11,297
|
10,615
|
||||||
Other assets
|
5,173
|
4,845
|
||||||
Total assets
|
$
|
670,971
|
$
|
623,254
|
||||
LIABILITIES AND SHAREHOLDERS' EQUITY:
|
||||||||
Deposits:
|
||||||||
Interest-bearing
|
$
|
458,104
|
$
|
428,636
|
||||
Noninterest-bearing
|
67,964
|
61,679
|
||||||
Total deposits
|
526,068
|
490,315
|
||||||
Short-term borrowings
|
49,950
|
24,800
|
||||||
Long-term borrowings
|
13,500
|
16,500
|
||||||
Subordinated loans
|
15,008
|
14,991
|
||||||
Accrued interest payable
|
39
|
199
|
||||||
Other liabilities
|
6,283
|
5,220
|
||||||
Total liabilities
|
610,848
|
552,025
|
||||||
Shareholders' equity:
|
||||||||
Preferred stock - SBLF, par value $0.01 per share; $1,000 liquidation preference;
|
||||||||
13,000 shares authorized; 0 shares and 13,000 shares issued and outstanding, respectively
|
-
|
13,000
|
||||||
Common stock, par value $0.01; 25,000,000 authorized shares;
|
||||||||
4,358,144 and 4,353,850 shares issued and 4,358,144 and 4,353,850 shares outstanding, respectively
|
44
|
44
|
||||||
Additional paid in capital
|
28,870
|
28,717
|
||||||
Retained earnings
|
34,244
|
33,183
|
||||||
Accumulated other comprehensive loss
|
(1,985
|
)
|
(2,565
|
)
|
||||
Unearned ESOP
|
(1,484
|
)
|
(1,574
|
)
|
||||
Total Pathfinder Bancorp, Inc. shareholders' equity
|
59,689
|
70,805
|
||||||
Noncontrolling interest
|
434
|
424
|
||||||
Total equity
|
60,123
|
71,229
|
||||||
Total liabilities and shareholders' equity
|
$
|
670,971
|
$
|
623,254
|
||||
The accompanying notes are an integral part of the consolidated financial statements.
|
For the three
|
For the three
|
For the six
|
For the six
|
|||||||||||||
months ended
|
months ended
|
months ended
|
months ended
|
|||||||||||||
(In thousands, except per share data)
|
June 30, 2016
|
June 30, 2015
|
June 30, 2016
|
June 30, 2015
|
||||||||||||
Loans, including fees
|
$
|
5,047
|
$
|
4,551
|
$
|
9,971
|
$
|
8,950
|
||||||||
Debt securities:
|
||||||||||||||||
Taxable
|
581
|
516
|
1,137
|
975
|
||||||||||||
Tax-exempt
|
200
|
190
|
391
|
387
|
||||||||||||
Dividends
|
26
|
40
|
53
|
69
|
||||||||||||
Federal funds sold and interest earning deposits
|
12
|
5
|
26
|
7
|
||||||||||||
Total interest and dividend income
|
5,866
|
5,302
|
11,578
|
10,388
|
||||||||||||
Interest expense:
|
||||||||||||||||
Interest on deposits
|
572
|
483
|
1,147
|
928
|
||||||||||||
Interest on short-term borrowings
|
29
|
35
|
51
|
72
|
||||||||||||
Interest on long-term borrowings
|
71
|
65
|
143
|
126
|
||||||||||||
Interest on subordinated loans
|
201
|
40
|
404
|
80
|
||||||||||||
Total interest expense
|
873
|
623
|
1,745
|
1,206
|
||||||||||||
Net interest income
|
4,993
|
4,679
|
9,833
|
9,182
|
||||||||||||
Provision for loan losses
|
150
|
401
|
360
|
784
|
||||||||||||
Net interest income after provision for loan losses
|
4,843
|
4,278
|
9,473
|
8,398
|
||||||||||||
Noninterest income:
|
||||||||||||||||
Service charges on deposit accounts
|
285
|
288
|
572
|
554
|
||||||||||||
Earnings and gain on bank owned life insurance
|
66
|
65
|
146
|
149
|
||||||||||||
Loan servicing fees
|
31
|
41
|
65
|
93
|
||||||||||||
Net gains on sales and redemptions of investment securities
|
132
|
49
|
212
|
101
|
||||||||||||
Net losses on sales of loans and foreclosed real estate
|
(10
|
)
|
(4
|
)
|
(10
|
)
|
(4
|
)
|
||||||||
Debit card interchange fees
|
141
|
136
|
276
|
259
|
||||||||||||
Other charges, commissions & fees
|
381
|
377
|
766
|
665
|
||||||||||||
Total noninterest income
|
1,026
|
952
|
2,027
|
1,817
|
||||||||||||
Noninterest expense:
|
||||||||||||||||
Salaries and employee benefits
|
2,653
|
2,356
|
5,338
|
4,738
|
||||||||||||
Building occupancy
|
425
|
441
|
888
|
944
|
||||||||||||
Data processing
|
419
|
354
|
841
|
742
|
||||||||||||
Professional and other services
|
221
|
229
|
418
|
449
|
||||||||||||
Advertising
|
189
|
114
|
329
|
236
|
||||||||||||
FDIC assessments
|
108
|
102
|
216
|
197
|
||||||||||||
Audits and exams
|
82
|
59
|
158
|
120
|
||||||||||||
Other expenses
|
681
|
577
|
1,293
|
1,030
|
||||||||||||
Total noninterest expenses
|
4,778
|
4,232
|
9,481
|
8,456
|
||||||||||||
Income before income taxes
|
1,091
|
998
|
2,019
|
1,759
|
||||||||||||
Provision for income taxes
|
225
|
290
|
498
|
514
|
||||||||||||
Net income attributable to noncontrolling interest and Pathfinder Bancorp, Inc.
|
866
|
708
|
1,521
|
1,245
|
||||||||||||
Net income attributable to noncontrolling interest
|
34
|
14
|
28
|
22
|
||||||||||||
Net income attributable to Pathfinder Bancorp, Inc.
|
832
|
694
|
1,493
|
1,223
|
||||||||||||
Preferred stock dividends
|
-
|
33
|
16
|
65
|
||||||||||||
Net income available to common shareholders
|
$
|
832
|
$
|
661
|
$
|
1,477
|
$
|
1,158
|
||||||||
Earnings per common share - basic
|
$
|
0.20
|
$
|
0.16
|
$
|
0.36
|
$
|
0.28
|
||||||||
Earnings per common share - diluted
|
$
|
0.20
|
$
|
0.16
|
$
|
0.35
|
$
|
0.28
|
||||||||
Dividends per common share
|
$
|
0.05
|
$
|
0.03
|
$
|
0.10
|
$
|
0.06
|
Pathfinder Bancorp, Inc.
|
||||||||||||||||
Consolidated Statements of Comprehensive Income
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
For the three months ended
|
For the six months ended
|
|||||||||||||||
June 30, 2016
|
June 30, 2015
|
June 30, 2016
|
June 30, 2015
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Net Income
|
$
|
866
|
$
|
708
|
$
|
1,521
|
$
|
1,245
|
||||||||
Retirement Plans:
|
||||||||||||||||
Retirement plan net losses recognized in plan expenses
|
54
|
45
|
109
|
90
|
||||||||||||
Plan (losses) not recognized in plan expenses
|
-
|
-
|
-
|
-
|
||||||||||||
Net unrealized gain on retirement plans
|
54
|
45
|
109
|
90
|
||||||||||||
Unrealized holding gains on financial derivative:
|
||||||||||||||||
Change in unrealized holding gains (losses) on financial derivative
|
3
|
(5
|
)
|
2
|
(6
|
)
|
||||||||||
Reclassification adjustment for interest expense included in net income
|
11
|
15
|
25
|
31
|
||||||||||||
Net unrealized gain on financial derivative
|
14
|
10
|
27
|
25
|
||||||||||||
Unrealized holding gains (losses) on available for sale securities
|
||||||||||||||||
Unrealized holding gains (losses) arising during the period
|
6
|
(878
|
)
|
548
|
(413
|
)
|
||||||||||
Reclassification adjustment for net gains (losses) included in net income
|
132
|
(49
|
)
|
212
|
(101
|
)
|
||||||||||
Net unrealized gain (losses) on available for sale securities
|
138
|
(927
|
)
|
760
|
(514
|
)
|
||||||||||
Accretion of net unrealized loss on securities transferred to held-to-maturity(1)
|
35
|
32
|
70
|
65
|
||||||||||||
Other comprehensive income (losses), before tax
|
241
|
(840
|
)
|
966
|
(334
|
)
|
||||||||||
Tax effect
|
(95
|
)
|
336
|
(386
|
)
|
134
|
||||||||||
Other comprehensive income (losses), net of tax
|
146
|
(504
|
)
|
580
|
(200
|
)
|
||||||||||
Comprehensive income
|
$
|
1,012
|
$
|
204
|
$
|
2,101
|
$
|
1,045
|
||||||||
Comprehensive income attributable to noncontrolling interest
|
$
|
34
|
$
|
14
|
$
|
28
|
$
|
22
|
||||||||
Comprehensive income attributable to Pathfinder Bancorp, Inc.
|
$
|
978
|
$
|
190
|
$
|
2,073
|
$
|
1,023
|
||||||||
Tax Effect Allocated to Each Component of Other Comprehensive Income
|
||||||||||||||||
Retirement plan net losses recognized in plan expenses
|
$
|
(21
|
)
|
$
|
(18
|
)
|
$
|
(44
|
)
|
$
|
(36
|
)
|
||||
Change in unrealized holding (losses) gains on financial derivative
|
(2
|
)
|
2
|
(1
|
)
|
2
|
||||||||||
Reclassification adjustment for interest expense included in net income
|
(4
|
)
|
(6
|
)
|
(10
|
)
|
(12
|
)
|
||||||||
Unrealized holding (losses) gains arising during the period
|
(2
|
)
|
351
|
(219
|
)
|
165
|
||||||||||
Reclassification adjustment for net (losses) gains included in net income
|
(52
|
)
|
20
|
(84
|
)
|
41
|
||||||||||
Accretion of net unrealized loss on securities transferred to held-to-maturity(1)
|
(14
|
)
|
(13
|
)
|
(28
|
)
|
(26
|
)
|
||||||||
Income tax effect related to other comprehensive income
|
$
|
(95
|
)
|
$
|
336
|
$
|
(386
|
)
|
$
|
134
|
||||||
(1) The accretion of the unrealized holding losses in accumulated other comprehensive loss at the date of transfer at September 30, 2013 partially offsets the amortization of the difference between the par value and the fair value of the investment securities at the date of transfer, and is an adjustment of yield.
|
Pathfinder Bancorp, Inc.
|
||||||||||||||||||||||||||||||||
Consolidated Statements of Changes in Shareholder's Equity
|
||||||||||||||||||||||||||||||||
Six months ended June 30, 2016 and June 30, 2015
|
||||||||||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
|
Accumulated
|
Non-
|
||||||||||||||||||||||||||||||
Preferred
|
Common
|
Additional
|
Retained
|
Other
|
Unearned
|
controlling
|
||||||||||||||||||||||||||
(In thousands, except share and per share data)
|
Stock
|
Stock
|
Paid in Capital
|
Earnings
|
Comprehenvie Loss
|
ESOP
|
Interest
|
Total
|
||||||||||||||||||||||||
$
|
13,000
|
$
|
44
|
$
|
28,717
|
$
|
33,183
|
$
|
(2,565
|
)
|
$
|
(1,574
|
)
|
$
|
424
|
$
|
71,229
|
|||||||||||||||
Net income
|
-
|
-
|
-
|
1,493
|
-
|
-
|
28
|
1,521
|
||||||||||||||||||||||||
Other comprehensive income, net of tax
|
-
|
-
|
-
|
-
|
580
|
-
|
-
|
580
|
||||||||||||||||||||||||
Preferred stock redemption (13,000 shares)
|
(13,000
|
)
|
-
|
-
|
-
|
-
|
-
|
-
|
(13,000
|
)
|
||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Preferred stock dividends - SBLF
|
-
|
-
|
-
|
(16
|
)
|
-
|
-
|
-
|
(16
|
)
|
||||||||||||||||||||||
ESOP shares earned (12,221 shares)
|
-
|
-
|
54
|
-
|
-
|
90
|
-
|
144
|
||||||||||||||||||||||||
Stock based compensation
|
-
|
-
|
76
|
-
|
-
|
-
|
-
|
76
|
||||||||||||||||||||||||
Stock options exercised
|
-
|
-
|
23
|
-
|
-
|
-
|
-
|
23
|
||||||||||||||||||||||||
Common stock dividends declared ($0.10 per share)
|
-
|
-
|
-
|
(416
|
)
|
-
|
-
|
-
|
(416
|
)
|
||||||||||||||||||||||
Distributions from affiliates
|
-
|
-
|
-
|
-
|
-
|
-
|
(18
|
)
|
(18
|
)
|
||||||||||||||||||||||
Balance, June 30, 2016
|
$
|
-
|
$
|
44
|
$
|
28,870
|
$
|
34,244
|
$
|
(1,985
|
)
|
$
|
(1,484
|
)
|
$
|
434
|
$
|
60,123
|
||||||||||||||
Balance, January 1, 2015
|
$
|
13,000
|
$
|
44
|
$
|
28,534
|
$
|
31,085
|
$
|
(2,119
|
)
|
$
|
(1,754
|
)
|
$
|
414
|
$
|
69,204
|
||||||||||||||
Net income
|
-
|
-
|
-
|
1,223
|
-
|
-
|
22
|
1,245
|
||||||||||||||||||||||||
Other comprehensive loss, net of tax
|
-
|
-
|
-
|
-
|
(200
|
)
|
-
|
-
|
(200
|
)
|
||||||||||||||||||||||
Preferred stock dividends - SBLF
|
-
|
-
|
-
|
(65
|
)
|
-
|
-
|
-
|
(65
|
)
|
||||||||||||||||||||||
ESOP shares earned (12,222 shares)
|
-
|
-
|
38
|
-
|
-
|
90
|
-
|
128
|
||||||||||||||||||||||||
Stock based compensation
|
-
|
-
|
42
|
-
|
-
|
-
|
-
|
42
|
||||||||||||||||||||||||
Common stock dividends declared ($0.06 per share)
|
-
|
-
|
-
|
(247
|
)
|
-
|
-
|
-
|
(247
|
)
|
||||||||||||||||||||||
Distributions from affiliates
|
-
|
-
|
-
|
-
|
-
|
(33
|
)
|
(33
|
)
|
|||||||||||||||||||||||
Balance, June 30, 2015
|
$
|
13,000
|
$
|
44
|
$
|
28,614
|
$
|
31,996
|
$
|
(2,319
|
)
|
$
|
(1,664
|
)
|
$
|
403
|
$
|
70,074
|
||||||||||||||
The accompanying notes are an integral part of the consolidated financial statements.
|
Pathfinder Bancorp, Inc.
|
||||||||
Consolidated Statements of Cash Flows
|
||||||||
(Unaudited)
|
||||||||
For the six months ended June 30,
|
||||||||
(In thousands)
|
2016
|
2015
|
||||||
Net income attributable to Pathfinder Bancorp, Inc.
|
$
|
1,493
|
$
|
1,223
|
||||
Adjustments to reconcile net income to net cash flows from operating activities:
|
||||||||
Provision for loan losses
|
360
|
784
|
||||||
Realized losses (gains) on sales, redemptions and calls of:
|
||||||||
Real estate acquired through foreclosure
|
10
|
4
|
||||||
Available-for-sale investment securities
|
(211
|
)
|
(101
|
)
|
||||
Held-to-maturity investment securities
|
(1
|
)
|
-
|
|||||
Depreciation
|
458
|
465
|
||||||
Amortization of mortgage servicing rights
|
6
|
7
|
||||||
Amortization of deferred loan costs
|
99
|
82
|
||||||
Amortization of deferred financing from subordinated debt
|
17
|
-
|
||||||
Earnings and gain on bank owned life insurance
|
(146
|
)
|
(149
|
)
|
||||
Net amortization of premiums and discounts on investment securities
|
585
|
436
|
||||||
Amortization of intangible assets
|
8
|
9
|
||||||
Stock based compensation and ESOP expense
|
220
|
170
|
||||||
Net change in accrued interest receivable
|
(16
|
)
|
(117
|
)
|
||||
Net change in other assets and liabilities
|
373
|
683
|
||||||
Net cash flows from operating activities
|
3,255
|
3,496
|
||||||
INVESTING ACTIVITIES
|
||||||||
Purchase of investment securities available-for-sale
|
(81,252
|
)
|
(47,485
|
)
|
||||
Purchase of investment securities held-to-maturity
|
(500
|
)
|
(5,034
|
)
|
||||
Net (purchases of) proceeds from Federal Home Loan Bank stock
|
(1,612
|
)
|
98
|
|||||
Proceeds from maturities and principal reductions of
|
||||||||
investment securities available-for-sale
|
36,271
|
15,933
|
||||||
Proceeds from maturities and principal reductions of
|
||||||||
investment securities held-to-maturity
|
2,686
|
2,015
|
||||||
Proceeds from sales, redemptions and calls of:
|
||||||||
Available-for-sale investment securities
|
25,970
|
16,481
|
||||||
Held-to-maturity investment securities
|
2,000
|
-
|
||||||
Real estate acquired through foreclosure
|
170
|
171
|
||||||
Acquisition of insurance agency
|
-
|
(225
|
)
|
|||||
Net change in loans
|
(20,548
|
)
|
(16,463
|
)
|
||||
Purchase of premises and equipment
|
(504
|
)
|
(503
|
)
|
||||
Net cash flows from investing activities
|
(37,319
|
)
|
(35,012
|
)
|
||||
FINANCING ACTIVITIES
|
||||||||
Net change in demand deposits, NOW accounts, savings accounts,
|
||||||||
money management deposit accounts, MMDA accounts and escrow deposits
|
37,851
|
45,933
|
||||||
Net change in time deposits and brokered deposits
|
(2,098
|
)
|
(3,926
|
)
|
||||
Net change in short-term borrowings
|
25,150
|
(7,100
|
)
|
|||||
Payments on long-term borrowings
|
(3,000
|
)
|
(2,000
|
)
|
||||
Proceeds from long-term borrowings
|
-
|
5,000
|
||||||
Repayment of loans on cash surrender value of bank owned life insurance
|
(536
|
)
|
-
|
|||||
Redemption of preferred stock - SBLF
|
(13,000
|
)
|
-
|
|||||
Proceeds from exercise of stock options
|
23
|
-
|
||||||
Cash dividends paid to preferred shareholder - SBLF
|
(49
|
)
|
(65
|
)
|
||||
Cash dividends paid to common shareholders
|
(436
|
)
|
(261
|
)
|
||||
Change in noncontrolling interest, net
|
10
|
(11
|
)
|
|||||
Net cash flows from financing activities
|
43,915
|
37,570
|
||||||
Change in cash and cash equivalents
|
9,851
|
6,054
|
||||||
Cash and cash equivalents at beginning of period
|
15,245
|
11,356
|
||||||
Cash and cash equivalents at end of period
|
$
|
25,096
|
$
|
17,410
|
||||
CASH PAID DURING THE PERIOD FOR:
|
||||||||
Interest
|
$
|
1,905
|
$
|
1,209
|
||||
Income taxes
|
513
|
462
|
||||||
NON-CASH INVESTING ACTIVITY
|
||||||||
Real estate acquired in exchange for loans
|
170
|
275
|
||||||
The accompanying notes are an integral part of the consolidated financial statements.
|
Three months ended
|
Six months ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
(In thousands, except per share data)
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Basic Earnings Per Common Share
|
||||||||||||||||
Net income available to common shareholders
|
$
|
832
|
$
|
661
|
$
|
1,477
|
$
|
1,158
|
||||||||
Weighted average common shares outstanding
|
4,149
|
4,120
|
4,145
|
4,117
|
||||||||||||
Basic earnings per common share
|
$
|
0.20
|
$
|
0.16
|
$
|
0.36
|
$
|
0.28
|
||||||||
Diluted Earnings Per Common Share
|
||||||||||||||||
Net income available to common shareholders
|
$
|
832
|
$
|
661
|
$
|
1,477
|
$
|
1,158
|
||||||||
Weighted average common shares outstanding
|
4,149
|
4,120
|
4,145
|
4,117
|
||||||||||||
Effect of assumed exercise of stock options
|
84
|
67
|
81
|
62
|
||||||||||||
Diluted weighted average common shares outstanding
|
4,233
|
4,187
|
4,226
|
4,179
|
||||||||||||
Diluted earnings per common share
|
$
|
0.20
|
$
|
0.16
|
$
|
0.35
|
$
|
0.28
|
|
June 30, 2016
|
|||||||||||||||
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
|
$
|
28,041
|
$
|
9
|
$
|
(16
|
)
|
$
|
28,034
|
|||||||
State and political subdivisions
|
11,804
|
155
|
(17
|
)
|
11,942
|
|||||||||||
Corporate
|
12,501
|
113
|
(26
|
)
|
12,588
|
|||||||||||
Asset backed securities
|
2,564
|
-
|
-
|
2,564
|
||||||||||||
Residential mortgage-backed - US agency
|
23,526
|
213
|
-
|
23,739
|
||||||||||||
Collateralized mortgage obligations - US agency
|
29,711
|
216
|
(84
|
)
|
29,843
|
|||||||||||
Collateralized mortgage obligations - Private Label
|
5,808
|
-
|
(32
|
)
|
5,776
|
|||||||||||
Total
|
113,955
|
706
|
(175
|
)
|
114,486
|
|||||||||||
Equity investment securities:
|
||||||||||||||||
Mutual funds:
|
||||||||||||||||
Ultra short mortgage fund
|
643
|
-
|
(8
|
)
|
635
|
|||||||||||
Large cap equity fund
|
456
|
155
|
-
|
611
|
||||||||||||
Common stock - Financial services industry
|
663
|
-
|
-
|
663
|
||||||||||||
Total
|
1,762
|
155
|
(8
|
)
|
1,909
|
|||||||||||
Total available-for-sale
|
$
|
115,717
|
$
|
861
|
$
|
(183
|
)
|
$
|
116,395
|
|||||||
Held-to-Maturity Portfolio
|
||||||||||||||||
Debt investment securities:
|
||||||||||||||||
US Treasury, agencies and GSEs
|
$
|
5,874
|
$
|
178
|
$
|
-
|
$
|
6,052
|
||||||||
State and political subdivisions
|
21,578
|
1,095
|
-
|
22,673
|
||||||||||||
Corporate
|
4,607
|
46
|
(13
|
)
|
4,640
|
|||||||||||
Residential mortgage-backed - US agency
|
7,146
|
248
|
-
|
7,394
|
||||||||||||
Collateralized mortgage obligations - US agency
|
2,921
|
207
|
-
|
3,128
|
||||||||||||
Total held-to-maturity
|
$
|
42,126
|
$
|
1,774
|
$
|
(13
|
)
|
$
|
43,887
|
|
December 31, 2015
|
|||||||||||||||
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
|
$
|
21,380
|
$
|
13
|
$
|
(85
|
)
|
$
|
21,308
|
|||||||
State and political subdivisions
|
8,198
|
107
|
(5
|
)
|
8,300
|
|||||||||||
Corporate
|
18,173
|
51
|
(96
|
)
|
18,128
|
|||||||||||
Residential mortgage-backed - US agency
|
32,740
|
113
|
(280
|
)
|
32,573
|
|||||||||||
Collateralized mortgage obligations - US agency
|
16,880
|
95
|
(142
|
)
|
16,833
|
|||||||||||
Collateralized mortgage obligations - Private Label
|
-
|
-
|
-
|
-
|
||||||||||||
Total
|
97,371
|
379
|
(608
|
)
|
97,142
|
|||||||||||
Equity investment securities:
|
||||||||||||||||
Mutual funds:
|
||||||||||||||||
Ultra short mortgage fund
|
643
|
-
|
(5
|
)
|
638
|
|||||||||||
Large cap equity fund
|
456
|
127
|
-
|
583
|
||||||||||||
Common stock - Financial services industry
|
554
|
25
|
-
|
579
|
||||||||||||
Total
|
1,653
|
152
|
(5
|
)
|
1,800
|
|||||||||||
Total available-for-sale
|
$
|
99,024
|
$
|
531
|
$
|
(613
|
)
|
$
|
98,942
|
|||||||
Held-to-Maturity Portfolio
|
||||||||||||||||
Debt investment securities:
|
||||||||||||||||
US Treasury, agencies and GSEs
|
$
|
7,860
|
$
|
81
|
$
|
(29
|
)
|
$
|
7,912
|
|||||||
State and political subdivisions
|
21,585
|
881
|
-
|
22,466
|
||||||||||||
Corporate
|
4,175
|
53
|
(3
|
)
|
4,225
|
|||||||||||
Residential mortgage-backed - US agency
|
7,763
|
137
|
(5
|
)
|
7,895
|
|||||||||||
Collateralized mortgage obligations - US agency
|
2,914
|
103
|
-
|
3,017
|
||||||||||||
Total held-to-maturity
|
$
|
44,297
|
$
|
1,255
|
$
|
(37
|
)
|
$
|
45,515
|
Available-for-Sale
|
Held-to-Maturity
|
|||||||||||||||
Amortized
|
Estimated
|
Amortized
|
Estimated
|
|||||||||||||
(In thousands)
|
Cost
|
Fair Value
|
Cost
|
Fair Value
|
||||||||||||
Due in one year or less
|
$
|
17,920
|
$
|
17,926
|
$
|
205
|
$
|
206
|
||||||||
Due after one year through five years
|
28,110
|
28,240
|
10,075
|
10,386
|
||||||||||||
Due after five years through ten years
|
6,445
|
6,519
|
17,633
|
18,427
|
||||||||||||
Due after ten years
|
2,435
|
2,443
|
4,146
|
4,346
|
||||||||||||
Sub-total
|
54,910
|
55,128
|
32,059
|
33,365
|
||||||||||||
Residential mortgage-backed - US agency
|
23,526
|
23,739
|
7,146
|
7,394
|
||||||||||||
Collateralized mortgage obligations - US agency
|
29,711
|
29,843
|
2,921
|
3,128
|
||||||||||||
Collateralized mortgage obligations - Private label
|
5,808
|
5,776
|
-
|
-
|
||||||||||||
Totals
|
$
|
113,955
|
$
|
114,486
|
$
|
42,126
|
$
|
43,887
|
June 30, 2016
|
||||||||||||||||||||||||||||||||||||
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
|
||||||||||||||||||||||||||||||||||||
US Treasury, agencies and GSE's
|
4
|
$
|
(16
|
)
|
$
|
11,991
|
-
|
$
|
-
|
$
|
-
|
4
|
$
|
(16
|
)
|
$
|
11,991
|
|||||||||||||||||||
State and political subdivisions
|
9
|
(17
|
)
|
2,572
|
-
|
-
|
-
|
9
|
(17
|
)
|
2,572
|
|||||||||||||||||||||||||
Corporate
|
-
|
-
|
-
|
2
|
(26
|
)
|
2,157
|
2
|
(26
|
)
|
2,157
|
|||||||||||||||||||||||||
Equity and other investments
|
1
|
(8
|
)
|
635
|
-
|
-
|
-
|
1
|
(8
|
)
|
635
|
|||||||||||||||||||||||||
Residential mortgage-backed - US agency
|
1
|
-
|
659
|
-
|
-
|
-
|
1
|
-
|
659
|
|||||||||||||||||||||||||||
Collateralized mortgage obligations - US agency
|
5
|
(32
|
)
|
5,930
|
6
|
(52
|
)
|
3,872
|
11
|
(84
|
)
|
9,802
|
||||||||||||||||||||||||
Collateralized mortgage obligations - Private label
|
2
|
(32
|
)
|
2,127
|
-
|
-
|
-
|
2
|
(32
|
)
|
2,127
|
|||||||||||||||||||||||||
Totals
|
22
|
$
|
(105
|
)
|
$
|
23,914
|
8
|
$
|
(78
|
)
|
$
|
6,029
|
30
|
$
|
(183
|
)
|
$
|
29,943
|
||||||||||||||||||
Held-to-Maturity
|
||||||||||||||||||||||||||||||||||||
US Treasury, agencies and GSE's
|
-
|
$
|
-
|
$
|
-
|
-
|
$
|
-
|
$
|
-
|
-
|
$
|
-
|
$
|
-
|
|||||||||||||||||||||
Corporate
|
1
|
(13
|
)
|
840
|
-
|
-
|
-
|
1
|
(13
|
)
|
840
|
|||||||||||||||||||||||||
Residential mortgage-backed - US agency
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Totals
|
1
|
$
|
(13
|
)
|
$
|
840
|
-
|
$
|
-
|
$
|
-
|
1
|
$
|
(13
|
)
|
$
|
840
|
|||||||||||||||||||
December 31, 2015
|
||||||||||||||||||||||||||||||||||||
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
|
||||||||||||||||||||||||||||||||||||
US Treasury, agencies and GSE's
|
9
|
$
|
(70
|
)
|
$
|
13,382
|
1
|
$
|
(15
|
)
|
$
|
984
|
10
|
$
|
(85
|
)
|
$
|
14,366
|
||||||||||||||||||
State and political subdivisions
|
13
|
(4
|
)
|
1,894
|
3
|
(1
|
)
|
339
|
16
|
(5
|
)
|
2,233
|
||||||||||||||||||||||||
Corporate
|
10
|
(57
|
)
|
8,123
|
2
|
(39
|
)
|
2,820
|
12
|
(96
|
)
|
10,943
|
||||||||||||||||||||||||
Equity and other investments
|
1
|
(5
|
)
|
638
|
-
|
-
|
-
|
1
|
(5
|
)
|
638
|
|||||||||||||||||||||||||
Residential mortgage-backed - US agency
|
14
|
(148
|
)
|
20,204
|
5
|
(132
|
)
|
4,812
|
19
|
(280
|
)
|
25,016
|
||||||||||||||||||||||||
Collateralized mortgage obligations - US agency
|
6
|
(80
|
)
|
8,618
|
3
|
(62
|
)
|
1,789
|
9
|
(142
|
)
|
10,407
|
||||||||||||||||||||||||
Collateralized mortgage obligations - Private label
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Totals
|
53
|
$
|
(364
|
)
|
$
|
52,859
|
14
|
$
|
(249
|
)
|
$
|
10,744
|
67
|
$
|
(613
|
)
|
$
|
63,603
|
||||||||||||||||||
Held-to-Maturity
|
||||||||||||||||||||||||||||||||||||
US Treasury, agencies and GSE's
|
2
|
$
|
(29
|
)
|
$
|
2,970
|
-
|
$
|
-
|
$
|
-
|
2
|
$
|
(29
|
)
|
$
|
2,970
|
|||||||||||||||||||
Corporate
|
1
|
(3
|
)
|
225
|
-
|
-
|
-
|
1
|
(3
|
)
|
225
|
|||||||||||||||||||||||||
Residential mortgage-backed - US agency
|
1
|
(5
|
)
|
795
|
-
|
-
|
-
|
1
|
(5
|
)
|
795
|
|||||||||||||||||||||||||
Totals
|
4
|
$
|
(37
|
)
|
$
|
3,990
|
-
|
$
|
-
|
$
|
-
|
4
|
$
|
(37
|
)
|
$
|
3,990
|
For the three months
|
For the six months
|
|||||||||||||||
ended June 30,
|
ended June 30,
|
|||||||||||||||
(In thousands)
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Realized gains
|
$
|
134
|
$
|
53
|
$
|
229
|
$
|
110
|
||||||||
Realized losses
|
(2
|
)
|
(4
|
)
|
(17
|
)
|
(9
|
)
|
||||||||
|
$
|
132
|
$
|
49
|
$
|
212
|
$
|
101
|
Pension Benefits
|
Postretirement Benefits
|
Pension Benefits
|
Postretirement Benefits
|
|||||||||||||||||||||||||||||
For the three months ended June 30,
|
For the six months ended June 30,
|
|||||||||||||||||||||||||||||||
(In thousands)
|
2016
|
2015
|
2016
|
2015
|
2016
|
2015
|
2016
|
2015
|
||||||||||||||||||||||||
Service cost
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||||||
Interest cost
|
116
|
117
|
2
|
5
|
232
|
234
|
4
|
9
|
||||||||||||||||||||||||
Expected return on plan assets
|
(238
|
)
|
(243
|
)
|
-
|
-
|
(476
|
)
|
(487
|
)
|
-
|
-
|
||||||||||||||||||||
Amortization of net losses
|
56
|
45
|
(2
|
)
|
-
|
113
|
90
|
(4
|
)
|
-
|
||||||||||||||||||||||
Net periodic benefit plan (benefit) cost
|
$
|
(66
|
)
|
$
|
(81
|
)
|
$
|
-
|
$
|
5
|
$
|
(131
|
)
|
$
|
(163
|
)
|
$
|
-
|
$
|
9
|
June 30,
|
December 31,
|
|||||||
(In thousands)
|
2016
|
2015
|
||||||
Residential mortgage loans:
|
||||||||
1-4 family first-lien residential mortgages
|
$
|
188,455
|
$
|
181,792
|
||||
Construction
|
5,414
|
7,924
|
||||||
Total residential mortgage loans
|
193,869
|
189,716
|
||||||
Commercial loans:
|
||||||||
Real estate
|
132,433
|
129,506
|
||||||
Lines of credit
|
20,777
|
19,035
|
||||||
Other commercial and industrial
|
66,632
|
54,899
|
||||||
Tax exempt loans
|
8,265
|
9,081
|
||||||
Total commercial loans
|
228,107
|
212,521
|
||||||
Consumer loans:
|
||||||||
Home equity and junior liens
|
23,452
|
23,463
|
||||||
Other consumer
|
5,396
|
4,886
|
||||||
Total consumer loans
|
28,848
|
28,349
|
||||||
|
||||||||
Total loans
|
450,824
|
430,586
|
||||||
Net deferred loan fees
|
(243
|
)
|
(148
|
)
|
||||
Less allowance for loan losses
|
(5,930
|
)
|
(5,706
|
)
|
||||
Loans receivable, net
|
$
|
444,651
|
$
|
424,732
|
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
|
|
As of June 30, 2016
|
|||||||||||||||||||
Special
|
||||||||||||||||||||
(In thousands)
|
Pass
|
Mention
|
Substandard
|
Doubtful
|
Total
|
|||||||||||||||
Residential mortgage loans:
|
||||||||||||||||||||
1-4 family first-lien residential mortgages
|
$
|
184,629
|
$
|
512
|
$
|
1,850
|
$
|
1,464
|
$
|
188,455
|
||||||||||
Construction
|
5,414
|
-
|
-
|
-
|
5,414
|
|||||||||||||||
Total residential mortgage loans
|
190,043
|
512
|
1,850
|
1,464
|
193,869
|
|||||||||||||||
Commercial loans:
|
||||||||||||||||||||
Real estate
|
124,598
|
4,130
|
3,705
|
-
|
132,433
|
|||||||||||||||
Lines of credit
|
19,704
|
1,058
|
15
|
-
|
20,777
|
|||||||||||||||
Other commercial and industrial
|
65,634
|
722
|
270
|
6
|
66,632
|
|||||||||||||||
Tax exempt loans
|
8,265
|
-
|
-
|
-
|
8,265
|
|||||||||||||||
Total commercial loans
|
218,201
|
5,910
|
3,990
|
6
|
228,107
|
|||||||||||||||
Consumer loans:
|
||||||||||||||||||||
Home equity and junior liens
|
22,915
|
182
|
177
|
178
|
23,452
|
|||||||||||||||
Other consumer
|
5,282
|
54
|
60
|
-
|
5,396
|
|||||||||||||||
Total consumer loans
|
28,197
|
236
|
237
|
178
|
28,848
|
|||||||||||||||
Total loans
|
$
|
436,441
|
$
|
6,658
|
$
|
6,077
|
$
|
1,648
|
$
|
450,824
|
||||||||||
|
As of December 31, 2015
|
|||||||||||||||||||
Special
|
||||||||||||||||||||
(In thousands)
|
Pass
|
Mention
|
Substandard
|
Doubtful
|
Total
|
|||||||||||||||
Residential mortgage loans:
|
||||||||||||||||||||
1-4 family first-lien residential mortgages
|
$
|
177,244
|
$
|
1,375
|
$
|
2,425
|
$
|
748
|
$
|
181,792
|
||||||||||
Construction
|
7,924
|
-
|
-
|
-
|
7,924
|
|||||||||||||||
Total residential mortgage loans
|
185,168
|
1,375
|
2,425
|
748
|
189,716
|
|||||||||||||||
Commercial loans:
|
||||||||||||||||||||
Real estate
|
121,283
|
4,345
|
3,878
|
-
|
129,506
|
|||||||||||||||
Lines of credit
|
17,358
|
1,469
|
208
|
-
|
19,035
|
|||||||||||||||
Other commercial and industrial
|
53,540
|
848
|
504
|
7
|
54,899
|
|||||||||||||||
Tax exempt loans
|
9,081
|
-
|
-
|
-
|
9,081
|
|||||||||||||||
Total commercial loans
|
201,262
|
6,662
|
4,590
|
7
|
212,521
|
|||||||||||||||
Consumer loans:
|
||||||||||||||||||||
Home equity and junior liens
|
22,780
|
182
|
287
|
214
|
23,463
|
|||||||||||||||
Other consumer
|
4,840
|
31
|
15
|
-
|
4,886
|
|||||||||||||||
Total consumer loans
|
27,620
|
213
|
302
|
214
|
28,349
|
|||||||||||||||
Total loans
|
$
|
414,050
|
$
|
8,250
|
$
|
7,317
|
$
|
969
|
$
|
430,586
|
|
As of June 30, 2016
|
|||||||||||||||||||||||
30-59 Days
|
60-89 Days
|
90 Days
|
||||||||||||||||||||||
Past Due
|
Past Due
|
and Over
|
Total
|
Total Loans
|
||||||||||||||||||||
(In thousands)
|
And Accruing
|
And Accruing
|
Past Due
|
Current
|
Receivable
|
|||||||||||||||||||
Residential mortgage loans:
|
||||||||||||||||||||||||
1-4 family first-lien residential mortgages
|
$
|
1,562
|
$
|
546
|
$
|
1,721
|
$
|
3,829
|
$
|
184,626
|
$
|
188,455
|
||||||||||||
Construction
|
-
|
-
|
-
|
-
|
5,414
|
5,414
|
||||||||||||||||||
Total residential mortgage loans
|
1,562
|
546
|
1,721
|
3,829
|
190,040
|
193,869
|
||||||||||||||||||
Commercial loans:
|
||||||||||||||||||||||||
Real estate
|
76
|
507
|
2,736
|
3,319
|
129,114
|
132,433
|
||||||||||||||||||
Lines of credit
|
-
|
-
|
100
|
100
|
20,677
|
20,777
|
||||||||||||||||||
Other commercial and industrial
|
423
|
701
|
188
|
1,312
|
65,320
|
66,632
|
||||||||||||||||||
Tax exempt loans
|
-
|
-
|
-
|
-
|
8,265
|
8,265
|
||||||||||||||||||
Total commercial loans
|
499
|
1,208
|
3,024
|
4,731
|
223,376
|
228,107
|
||||||||||||||||||
Consumer loans:
|
||||||||||||||||||||||||
Home equity and junior liens
|
118
|
33
|
395
|
546
|
22,906
|
23,452
|
||||||||||||||||||
Other consumer
|
7
|
53
|
9
|
69
|
5,327
|
5,396
|
||||||||||||||||||
Total consumer loans
|
125
|
86
|
404
|
615
|
28,233
|
28,848
|
||||||||||||||||||
Total loans
|
$
|
2,186
|
$
|
1,840
|
$
|
5,149
|
$
|
9,175
|
$
|
441,649
|
$
|
450,824
|
||||||||||||
|
As of December 31, 2015
|
|||||||||||||||||||||||
30-59 Days
|
60-89 Days
|
90 Days
|
||||||||||||||||||||||
Past Due
|
Past Due
|
and Over
|
Total
|
Total Loans
|
||||||||||||||||||||
(In thousands)
|
And Accruing
|
And Accruing
|
Past Due
|
Current
|
Receivable
|
|||||||||||||||||||
Residential mortgage loans:
|
||||||||||||||||||||||||
1-4 family first-lien residential mortgages
|
$
|
1,115
|
$
|
808
|
$
|
1,715
|
$
|
3,638
|
$
|
178,154
|
$
|
181,792
|
||||||||||||
Construction
|
-
|
-
|
-
|
-
|
7,924
|
7,924
|
||||||||||||||||||
Total residential mortgage loans
|
1,115
|
808
|
1,715
|
3,638
|
186,078
|
189,716
|
||||||||||||||||||
Commercial loans:
|
||||||||||||||||||||||||
Real estate
|
940
|
135
|
2,694
|
3,769
|
125,737
|
129,506
|
||||||||||||||||||
Lines of credit
|
20
|
-
|
174
|
194
|
18,841
|
19,035
|
||||||||||||||||||
Other commercial and industrial
|
159
|
216
|
370
|
745
|
54,154
|
54,899
|
||||||||||||||||||
Tax exempt loans
|
-
|
-
|
-
|
-
|
9,081
|
9,081
|
||||||||||||||||||
Total commercial loans
|
1,119
|
351
|
3,238
|
4,708
|
207,813
|
212,521
|
||||||||||||||||||
Consumer loans:
|
||||||||||||||||||||||||
Home equity and junior liens
|
132
|
-
|
360
|
492
|
22,971
|
23,463
|
||||||||||||||||||
Other consumer
|
14
|
15
|
5
|
34
|
4,852
|
4,886
|
||||||||||||||||||
Total consumer loans
|
146
|
15
|
365
|
526
|
27,823
|
28,349
|
||||||||||||||||||
Total loans
|
$
|
2,380
|
$
|
1,174
|
$
|
5,318
|
$
|
8,872
|
$
|
421,714
|
$
|
430,586
|
June 30,
|
December 31,
|
|||||||
(In thousands)
|
2016
|
2015
|
||||||
Residential mortgage loans:
|
||||||||
1-4 family first-lien residential mortgages
|
$
|
1,721
|
$
|
1,715
|
||||
|
1,721
|
1,715
|
||||||
Commercial loans:
|
||||||||
Real estate
|
2,736
|
2,694
|
||||||
Lines of credit
|
100
|
174
|
||||||
Other commercial and industrial
|
188
|
370
|
||||||
|
3,024
|
3,238
|
||||||
Consumer loans:
|
||||||||
Home equity and junior liens
|
395
|
360
|
||||||
Other consumer
|
9
|
5
|
||||||
|
404
|
365
|
||||||
Total nonaccrual loans
|
$
|
5,149
|
$
|
5,318
|
·
|
The modification made within the commercial real estate loan class resulted in a pre-modification and post-modification recorded investment of $678,000 and $324,000, respectively. Economic concessions granted included extended payment terms without an associated increase in collateral. The Company was required to increase the specific reserve against this loan by an additional $354,000 which was a component of the provision of loan losses.
|
June 30, 2016
|
December 31, 2015
|
|||||||||||||||||||||||
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
|
$
|
469
|
$
|
469
|
$
|
-
|
$
|
473
|
$
|
473
|
$
|
-
|
||||||||||||
Commercial real estate
|
2,332
|
2,513
|
-
|
2,580
|
2,709
|
-
|
||||||||||||||||||
Commercial lines of credit
|
410
|
410
|
-
|
574
|
597
|
-
|
||||||||||||||||||
Other commercial and industrial
|
377
|
377
|
-
|
536
|
569
|
-
|
||||||||||||||||||
Home equity and junior liens
|
278
|
278
|
-
|
187
|
187
|
-
|
||||||||||||||||||
Other consumer
|
2
|
3
|
-
|
5
|
6
|
-
|
||||||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||||||
1-4 family first-lien residential mortgages
|
131
|
144
|
39
|
-
|
-
|
-
|
||||||||||||||||||
Commercial real estate
|
1,912
|
2,035
|
792
|
1,850
|
1,963
|
760
|
||||||||||||||||||
Commercial lines of credit
|
5
|
5
|
5
|
5
|
5
|
5
|
||||||||||||||||||
Other commercial and industrial
|
183
|
198
|
152
|
224
|
230
|
193
|
||||||||||||||||||
Home equity and junior liens
|
7
|
8
|
6
|
101
|
101
|
2
|
||||||||||||||||||
Other consumer
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Total:
|
||||||||||||||||||||||||
1-4 family first-lien residential mortgages
|
600
|
613
|
39
|
473
|
473
|
-
|
||||||||||||||||||
Commercial real estate
|
4,244
|
4,548
|
792
|
4,430
|
4,672
|
760
|
||||||||||||||||||
Commercial lines of credit
|
415
|
415
|
5
|
579
|
602
|
5
|
||||||||||||||||||
Other commercial and industrial
|
560
|
575
|
152
|
760
|
799
|
193
|
||||||||||||||||||
Home equity and junior liens
|
285
|
286
|
6
|
288
|
288
|
2
|
||||||||||||||||||
Other consumer
|
2
|
3
|
-
|
5
|
6
|
-
|
||||||||||||||||||
Totals
|
$
|
6,106
|
$
|
6,440
|
$
|
994
|
$
|
6,535
|
$
|
6,840
|
$
|
960
|
For the three months ended
|
For the six months ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
(In thousands)
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
1-4 family first-lien residential mortgages
|
$
|
602
|
$
|
633
|
$
|
559
|
$
|
801
|
||||||||
Commercial real estate
|
4,298
|
4,875
|
4,342
|
4,920
|
||||||||||||
Commercial lines of credit
|
501
|
543
|
526
|
455
|
||||||||||||
Other commercial and industrial
|
647
|
861
|
685
|
775
|
||||||||||||
Home equity and junior liens
|
288
|
295
|
288
|
317
|
||||||||||||
Other consumer
|
3
|
8
|
4
|
9
|
||||||||||||
Total
|
$
|
6,339
|
$
|
7,215
|
$
|
6,404
|
$
|
7,277
|
For the three months ended
|
For the six months ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
(In thousands)
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
1-4 family first-lien residential mortgages
|
$
|
5
|
$
|
5
|
$
|
12
|
$
|
9
|
||||||||
Commercial real estate
|
27
|
34
|
52
|
50
|
||||||||||||
Commercial lines of credit
|
-
|
7
|
-
|
7
|
||||||||||||
Other commercial and industrial
|
12
|
13
|
21
|
18
|
||||||||||||
Home equity and junior liens
|
2
|
-
|
4
|
10
|
||||||||||||
Other consumer
|
-
|
-
|
-
|
-
|
||||||||||||
Total
|
$
|
46
|
$
|
59
|
$
|
89
|
$
|
94
|
|
For the three months ended June 30, 2016
|
|||||||||||||||||||
1-4 family
|
||||||||||||||||||||
first-lien
|
Residential
|
Other
|
||||||||||||||||||
residential
|
construction
|
Commercial
|
Commercial
|
commercial
|
||||||||||||||||
(In thousands)
|
mortgage
|
mortgage
|
real estate
|
lines of credit
|
and industrial
|
|||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||
Beginning Balance
|
$
|
642
|
$
|
-
|
$
|
2,884
|
$
|
395
|
$
|
1,213
|
||||||||||
Charge-offs
|
(30
|
)
|
-
|
-
|
(22
|
)
|
-
|
|||||||||||||
Recoveries
|
1
|
-
|
-
|
1
|
3
|
|||||||||||||||
Provisions
|
14
|
-
|
187
|
31
|
25
|
|||||||||||||||
Ending balance
|
$
|
627
|
$
|
-
|
$
|
3,071
|
$
|
405
|
$
|
1,241
|
||||||||||
Ending balance: related to loans
|
||||||||||||||||||||
individually evaluated for impairment
|
39
|
-
|
792
|
5
|
152
|
|||||||||||||||
Ending balance: related to loans
|
||||||||||||||||||||
collectively evaluated for impairment
|
$
|
588
|
$
|
-
|
$
|
2,279
|
$
|
400
|
$
|
1,089
|
||||||||||
Loans receivables:
|
||||||||||||||||||||
Ending balance
|
$
|
188,455
|
$
|
5,414
|
$
|
132,433
|
$
|
20,777
|
$
|
66,632
|
||||||||||
Ending balance: individually
|
||||||||||||||||||||
evaluated for impairment
|
600
|
-
|
4,244
|
415
|
560
|
|||||||||||||||
Ending balance: collectively
|
||||||||||||||||||||
evaluated for impairment
|
$
|
187,855
|
$
|
5,414
|
$
|
128,189
|
$
|
20,362
|
$
|
66,072
|
||||||||||
Home equity
|
Other
|
|||||||||||||||||||
|
Municipal
|
and junior liens
|
Consumer
|
Unallocated
|
Total
|
|||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||
Beginning Balance
|
$
|
2
|
$
|
355
|
$
|
145
|
$
|
215
|
$
|
5,851
|
||||||||||
Charge-offs
|
-
|
(29
|
)
|
(10
|
)
|
-
|
(91
|
)
|
||||||||||||
Recoveries
|
-
|
1
|
14
|
-
|
20
|
|||||||||||||||
Provisions
|
(1
|
)
|
23
|
(2
|
)
|
(127
|
)
|
150
|
||||||||||||
Ending balance
|
$
|
1
|
$
|
350
|
$
|
147
|
$
|
88
|
$
|
5,930
|
||||||||||
Ending balance: related to loans
|
||||||||||||||||||||
individually evaluated for impairment
|
-
|
6
|
-
|
-
|
994
|
|||||||||||||||
Ending balance: related to loans
|
||||||||||||||||||||
collectively evaluated for impairment
|
$
|
1
|
$
|
344
|
$
|
147
|
$
|
88
|
$
|
4,936
|
||||||||||
Loans receivables:
|
||||||||||||||||||||
Ending balance
|
$
|
8,265
|
$
|
23,452
|
$
|
5,396
|
$
|
450,824
|
||||||||||||
Ending balance: individually
|
||||||||||||||||||||
evaluated for impairment
|
-
|
285
|
2
|
6,106
|
||||||||||||||||
Ending balance: collectively
|
||||||||||||||||||||
evaluated for impairment
|
$
|
8,265
|
$
|
23,167
|
$
|
5,394
|
$
|
444,718
|
|
For the six months ended June 30, 2016
|
|||||||||||||||||||
1-4 family
|
||||||||||||||||||||
first-lien
|
Other
|
|||||||||||||||||||
residential
|
Commercial
|
Commercial
|
commercial
|
|||||||||||||||||
(In thousands)
|
mortgage
|
Construction
|
real estate
|
lines of credit
|
and industrial
|
|||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||
Beginning Balance
|
$
|
581
|
$
|
-
|
$
|
2,983
|
$
|
401
|
$
|
1,270
|
||||||||||
Charge-offs
|
(30
|
)
|
-
|
-
|
(43
|
)
|
-
|
|||||||||||||
Recoveries
|
1
|
-
|
-
|
9
|
7
|
|||||||||||||||
Provisions
|
75
|
-
|
88
|
38
|
(36
|
)
|
||||||||||||||
Ending balance
|
$
|
627
|
$
|
-
|
$
|
3,071
|
$
|
405
|
$
|
1,241
|
||||||||||
Home equity
|
Other
|
|||||||||||||||||||
|
Tax exempt
|
and junior liens
|
consumer
|
Unallocated
|
Total
|
|||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||
Beginning Balance
|
$
|
3
|
$
|
350
|
$
|
118
|
$
|
-
|
$
|
5,706
|
||||||||||
Charge-offs
|
-
|
(89
|
)
|
(19
|
)
|
-
|
(181
|
)
|
||||||||||||
Recoveries
|
-
|
3
|
25
|
-
|
45
|
|||||||||||||||
Provisions
|
(2
|
)
|
86
|
23
|
88
|
360
|
||||||||||||||
Ending balance
|
$
|
1
|
$
|
350
|
$
|
147
|
$
|
88
|
$
|
5,930
|
|
For the three months ended June 30, 2015
|
|||||||||||||||||||
1-4 family
|
||||||||||||||||||||
first-lien
|
Residential
|
Other
|
||||||||||||||||||
residential
|
construction
|
Commercial
|
Commercial
|
commercial
|
||||||||||||||||
(In thousands)
|
mortgage
|
mortgage
|
real estate
|
lines of credit
|
and industrial
|
|||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||
Beginning Balance
|
$
|
498
|
$
|
-
|
$
|
3,165
|
$
|
441
|
$
|
938
|
||||||||||
Charge-offs
|
(27
|
)
|
-
|
-
|
-
|
-
|
||||||||||||||
Recoveries
|
38
|
-
|
-
|
25
|
3
|
|||||||||||||||
Provisions
|
35
|
-
|
123
|
51
|
169
|
|||||||||||||||
Ending balance
|
$
|
544
|
$
|
-
|
$
|
3,288
|
$
|
517
|
$
|
1,110
|
||||||||||
Ending balance: related to loans
|
||||||||||||||||||||
individually evaluated for impairment
|
-
|
-
|
1,064
|
150
|
220
|
|||||||||||||||
Ending balance: related to loans
|
||||||||||||||||||||
collectively evaluated for impairment
|
$
|
544
|
$
|
-
|
$
|
2,224
|
$
|
367
|
$
|
890
|
||||||||||
Loans receivables:
|
||||||||||||||||||||
Ending balance
|
$
|
175,978
|
$
|
3,934
|
$
|
126,349
|
$
|
18,119
|
$
|
42,290
|
||||||||||
Ending balance: individually
|
||||||||||||||||||||
evaluated for impairment
|
479
|
-
|
4,818
|
612
|
952
|
|||||||||||||||
Ending balance: collectively
|
||||||||||||||||||||
evaluated for impairment
|
$
|
175,499
|
$
|
3,934
|
$
|
121,531
|
$
|
17,507
|
$
|
41,338
|
||||||||||
Home equity
|
Other
|
|||||||||||||||||||
|
Municipal
|
and junior liens
|
Consumer
|
Unallocated
|
Total
|
|||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||
Beginning Balance
|
$
|
4
|
$
|
329
|
$
|
87
|
$
|
-
|
$
|
5,462
|
||||||||||
Charge-offs
|
-
|
-
|
(12
|
)
|
-
|
(39
|
)
|
|||||||||||||
Recoveries
|
-
|
-
|
10
|
-
|
76
|
|||||||||||||||
Provisions
|
1
|
2
|
20
|
-
|
401
|
|||||||||||||||
Ending balance
|
$
|
5
|
$
|
331
|
$
|
105
|
$
|
-
|
$
|
5,900
|
||||||||||
Ending balance: related to loans
|
||||||||||||||||||||
individually evaluated for impairment
|
-
|
5
|
-
|
-
|
1,439
|
|||||||||||||||
Ending balance: related to loans
|
||||||||||||||||||||
collectively evaluated for impairment
|
$
|
5
|
$
|
326
|
$
|
105
|
$
|
-
|
$
|
4,461
|
||||||||||
Loans receivables:
|
||||||||||||||||||||
Ending balance
|
$
|
9,606
|
$
|
22,591
|
$
|
4,610
|
$
|
403,477
|
||||||||||||
Ending balance: individually
|
||||||||||||||||||||
evaluated for impairment
|
-
|
294
|
7
|
7,162
|
||||||||||||||||
Ending balance: collectively
|
||||||||||||||||||||
evaluated for impairment
|
$
|
9,606
|
$
|
22,297
|
$
|
4,603
|
$
|
396,315
|
|
For the six months ended June 30, 2015
|
|||||||||||||||||||
1-4 family
|
||||||||||||||||||||
first-lien
|
Residential
|
Other
|
||||||||||||||||||
residential
|
construction
|
Commercial
|
Commercial
|
commercial
|
||||||||||||||||
(In thousands)
|
mortgage
|
mortgage
|
real estate
|
lines of credit
|
and industrial
|
|||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||
Beginning Balance
|
$
|
509
|
$
|
-
|
$
|
2,801
|
$
|
460
|
$
|
1,034
|
||||||||||
Charge-offs
|
(165
|
)
|
-
|
(29
|
)
|
(10
|
)
|
(108
|
)
|
|||||||||||
Recoveries
|
38
|
-
|
-
|
36
|
5
|
|||||||||||||||
Provisions
|
162
|
-
|
516
|
31
|
179
|
|||||||||||||||
Ending balance
|
$
|
544
|
$
|
-
|
$
|
3,288
|
$
|
517
|
$
|
1,110
|
||||||||||
Home equity
|
Other
|
|||||||||||||||||||
|
Tax exempt
|
and junior liens
|
consumer
|
Unallocated
|
Total
|
|||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||
Beginning Balance
|
$
|
3
|
$
|
388
|
$
|
98
|
$
|
56
|
$
|
5,349
|
||||||||||
Charge-offs
|
-
|
-
|
(32
|
)
|
-
|
(344
|
)
|
|||||||||||||
Recoveries
|
-
|
7
|
25
|
-
|
111
|
|||||||||||||||
Provisions
|
2
|
(64
|
)
|
14
|
(56
|
)
|
784
|
|||||||||||||
Ending balance
|
$
|
5
|
$
|
331
|
$
|
105
|
$
|
-
|
$
|
5,900
|
|
|
|||||||||||||||
(Dollars in thousands)
|
Number of properties
|
June 30, 2016
|
Number of properties
|
December 31, 2015
|
||||||||||||
Foreclosed residential real estate
|
4
|
$
|
170
|
2
|
$
|
182
|
June 30, 2016
|
||||||||||||||||
Total Fair
|
||||||||||||||||
(In thousands)
|
Level 1
|
Level 2
|
Level 3
|
Value
|
||||||||||||
Available-for-sale portfolio
|
||||||||||||||||
Debt investment securities:
|
||||||||||||||||
US Treasury, agencies and GSEs
|
$
|
-
|
$
|
28,034
|
$
|
-
|
$
|
28,034
|
||||||||
State and political subdivisions
|
-
|
11,942
|
-
|
11,942
|
||||||||||||
Corporate
|
-
|
12,588
|
-
|
12,588
|
||||||||||||
Asset backed securities
|
-
|
2,564
|
-
|
2,564
|
||||||||||||
Residential mortgage-backed - US agency
|
-
|
23,739
|
-
|
23,739
|
||||||||||||
Collateralized mortgage obligations - US agency
|
-
|
29,843
|
-
|
29,843
|
||||||||||||
Collateralized mortgage obligations - Private label
|
-
|
5,776
|
-
|
5,776
|
||||||||||||
Equity investment securities:
|
||||||||||||||||
Mutual funds:
|
||||||||||||||||
Ultra short mortgage fund
|
635
|
-
|
-
|
635
|
||||||||||||
Large cap equity fund
|
611
|
-
|
-
|
611
|
||||||||||||
Common stock - financial services industry
|
-
|
220
|
443
|
663
|
||||||||||||
Total available-for-sale securities
|
$
|
1,246
|
$
|
114,706
|
$
|
443
|
$
|
116,395
|
||||||||
Interest rate swap derivative
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
December 31, 2015
|
||||||||||||||||
Total Fair
|
||||||||||||||||
(In thousands)
|
Level 1
|
Level 2
|
Level 3
|
Value
|
||||||||||||
Available-for-sale portfolio
|
||||||||||||||||
Debt investment securities:
|
||||||||||||||||
US Treasury, agencies and GSEs
|
$
|
-
|
$
|
21,308
|
$
|
-
|
$
|
21,308
|
||||||||
State and political subdivisions
|
-
|
8,300
|
-
|
8,300
|
||||||||||||
Corporate
|
-
|
18,128
|
-
|
18,128
|
||||||||||||
Residential mortgage-backed - US agency
|
-
|
32,573
|
-
|
32,573
|
||||||||||||
Collateralized mortgage obligations - US agency
|
-
|
16,833
|
-
|
16,833
|
||||||||||||
Collateralized mortgage obligations - Private label
|
-
|
-
|
-
|
-
|
||||||||||||
Equity investment securities:
|
||||||||||||||||
Mutual funds:
|
||||||||||||||||
Ultra short mortgage fund
|
638
|
-
|
-
|
638
|
||||||||||||
Large cap equity fund
|
583
|
-
|
-
|
583
|
||||||||||||
Common stock - financial services industry
|
46
|
220
|
313
|
579
|
||||||||||||
Total available-for-sale securities
|
$
|
1,267
|
$
|
97,362
|
$
|
313
|
$
|
98,942
|
||||||||
Interest rate swap derivative
|
$
|
-
|
$
|
(27
|
)
|
$
|
-
|
$
|
(27
|
)
|
(In thousands)
|
Common Stock - Financial Services Industry
|
|||
Balance - March 31, 2016
|
$
|
313
|
||
Total gains realized/unrealized:
|
||||
Included in earnings
|
-
|
|||
Included in other comprehensive income
|
-
|
|||
Settlements
|
130
|
|||
Sales
|
-
|
|||
Balance - June 30, 2016
|
$
|
443
|
||
Changes in unrealized gains included in earnings related to assets still held at June 30, 2016
|
$
|
-
|
(In thousands)
|
Common Stock - Financial Services Industry
|
|||
Balance - December 31, 2015
|
$
|
313
|
||
Total gains realized/unrealized:
|
||||
Included in earnings
|
-
|
|||
Included in other comprehensive income
|
-
|
|||
Settlements
|
130
|
|||
Sales
|
-
|
|||
Balance - June 30, 2016
|
$
|
443
|
||
Changes in unrealized gains included in earnings related to assets still held at June 30, 2016
|
$
|
-
|
(In thousands)
|
At June 30, 2016
|
|||||||||
Investment Type
|
Fair Value
|
Valuation Techniques
|
Unobservable Input
|
Weight
|
||||||
Common Stock - Financial Services Industry
|
$
|
443
|
Inputs to comparables
|
Weight ascribed to comparable companies
|
100
|
%
|
||||
(In thousands)
|
At December 31, 2015
|
|||||||||
Investment Type
|
Fair Value
|
Valuation Techniques
|
Unobservable Input
|
Weight
|
||||||
Common Stock - Financial Services Industry
|
$
|
313
|
Inputs to comparables
|
Weight ascribed to comparable companies
|
100
|
%
|
June 30, 2016
|
||||||||||||||||
Total Fair
|
||||||||||||||||
(In thousands)
|
Level 1
|
Level 2
|
Level 3
|
Value
|
||||||||||||
Impaired loans
|
$
|
-
|
$
|
-
|
$
|
518
|
$
|
518
|
||||||||
Foreclosed real estate
|
$
|
-
|
$
|
-
|
$
|
170
|
$
|
170
|
||||||||
December 31, 2015
|
||||||||||||||||
Total Fair
|
||||||||||||||||
(In thousands)
|
Level 1
|
Level 2
|
Level 3
|
Value
|
||||||||||||
Impaired loans
|
$
|
-
|
$
|
-
|
$
|
1,070
|
$
|
1,070
|
||||||||
Foreclosed real estate
|
$
|
-
|
$
|
-
|
$
|
360
|
$
|
360
|
|
Quantitative Information about Level 3 Fair Value Measurements
|
|
|
Valuation
|
Unobservable
|
Range
|
|
|
Techniques
|
Input
|
(Weighted Avg.)
|
At June 30, 2016
|
|
|
|
Impaired loans
|
Appraisal of collateral
|
Appraisal Adjustments
|
5% - 10% (8%)
|
(Sales Approach)
|
Costs to Sell
|
7% - 15% (13%)
|
|
Discounted Cash Flow
|
|||
Foreclosed real estate
|
Appraisal of collateral
|
Appraisal Adjustments
|
15% - 15% (15%)
|
(Sales Approach)
|
Costs to Sell
|
6% - 8% (7%)
|
|
|
|
|
|
|
Quantitative Information about Level 3 Fair Value Measurements
|
|
|
Valuation
|
Unobservable
|
Range
|
|
|
Techniques
|
Input
|
(Weighted Avg.)
|
At December 31, 2015
|
|
|
|
Impaired loans
|
Appraisal of collateral
|
Appraisal Adjustments
|
5% - 10% (8%)
|
(Sales Approach)
|
Costs to Sell
|
8% - 15% (14%)
|
|
Discounted Cash Flow
|
|||
Foreclosed real estate
|
Appraisal of collateral
|
Appraisal Adjustments
|
15% - 15% (15%)
|
(Sales Approach)
|
Costs to Sell
|
6% - 8% (7%)
|
|
|
|
|
|
June 30, 2016
|
December 31, 2015
|
|||||||||||||||||||
Fair Value
|
Carrying
|
Estimated
|
Carrying
|
Estimated
|
||||||||||||||||
(In thousands)
|
Hierarchy
|
Amounts
|
Fair Values
|
Amounts
|
Fair Values
|
|||||||||||||||
Financial assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
1
|
$
|
25,096
|
$
|
25,096
|
$
|
15,245
|
$
|
15,245
|
|||||||||||
Investment securities - available-for-sale
|
1
|
1,246
|
1,246
|
1,267
|
1,267
|
|||||||||||||||
Investment securities - available-for-sale
|
2
|
114,706
|
114,706
|
97,362
|
97,362
|
|||||||||||||||
Investment securities - available-for-sale
|
3
|
443
|
443
|
313
|
313
|
|||||||||||||||
Investment securities - held-to-maturity
|
2
|
42,126
|
43,887
|
44,297
|
45,515
|
|||||||||||||||
Federal Home Loan Bank stock
|
2
|
4,036
|
4,036
|
2,424
|
2,424
|
|||||||||||||||
Net loans
|
3
|
444,651
|
452,752
|
424,732
|
428,410
|
|||||||||||||||
Accrued interest receivable
|
1
|
2,069
|
2,069
|
2,053
|
2,053
|
|||||||||||||||
Financial liabilities:
|
||||||||||||||||||||
Demand Deposits, Savings, NOW and MMDA
|
1
|
$
|
382,677
|
$
|
382,677
|
$
|
343,853
|
$
|
343,852
|
|||||||||||
Time Deposits
|
2
|
143,391
|
144,295
|
146,462
|
146,158
|
|||||||||||||||
Borrowings
|
2
|
63,450
|
63,643
|
41,300
|
41,282
|
|||||||||||||||
Subordinated loans
|
2
|
15,008
|
13,905
|
14,991
|
14,027
|
|||||||||||||||
Accrued interest payable
|
1
|
39
|
39
|
199
|
199
|
|||||||||||||||
Interest rate swap derivative
|
2
|
-
|
-
|
27
|
27
|
(In thousands)
|
June 30, 2016
|
December 31, 2015
|
||||||
Cash flow hedge:
|
||||||||
Other liabilities
|
$
|
-
|
$
|
27
|
Three months ended June 30,
|
||||||||
(In thousands)
|
2016
|
2015
|
||||||
Balance as of March 31:
|
$
|
(14
|
)
|
$
|
(67
|
)
|
||
Amount of losses (gains) recognized in other comprehensive income
|
3
|
(5
|
)
|
|||||
Amount of loss reclassified from other comprehensive income
|
||||||||
and recognized as interest expense
|
11
|
15
|
||||||
Balance as of June 30:
|
$
|
-
|
$
|
(57
|
)
|
|||
Six months ended June 30,
|
||||||||
(In thousands)
|
2016
|
2015
|
||||||
Balance as of December 31:
|
$
|
(27
|
)
|
$
|
(82
|
)
|
||
Amount of losses (gains) recognized in other comprehensive income
|
2
|
(6
|
)
|
|||||
Amount of loss reclassified from other comprehensive income
|
||||||||
and recognized as interest expense
|
25
|
31
|
||||||
Balance as of June 30:
|
$
|
-
|
$
|
(57
|
)
|
For the three months ended June 30, 2016
|
||||||||||||||||||||
(In thousands)
|
Retirement Plans
|
Unrealized Gains and Losses on Financial Derivative
|
Unrealized Gains and Losses on Available-for-Sale Securities
|
Unrealized Loss on Securities Transferred to Held-to-Maturity
|
Total
|
|||||||||||||||
Beginning balance
|
$
|
(1,812
|
)
|
$
|
(8
|
)
|
$
|
322
|
$
|
(633
|
)
|
$
|
(2,131
|
)
|
||||||
Other comprehensive income before reclassifications
|
-
|
1
|
4
|
21
|
26
|
|||||||||||||||
Amounts reclassified from AOCI
|
33
|
7
|
80
|
-
|
120
|
|||||||||||||||
Ending balance
|
$
|
(1,779
|
)
|
$
|
-
|
$
|
406
|
$
|
(612
|
)
|
$
|
(1,985
|
)
|
For the six months ended June 30, 2016
|
||||||||||||||||||||
(In thousands)
|
Retirement Plans
|
Unrealized Gains and Losses on Financial derivative
|
Unrealized Gains and Losses on Available-for-Sale Securities
|
Unrealized Loss on Securities Transferred to Held-to-Maturity
|
Total
|
|||||||||||||||
Beginning balance
|
$
|
(1,844
|
)
|
$
|
(16
|
)
|
$
|
(51
|
)
|
$
|
(654
|
)
|
$
|
(2,565
|
)
|
|||||
Other comprehensive income before reclassifications
|
-
|
1
|
329
|
42
|
372
|
|||||||||||||||
Amounts reclassified from AOCI
|
65
|
15
|
128
|
-
|
208
|
|||||||||||||||
Ending balance
|
$
|
(1,779
|
)
|
$
|
-
|
$
|
406
|
$
|
(612
|
)
|
$
|
(1,985
|
)
|
For the three months ended June 30, 2015
|
||||||||||||||||||||
(In thousands)
|
Retirement Plans
|
Unrealized Gains and Losses on Financial derivative
|
Unrealized Gains and Losses on Available-for-Sale Securities
|
Unrealized Loss on Securities Transferred to Held-to-Maturity
|
Total
|
|||||||||||||||
Beginning balance
|
$
|
(1,767
|
)
|
$
|
(40
|
)
|
$
|
705
|
$
|
(713
|
)
|
$
|
(1,815
|
)
|
||||||
Other comprehensive (loss) income before reclassifications
|
-
|
(3
|
)
|
(527
|
)
|
19
|
(511
|
)
|
||||||||||||
Amounts reclassified from AOCI
|
27
|
9
|
(29
|
)
|
-
|
7
|
||||||||||||||
Ending balance
|
$
|
(1,740
|
)
|
$
|
(34
|
)
|
$
|
149
|
$
|
(694
|
)
|
$
|
(2,319
|
)
|
For the six months ended June 30, 2015
|
||||||||||||||||||||
(In thousands)
|
Retirement Plans
|
Unrealized Gains and Losses on Financial derivative
|
Unrealized Gains and Losses on Available-for-Sale Securities
|
Securities reclassified from AFS to HTM
|
Total
|
|||||||||||||||
Beginning balance
|
$
|
(1,794
|
)
|
$
|
(49
|
)
|
$
|
457
|
$
|
(733
|
)
|
(2,119
|
)
|
|||||||
Other comprehensive (loss) income before reclassifications
|
-
|
(4
|
)
|
(248
|
)
|
39
|
(213
|
)
|
||||||||||||
Amounts reclassified from AOCI
|
54
|
19
|
(60
|
)
|
-
|
13
|
||||||||||||||
Ending balance
|
$
|
(1,740
|
)
|
$
|
(34
|
)
|
$
|
149
|
$
|
(694
|
)
|
$
|
(2,319
|
)
|
Amount Reclassified
|
Amount Reclassified
|
||||||||||||||||
from AOCI1
|
from AOCI1
|
||||||||||||||||
(Unaudited)
|
|
(Unaudited)
|
|||||||||||||||
(In thousands)
|
For the three months ended
|
For the six months ended
|
|||||||||||||||
Details about AOCI1 components
|
June 30, 2016
|
June 30, 2015
|
Affected Line Item in the Statement of Income
|
June 30, 2016
|
June 30, 2015
|
||||||||||||
|
|||||||||||||||||
Unrealized holding gain on financial derivative:
|
|||||||||||||||||
Reclassification adjustment for
|
|||||||||||||||||
interest expense included in net income
|
$
|
(11
|
)
|
$
|
(15
|
)
|
Interest on long term borrowings
|
$
|
(25
|
)
|
$
|
(31
|
)
|
||||
4
|
6
|
Provision for income taxes
|
10
|
12
|
|||||||||||||
$
|
(7
|
)
|
$
|
(9
|
)
|
Net Income
|
$
|
(15
|
)
|
$
|
(19
|
)
|
|||||
Retirement plan items
|
|||||||||||||||||
Retirement plan net losses
|
|||||||||||||||||
recognized in plan expenses2
|
$
|
(54
|
)
|
$
|
(45
|
)
|
Salaries and employee benefits
|
$
|
(109
|
)
|
$
|
(90
|
)
|
||||
21
|
18
|
Provision for income taxes
|
44
|
36
|
|||||||||||||
$
|
(33
|
)
|
$
|
(27
|
)
|
Net Income
|
$
|
(65
|
)
|
$
|
(54
|
)
|
|||||
Available-for-sale securities
|
|||||||||||||||||
Realized gain on sale of securities
|
$
|
(132
|
)
|
$
|
49
|
Net gains on sales and redemptions of investment securities
|
$
|
(212
|
)
|
$
|
101
|
||||||
52
|
(20
|
)
|
Provision for income taxes
|
84
|
(41
|
)
|
|||||||||||
$
|
(80
|
)
|
$
|
29
|
Net Income
|
$
|
(128
|
)
|
$
|
60
|
|||||||
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.
|
·
|
Credit quality and the effect of credit quality on the adequacy of our allowance for loan losses;
|
·
|
Deterioration in financial markets that may result in impairment charges relating to our securities portfolio;
|
·
|
Competition in our primary market areas;
|
·
|
Changes in interest rates and national or regional economic conditions;
|
·
|
Changes in monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board;
|
·
|
Significant government regulations, legislation and potential changes thereto;
|
·
|
A reduction in our ability to generate or originate revenue-producing assets as a result of compliance with heightened capital standards;
|
·
|
Increased cost of operations due to greater regulatory oversight, supervision and examination of banks and bank holding companies, and higher deposit insurance premiums;
|
·
|
Limitations on our ability to expand consumer product and service offerings due to anticipated stricter consumer protection laws and regulations; and
|
·
|
Other risks described herein and in the other reports and statements we file with the SEC.
|
·
|
The Company establishes a specific allowance for all commercial loans in excess of the total related credit threshold of $100,000 and single borrower residential mortgage loans in excess of the total related credit threshold of $300,000 identified as being impaired which are on nonaccrual and have been risk rated under the Company's risk rating system as substandard, doubtful, or loss. In addition, an accruing substandard loan could be identified as being impaired. Impairment is measured by either the present value of the expected future cash flows discounted at the loan's effective interest rate or the fair value of the underlying collateral if the loan is collateral dependent. The majority of the Company's impaired loans and leases utilize the fair value of the underlying collateral.
|
·
|
For all other loans and leases, the Company uses the general allocation methodology that establishes an allowance to estimate the probable incurred loss for each risk-rating category.
|
·
|
Net income available to common shareholders improved by 25.9% to $832,000.
|
·
|
Basic and diluted earnings per share improved by $0.04 to $0.20 per share due to the increase in earnings.
|
·
|
Return on average assets increased 4 basis points to 0.50%.
|
·
|
Net interest income increased 6.7% to $5.0 million due to our increase in asset size. Net interest margin decreased by 17 basis points to 3.16%, but was more than offset by the increase in average balances of interest earning assets.
|
·
|
Net income available to common shareholders improved by 27.6% to $1.5 million.
|
·
|
Basic earnings per share improved by $0.08 to $0.36 per share. Diluted earnings per share increased $0.07 to $0.35 per share.
|
·
|
Return on average assets increased by 4 basis points to 0.45% as the increase in net income outpaced the increase in average assets.
|
·
|
Net interest income increased 7.1% to $9.8 million. Net interest margin decreased by 15 basis points to 3.16% as the decrease in average yield on interest earning assets was greater than the decrease in average rates paid on interest bearing liabilities.
|
·
|
Total assets increased 7.7% to $671.0 million. Increases were recorded in loans, investment securities, and cash and cash equivalents. This was funded largely by increases in business and municipal demand deposits.
|
·
|
Gross loans reported an increase of 4.7% to $450.6 million.
|
·
|
Asset quality metrics generally improved between December 31, 2015 and June 30, 2016. Total delinquent loans as a percentage of total loans decreased by 2 basis points to 2.04% at June 30, 2016 as compared to 2.06% at December 31, 2015.
|
·
|
The ratio of annualized net loan charge-offs to average loans decreased by 19 basis points to 0.06%.
|
For the three months ended June 30,
|
||||||||||||||||||||||||
2016
|
2015
|
|||||||||||||||||||||||
Average
|
Average
|
|||||||||||||||||||||||
Average
|
Yield /
|
Average
|
Yield /
|
|||||||||||||||||||||
(Dollars in thousands)
|
Balance
|
Interest
|
Cost
|
Balance
|
Interest
|
Cost
|
||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Loans
|
$
|
440,435
|
$
|
5,047
|
4.58
|
%
|
$
|
395,934
|
$
|
4,551
|
4.60
|
%
|
||||||||||||
Taxable investment securities
|
143,281
|
607
|
1.69
|
%
|
124,068
|
556
|
1.79
|
%
|
||||||||||||||||
Tax-exempt investment securities
|
29,350
|
200
|
2.73
|
%
|
27,906
|
190
|
2.72
|
%
|
||||||||||||||||
Fed funds sold and interest-earning deposits
|
18,953
|
12
|
0.25
|
%
|
14,330
|
5
|
0.14
|
%
|
||||||||||||||||
Total interest-earning assets
|
632,019
|
5,866
|
3.71
|
%
|
562,238
|
5,302
|
3.77
|
%
|
||||||||||||||||
Noninterest-earning assets:
|
||||||||||||||||||||||||
Other assets
|
39,760
|
40,535
|
||||||||||||||||||||||
Allowance for loan losses
|
(5,895
|
)
|
(5,605
|
)
|
||||||||||||||||||||
Net unrealized gains
|
||||||||||||||||||||||||
on available-for sale-securities
|
537
|
1,075
|
||||||||||||||||||||||
Total assets
|
$
|
666,421
|
$
|
598,243
|
||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
NOW accounts
|
$
|
54,299
|
$
|
21
|
0.15
|
%
|
$
|
48,655
|
$
|
21
|
0.17
|
%
|
||||||||||||
Money management accounts
|
14,587
|
9
|
0.25
|
%
|
13,184
|
5
|
0.15
|
%
|
||||||||||||||||
MMDA accounts
|
174,599
|
183
|
0.42
|
%
|
128,883
|
160
|
0.50
|
%
|
||||||||||||||||
Savings and club accounts
|
80,487
|
19
|
0.09
|
%
|
76,095
|
16
|
0.08
|
%
|
||||||||||||||||
Time deposits
|
158,352
|
340
|
0.86
|
%
|
148,358
|
281
|
0.76
|
%
|
||||||||||||||||
Subordinated loans
|
15,002
|
201
|
5.36
|
%
|
5,155
|
40
|
3.10
|
%
|
||||||||||||||||
Borrowings
|
39,666
|
100
|
1.01
|
%
|
42,140
|
100
|
0.95
|
%
|
||||||||||||||||
Total interest-bearing liabilities
|
536,992
|
873
|
0.65
|
%
|
462,470
|
623
|
0.54
|
%
|
||||||||||||||||
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
Demand deposits
|
68,632
|
60,970
|
||||||||||||||||||||||
Other liabilities
|
3,825
|
4,241
|
||||||||||||||||||||||
Total liabilities
|
609,449
|
527,681
|
||||||||||||||||||||||
Shareholders' equity
|
56,970
|
70,562
|
||||||||||||||||||||||
Total liabilities & shareholders' equity
|
$
|
666,419
|
$
|
598,243
|
||||||||||||||||||||
Net interest income
|
$
|
4,993
|
$
|
4,679
|
||||||||||||||||||||
Net interest rate spread
|
3.06
|
%
|
3.23
|
%
|
||||||||||||||||||||
Net interest margin
|
3.16
|
%
|
3.33
|
%
|
||||||||||||||||||||
Ratio of average interest-earning assets
|
||||||||||||||||||||||||
to average interest-bearing liabilities
|
117.70
|
%
|
121.57
|
%
|
For the six months ended June 30,
|
||||||||||||||||||||||||
2016
|
2015
|
|||||||||||||||||||||||
Average
|
Average
|
|||||||||||||||||||||||
Average
|
Yield /
|
Average
|
Yield /
|
|||||||||||||||||||||
(Dollars in thousands)
|
Balance
|
Interest
|
Cost
|
Balance
|
Interest
|
Cost
|
||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Loans
|
$
|
437,188
|
$
|
9,971
|
4.56
|
%
|
$
|
392,636
|
$
|
8,950
|
4.56
|
%
|
||||||||||||
Taxable investment securities
|
138,805
|
1,190
|
1.71
|
%
|
121,398
|
1,044
|
1.72
|
%
|
||||||||||||||||
Tax-exempt investment securities
|
28,351
|
391
|
2.76
|
%
|
28,327
|
387
|
2.73
|
%
|
||||||||||||||||
Fed funds sold and interest-earning deposits
|
17,195
|
26
|
0.30
|
%
|
13,239
|
7
|
0.11
|
%
|
||||||||||||||||
Total interest-earning assets
|
621,539
|
11,578
|
3.72
|
%
|
555,600
|
10,388
|
3.74
|
%
|
||||||||||||||||
Noninterest-earning assets:
|
||||||||||||||||||||||||
Other assets
|
41,712
|
39,889
|
||||||||||||||||||||||
Allowance for loan losses
|
(5,849
|
)
|
(5,490
|
)
|
||||||||||||||||||||
Net unrealized gains
|
||||||||||||||||||||||||
on available for sale securities
|
455
|
977
|
||||||||||||||||||||||
Total assets
|
$
|
657,857
|
$
|
590,976
|
||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
NOW accounts
|
$
|
55,038
|
$
|
40
|
0.15
|
%
|
$
|
46,724
|
$
|
39
|
0.17
|
%
|
||||||||||||
Money management accounts
|
14,274
|
16
|
0.22
|
%
|
13,066
|
10
|
0.15
|
%
|
||||||||||||||||
MMDA accounts
|
168,922
|
372
|
0.44
|
%
|
115,287
|
270
|
0.47
|
%
|
||||||||||||||||
Savings and club accounts
|
78,686
|
36
|
0.09
|
%
|
75,351
|
31
|
0.08
|
%
|
||||||||||||||||
Time deposits
|
155,899
|
683
|
0.88
|
%
|
156,049
|
578
|
0.74
|
%
|
||||||||||||||||
Subordinated loans
|
14,998
|
404
|
5.39
|
%
|
5,155
|
80
|
3.10
|
%
|
||||||||||||||||
Borrowings
|
36,100
|
194
|
1.07
|
%
|
44,844
|
198
|
0.88
|
%
|
||||||||||||||||
Total interest-bearing liabilities
|
523,917
|
1,745
|
0.67
|
%
|
456,476
|
1,206
|
0.53
|
%
|
||||||||||||||||
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
Demand deposits
|
67,392
|
61,061
|
||||||||||||||||||||||
Other liabilities
|
4,247
|
3,248
|
||||||||||||||||||||||
Total liabilities
|
595,556
|
520,785
|
||||||||||||||||||||||
Shareholders' equity
|
62,303
|
70,191
|
||||||||||||||||||||||
Total liabilities & shareholders' equity
|
$
|
657,859
|
$
|
590,976
|
||||||||||||||||||||
Net interest income
|
$
|
9,833
|
$
|
9,182
|
||||||||||||||||||||
Net interest rate spread
|
3.06
|
%
|
3.21
|
%
|
||||||||||||||||||||
Net interest margin
|
3.16
|
%
|
3.31
|
%
|
||||||||||||||||||||
Ratio of average interest-earning assets
|
||||||||||||||||||||||||
to average interest-bearing liabilities
|
118.63
|
%
|
121.72
|
%
|
Three months ended June 30,
|
Six months ended June 30,
|
|||||||||||||||||||||||
2016 vs. 2015
|
2016 vs. 2015
|
|||||||||||||||||||||||
Increase/(Decrease) Due to
|
Increase/(Decrease) Due to
|
|||||||||||||||||||||||
Total
|
Total
|
|||||||||||||||||||||||
Increase
|
Increase
|
|||||||||||||||||||||||
(In thousands)
|
Volume
|
Rate
|
(Decrease)
|
Volume
|
Rate
|
(Decrease)
|
||||||||||||||||||
Interest Income:
|
||||||||||||||||||||||||
Loans
|
$
|
591
|
$
|
(95
|
)
|
$
|
496
|
$
|
1,016
|
$
|
5
|
$
|
1,021
|
|||||||||||
Taxable investment securities
|
217
|
(166
|
)
|
51
|
156
|
(10
|
)
|
146
|
||||||||||||||||
Tax-exempt investment securities
|
10
|
-
|
10
|
-
|
4
|
4
|
||||||||||||||||||
Interest-earning deposits
|
2
|
5
|
7
|
3
|
16
|
19
|
||||||||||||||||||
Total interest income
|
820
|
(256
|
)
|
564
|
1,175
|
15
|
1,190
|
|||||||||||||||||
Interest Expense:
|
||||||||||||||||||||||||
NOW accounts
|
9
|
(9
|
)
|
-
|
12
|
(11
|
)
|
1
|
||||||||||||||||
Money management accounts
|
1
|
3
|
4
|
1
|
5
|
6
|
||||||||||||||||||
MMDA accounts
|
154
|
(131
|
)
|
23
|
148
|
(46
|
)
|
102
|
||||||||||||||||
Savings and club accounts
|
1
|
2
|
3
|
1
|
4
|
5
|
||||||||||||||||||
Time deposits
|
20
|
39
|
59
|
(2
|
)
|
107
|
105
|
|||||||||||||||||
Subordinated loans
|
117
|
44
|
161
|
234
|
90
|
324
|
||||||||||||||||||
Borrowings
|
(24
|
)
|
24
|
-
|
(83
|
)
|
79
|
(4
|
)
|
|||||||||||||||
Total interest expense
|
278
|
(28
|
)
|
250
|
311
|
228
|
539
|
|||||||||||||||||
Net change in net interest income
|
$
|
542
|
$
|
(228
|
)
|
$
|
314
|
$
|
864
|
$
|
(213
|
)
|
$
|
651
|
Three months ended June 30,
|
Six months ended June 30,
|
|||||||||||||||||||||||||||||||
(Dollars in thousands)
|
2016
|
2015
|
Change
|
2016
|
2015
|
Change
|
||||||||||||||||||||||||||
Service charges on deposit accounts
|
$
|
285
|
$
|
288
|
$
|
(3
|
)
|
-1.0
|
%
|
$
|
572
|
$
|
554
|
$
|
18
|
3.2
|
%
|
|||||||||||||||
Earnings and gain on bank owned life insurance
|
66
|
65
|
1
|
1.5
|
%
|
146
|
149
|
(3
|
)
|
-2.0
|
%
|
|||||||||||||||||||||
Loan servicing fees
|
31
|
41
|
(10
|
)
|
-24.4
|
%
|
65
|
93
|
(28
|
)
|
-30.1
|
%
|
||||||||||||||||||||
Debit card interchange fees
|
141
|
136
|
5
|
3.7
|
%
|
276
|
259
|
17
|
6.6
|
%
|
||||||||||||||||||||||
Other charges, commissions and fees
|
381
|
377
|
4
|
1.1
|
%
|
766
|
665
|
101
|
15.2
|
%
|
||||||||||||||||||||||
Noninterest income before gains
|
904
|
907
|
(3
|
)
|
-0.3
|
%
|
1,825
|
1,720
|
105
|
6.1
|
%
|
|||||||||||||||||||||
Net gains on sales and redemptions of investment securities
|
132
|
49
|
83
|
169.4
|
%
|
212
|
101
|
111
|
109.9
|
%
|
||||||||||||||||||||||
Net losses on sales of loans and foreclosed real estate
|
(10
|
)
|
(4
|
)
|
(6
|
)
|
150.0
|
%
|
(10
|
)
|
(4
|
)
|
(6
|
)
|
150.0
|
%
|
||||||||||||||||
Total noninterest income
|
$
|
1,026
|
$
|
952
|
$
|
74
|
7.8
|
%
|
$
|
2,027
|
$
|
1,817
|
$
|
210
|
11.6
|
%
|
Three months ended June 30,
|
Six months ended June 30,
|
|||||||||||||||||||||||||||||||
(Dollars in thousands)
|
2016
|
2015
|
Change
|
2016
|
2015
|
Change
|
||||||||||||||||||||||||||
Salaries and employee benefits
|
$
|
2,653
|
$
|
2,356
|
$
|
297
|
12.6
|
%
|
$
|
5,338
|
$
|
4,738
|
$
|
600
|
12.7
|
%
|
||||||||||||||||
Building occupancy
|
425
|
441
|
(16
|
)
|
-3.6
|
%
|
888
|
944
|
(56
|
)
|
-5.9
|
%
|
||||||||||||||||||||
Data processing
|
419
|
354
|
65
|
18.4
|
%
|
841
|
742
|
99
|
13.3
|
%
|
||||||||||||||||||||||
Professional and other services
|
221
|
229
|
(8
|
)
|
-3.5
|
%
|
418
|
449
|
(31
|
)
|
-6.9
|
%
|
||||||||||||||||||||
Advertising
|
189
|
114
|
75
|
65.8
|
%
|
329
|
236
|
93
|
39.4
|
%
|
||||||||||||||||||||||
FDIC assessments
|
108
|
102
|
6
|
5.9
|
%
|
216
|
197
|
19
|
9.6
|
%
|
||||||||||||||||||||||
Audits and exams
|
82
|
59
|
23
|
39.0
|
%
|
158
|
120
|
38
|
31.7
|
%
|
||||||||||||||||||||||
Other expenses
|
681
|
577
|
104
|
18.0
|
%
|
1,293
|
1,030
|
263
|
25.5
|
%
|
||||||||||||||||||||||
Total noninterest expenses
|
$
|
4,778
|
$
|
4,232
|
$
|
546
|
12.9
|
%
|
$
|
9,481
|
$
|
8,456
|
$
|
1,025
|
12.1
|
%
|
·
|
The $297,000 increase in salaries and employee benefits in the second quarter of 2016, as compared to the same three month period in 2015, was due to $110,000 in salary expense increases primarily resulting from additions of staff members supporting current and planned asset growth, employee benefits expense increases totaling $73,000, increased stock-based compensation of $39,000, increased commission expense of $18,000, and increases totaling $57,000 in all other salaries and employee benefits expense combined.
|
·
|
The $16,000 decrease in building occupancy expenses was principally due to a $20,000 decrease in building and machine maintenance and a $7,000 decrease in utilities charges largely resulting from the unusually mild winter weather experienced in the Company's market area. These increases were accompanied by aggregate cost increases of $11,000 related to individually immaterial building occupancy expenses.
|
·
|
Data processing expenses increased $65,000 due principally to maintenance and usage-based internet banking service fees, which increased $15,000 and $7,000 in the year-over-year three month periods, respectively. These increases were accompanied by aggregate cost increases of $43,000 related to all other areas of data processing expenses.
|
·
|
Advertising expense increased $75,000 primarily as the result of increased brand awareness advertising focused on the Onondaga County market and product promotional campaigns within the entirety of the Bank's geographic market area.
|
·
|
Finally, other noninterest expenses increased in year-over-year three month periods by $104,000 primarily due to an increase of $69,000 in community service support, $20,000 increase in ORE expenses and $15,000 increase in non-recurring servicing recourse charges related to a loan sold to an investor in prior years.
|
·
|
The $1.0 million, or 12.1%, increase in noninterest expenses between year-over-year six-month periods was due principally to increases in salaries and employee benefits expenses, and other expenses.
|
·
|
The $600,000 increase in salaries and employee benefits in the six month period in 2016, as compared to the same six month period in 2015, was the result of $270,000 increases in salary expenses primarily due to additions of staff members primarily supporting current and planned asset growth, increased commission compensation expense of $110,000, employee benefits expense increases totaling $100,000, increased stock-based compensation of $56,000, and increases totaling $64,000 in all other salaries and employee benefits expense combined.
|
·
|
The $56,000 decrease in building occupancy expenses was principally due to a $54,000 decrease in utilities and building maintenance charges largely resulting from the unusually mild winter weather experienced in the Company's market area.
|
·
|
Data processing expenses increased $99,000, due principally to check processing, maintenance and usage-based internet banking service fees, which increased $45,000, 34,000 and $24,000 in the year-over-year six month periods, respectively. These increases were accompanied by aggregate cost decreases of $4,000 related to all other areas of data processing expense.
|
|
Advertising expense increased $94,000 primarily as the result of increased brand awareness advertising focused on the Onondaga County market and product promotional campaigns within the entirety of the Bank's geographic market area.
|
|
Finally, other noninterest expenses increased in year-over-year six month periods by $263,000 primarily due to a $82,000 increase in non-recurring servicing recourse charges related to a loan sold to an investor in prior years, $80,000 in community service support, $25,000 in ORE expense increases, $20,000 in liability insurance increases, and $18,000 in fees paid in support of pledging brokered deposits on behalf of certain municipal depositors. The remaining $38,000 in year-over-year increases was due to a variety of individually immaterial items.
|
Minimum
|
||||||||||||||||||||||||
To Be "Well-
|
||||||||||||||||||||||||
Minimum
|
Capitalized"
|
|||||||||||||||||||||||
For Capital
|
Under Prompt
|
|||||||||||||||||||||||
Actual
|
Adequacy Purposes
|
Corrective Provisions
|
||||||||||||||||||||||
(Dollars in thousands)
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||||||||||
As of June 30, 2016
|
||||||||||||||||||||||||
Total Core Capital (to Risk-Weighted Assets)
|
$
|
69,408
|
15.89
|
%
|
$
|
34,949
|
8.00
|
%
|
$
|
43,687
|
10.00
|
%
|
||||||||||||
Tier 1 Capital (to Risk-Weighted Assets)
|
$
|
63,876
|
14.62
|
%
|
$
|
26,212
|
6.00
|
%
|
$
|
34,949
|
8.00
|
%
|
||||||||||||
Tier 1 Common Equity (to Risk-Weighted Assets)
|
$
|
63,876
|
14.62
|
%
|
$
|
19,659
|
4.50
|
%
|
$
|
28,396
|
6.50
|
%
|
||||||||||||
Tier 1 Capital (to Assets)
|
$
|
63,876
|
9.67
|
%
|
$
|
26,435
|
4.00
|
%
|
$
|
33,044
|
5.00
|
%
|
||||||||||||
As of December 31, 2015:
|
||||||||||||||||||||||||
Total Core Capital (to Risk-Weighted Assets)
|
$
|
67,286
|
16.22
|
%
|
$
|
33,187
|
8.00
|
%
|
$
|
41,484
|
10.00
|
%
|
||||||||||||
Tier 1 Capital (to Risk-Weighted Assets)
|
$
|
62,038
|
14.95
|
%
|
$
|
24,891
|
6.00
|
%
|
$
|
33,187
|
8.00
|
%
|
||||||||||||
Tier 1 Common Equity (to Risk-Weighted Assets)
|
$
|
62,038
|
14.95
|
%
|
$
|
18,668
|
4.50
|
%
|
$
|
26,965
|
6.50
|
%
|
||||||||||||
Tier 1 Capital (to Assets)
|
$
|
62,038
|
10.00
|
%
|
$
|
24,816
|
4.00
|
%
|
$
|
31,020
|
5.00
|
%
|
June 30,
|
December 31,
|
June 30,
|
||||||||||
(Dollars In thousands)
|
2016
|
2015
|
2015
|
|||||||||
Nonaccrual loans:
|
||||||||||||
Commercial and commercial real estate loans
|
$
|
3,024
|
$
|
3,238
|
$
|
4,871
|
||||||
Consumer
|
404
|
365
|
320
|
|||||||||
Residential mortgage loans
|
1,721
|
1,715
|
1,088
|
|||||||||
Total nonaccrual loans
|
5,149
|
5,318
|
6,279
|
|||||||||
Total nonperforming loans
|
5,149
|
5,318
|
6,279
|
|||||||||
Foreclosed real estate
|
506
|
517
|
361
|
|||||||||
Total nonperforming assets
|
$
|
5,655
|
$
|
5,835
|
$
|
6,640
|
||||||
Troubled debt restructurings not included above
|
$
|
1,874
|
$
|
1,916
|
$
|
1,963
|
||||||
Nonperforming loans to total loans
|
1.14
|
%
|
1.24
|
%
|
1.56
|
%
|
||||||
Nonperforming assets to total assets
|
0.84
|
%
|
0.94
|
%
|
1.11
|
%
|
31.1
|
Rule 13a-14(a)/15d-14(a) Certification of the Chief Executive Officer
|
31.2
|
Rule 13a-14(a)/15d-14(a) Certification of the Chief Financial Officer
|
32
|
Section 1350 Certification of the Chief Executive Officer and Chief Financial Officer
|
101
|
The following materials from Pathfinder Bancorp, Inc. Form 10-Q for the quarter ended June 30, 2016, formatted in Extensible Business Reporting Language (XBRL): (i) the Consolidated Statements of Income, (ii) the Consolidated Statements of Financial Condition (iii) Consolidated Statements of Cash flows, and (iv) related notes
|
August 12, 2016
|
/s/ Thomas W. Schneider
|
Thomas W. Schneider
|
|
President and Chief Executive Officer
|
|
August 12, 2016
|
/s/ James A. Dowd
|
James A. Dowd
|
|
Executive Vice President and Chief Financial Officer
|
Certification of Chief Executive Officer
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|||
I, Thomas W. Schneider, certify that:
|
|||
1. I have reviewed this Quarterly Report on Form 10-Q of Pathfinder Bancorp, Inc.;
|
|||
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|||
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|||
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|||
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting, to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|||
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|||
(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
|||
5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors:
|
|||
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
|||
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
|||
August 12, 2016
|
/s/ Thomas W. Schneider
Thomas W. Schneider
President and Chief Executive Officer
|
Certification of Chief Financial Officer
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|||
I, James A. Dowd, certify that:
|
|||
1. I have reviewed this Quarterly Report on Form 10-Q of Pathfinder Bancorp, Inc.;
|
|||
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|||
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|||
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|||
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting, to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|||
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|||
(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
|||
5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors:
|
|||
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
|||
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
|||
August 12, 2016
|
/s/ James A. Dowd
James A. Dowd
Executive Vice President and Chief Financial Officer
|
Certification pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002
|
|
In connection with the Quarterly Report of Pathfinder Bancorp, Inc. (the "Company") on Form 10-Q for the period ended June 30, 2016 as filed with the Securities and Exchange Commission (the "Report"), the undersigned hereby certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:
|
|
1. The Report fully complies with the requirements of Sections 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
|
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the period covered by the Report.
|
|
The purpose of this statement is solely to comply with Title 18, Chapter 63, Section 1350 of the United States Code, as amended by Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
August 12, 2016
|
/s/ Thomas W. Schneider
Thomas W. Schneider
President and Chief Executive Officer
|
August 12, 2016
|
/s/ James A. Dowd
James A. Dowd
Executive Vice President and Chief Financial Officer
|
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Document and Entity Information - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Aug. 11, 2016 |
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Pathfinder Bancorp, Inc. | |
Entity Central Index Key | 0001609065 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 4,358,144 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 |
Consolidated Statements of Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
ASSETS: | ||
Held-to-maturity securities at fair value | $ 43,887 | $ 45,515 |
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) | 4,358,144 | 4,353,850 |
Common stock, shares outstanding (in shares) | 4,358,144 | 4,353,850 |
Preferred Stock SBLF [Member] | ||
Shareholders' equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, liquidation preference | $ 1,000 | $ 1,000 |
Preferred stock, shares authorized (in shares) | 13,000 | 13,000 |
Preferred stock, shares issued (in shares) | 0 | 13,000 |
Preferred stock, shares outstanding (in shares) | 0 | 13,000 |
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands |
Preferred Stock [Member] |
Common Stock [Member] |
Additional Paid in Capital [Member] |
Retained Earnings [Member] |
Accumulated Other Comprehensive Loss [Member] |
Unearned ESOP [Member] |
Noncontrolling Interest [Member] |
Total |
---|---|---|---|---|---|---|---|---|
Balance at Dec. 31, 2014 | $ 13,000 | $ 44 | $ 28,534 | $ 31,085 | $ (2,119) | $ (1,754) | $ 414 | $ 69,204 |
Net income | 0 | 0 | 0 | 1,223 | 0 | 0 | 22 | 1,245 |
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 | (200) | 0 | 0 | (200) |
Preferred stock dividends - SBLF | 0 | 0 | 0 | (65) | 0 | 0 | 0 | (65) |
ESOP shares earned | 0 | 0 | 38 | 0 | 0 | 90 | 0 | 128 |
Stock based compensation | 0 | 0 | 42 | 0 | 0 | 0 | 0 | 42 |
Common stock dividends declared | 0 | 0 | 0 | (247) | 0 | 0 | 0 | (247) |
Distributions from affiliates | 0 | 0 | 0 | 0 | 0 | (33) | (33) | |
Balance at Jun. 30, 2015 | 13,000 | 44 | 28,614 | 31,996 | (2,319) | (1,664) | 403 | 70,074 |
Net income | 708 | |||||||
Other comprehensive income (loss), net of tax | (504) | |||||||
Balance at Jun. 30, 2015 | 13,000 | 44 | 28,614 | 31,996 | (2,319) | (1,664) | 403 | 70,074 |
Balance at Dec. 31, 2015 | 13,000 | 44 | 28,717 | 33,183 | (2,565) | (1,574) | 424 | 71,229 |
Net income | 0 | 0 | 0 | 1,493 | 0 | 0 | 28 | 1,521 |
Other comprehensive income (loss), net of tax | 0 | 0 | 0 | 0 | 580 | 0 | 0 | 580 |
Preferred stock, redemption | (13,000) | 0 | 0 | 0 | 0 | 0 | 0 | (13,000) |
Preferred stock dividends - SBLF | 0 | 0 | 0 | (16) | 0 | 0 | 0 | (16) |
ESOP shares earned | 0 | 0 | 54 | 0 | 0 | 90 | 0 | 144 |
Stock based compensation | 0 | 0 | 76 | 0 | 0 | 0 | 0 | 76 |
Stock options exercised | 0 | 0 | 23 | 0 | 0 | 0 | 0 | 23 |
Common stock dividends declared | 0 | 0 | 0 | (416) | 0 | 0 | 0 | (416) |
Distributions from affiliates | 0 | 0 | 0 | 0 | 0 | 0 | (18) | (18) |
Balance at Jun. 30, 2016 | 0 | 44 | 28,870 | 34,244 | (1,985) | (1,484) | 434 | 60,123 |
Net income | 866 | |||||||
Other comprehensive income (loss), net of tax | 146 | |||||||
Balance at Jun. 30, 2016 | $ 0 | $ 44 | $ 28,870 | $ 34,244 | $ (1,985) | $ (1,484) | $ 434 | $ 60,123 |
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
|
ESOP shares earned (in shares) | 12,221 | 12,222 |
Common stock dividends declared (in dollars per share) | $ 0.10 | $ 0.06 |
Preferred Stock [Member] | ||
Preferred stock redemption (in shares) | (13,000) |
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
|
OPERATING ACTIVITIES | ||
Net income attributable to Pathfinder Bancorp, Inc. | $ 1,493 | $ 1,223 |
Adjustments to reconcile net income to net cash flows from operating activities: | ||
Provision for loan losses | 360 | 784 |
Realized losses (gains) on sales, redemptions and calls of: | ||
Real estate acquired through foreclosure | 10 | 4 |
Available-for-sale investment securities | (211) | (101) |
Held-to-maturity investment securities | (1) | 0 |
Depreciation | 458 | 465 |
Amortization of mortgage servicing rights | 6 | 7 |
Amortization of deferred loan costs | 99 | 82 |
Amortization of deferred financing from subordinated debt | 17 | 0 |
Earnings and gain on bank owned life insurance | (146) | (149) |
Net amortization of premiums and discounts on investment securities | 585 | 436 |
Amortization of intangible assets | 8 | 9 |
Stock based compensation and ESOP expense | 220 | 170 |
Net change in accrued interest receivable | (16) | (117) |
Net change in other assets and liabilities | 373 | 683 |
Net cash flows from operating activities | 3,255 | 3,496 |
INVESTING ACTIVITIES | ||
Purchase of investment securities available-for-sale | (81,252) | (47,485) |
Purchase of investment securities held-to-maturity | (500) | (5,034) |
Net (purchases of) proceeds from Federal Home Loan Bank stock | (1,612) | 98 |
Proceeds from maturities and principal reductions of investment securities available-for-sale | 36,271 | 15,933 |
Proceeds from maturities and principal reductions of investment securities held-to-maturity | 2,686 | 2,015 |
Proceeds from sales, redemptions and calls of: | ||
Available-for-sale investment securities | 25,970 | 16,481 |
Held-to-maturity investment securities | 2,000 | 0 |
Real estate acquired through foreclosure | 170 | 171 |
Acquisition of insurance agency | 0 | (225) |
Net change in loans | (20,548) | (16,463) |
Purchase of premises and equipment | (504) | (503) |
Net cash flows from investing activities | (37,319) | (35,012) |
FINANCING ACTIVITIES | ||
Net change in demand deposits, NOW accounts, savings accounts, money management deposit accounts, MMDA accounts and escrow deposits | 37,851 | 45,933 |
Net change in time deposits and brokered deposits | (2,098) | (3,926) |
Net change in short-term borrowings | 25,150 | (7,100) |
Payments on long-term borrowings | (3,000) | (2,000) |
Proceeds from long-term borrowings | 0 | 5,000 |
Repayment of loans on cash surrender value of bank owned life insurance | (536) | 0 |
Redemption of preferred stock - SBLF | (13,000) | 0 |
Proceeds from exercise of stock options | 23 | 0 |
Cash dividends paid to preferred shareholder - SBLF | (49) | (65) |
Cash dividends paid to common shareholders | (436) | (261) |
Change in noncontrolling interest, net | 10 | (11) |
Net cash flows from financing activities | 43,915 | 37,570 |
Change in cash and cash equivalents | 9,851 | 6,054 |
Cash and cash equivalents at beginning of period | 15,245 | 11,356 |
Cash and cash equivalents at end of period | 25,096 | 17,410 |
CASH PAID DURING THE PERIOD FOR: | ||
Interest | 1,905 | 1,209 |
Income taxes | 513 | 462 |
NON-CASH INVESTING ACTIVITY | ||
Real estate acquired in exchange for loans | $ 170 | $ 275 |
Basis of Presentation |
6 Months Ended |
---|---|
Jun. 30, 2016 | |
Basis of Presentation [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 2015 consolidated financial statements may have been reclassified to conform to the current period presentation. These reclassifications had no effect on net income or comprehensive income as previously reported. Operating results for the three and six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. 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 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 other 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. On February 16, 2016, the Company redeemed all 13,000 shares of the Series B Preferred Stock outstanding with the payment of $13.0 million to the Small Business Lending Facility ("SBLF"). This redemption was substantially financed by the issuance on October 15, 2015 of the $10.0 million Subordinated Loan with an effective annual interest rate of 6.44%. The issuance of the Subordinated Loan has increased interest expense by approximately $644,000 per year, but prospectively reduced the future amount payable to the SBLF in preferred stock dividends. Had the preferred stock not been retired, effective April 1, 2016, the annual dividend rate for the preferred stock would have been 9.0%. Therefore, the retirement of the $13.0 million of the SBLF Preferred Series B stock has resulted in an annual reduction of dividends payable to the preferred shareholder of $1.2 million. The Company paid preferred stock dividends totaling $16,000 in 2016 and $130,000 in 2015. These transactions had no effect on the regulatory capital position of the Bank. On June 1, 2016, the Company announced that it had completed the process of its previously announced restructuring plan to combine the operations of its subsidiaries, Pathfinder Bank and Pathfinder Commercial Bank, into a single New York State chartered commercial bank. This transaction was completed on May 31, 2016. Simultaneously with the combination, Pathfinder Commercial Bank's charter was amended such that Pathfinder Commercial Bank became a full-service commercial bank, rather than a limited purpose commercial bank, which it was previously, and its name was changed to "Pathfinder Bank". The transaction is expected to have little impact on the investments or operations of the Bank, although the Bank expects some annual operating cost savings as a result of the combination. |
New Accounting Pronouncements |
6 Months Ended |
---|---|
Jun. 30, 2016 | |
New Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements | Note 2: New Accounting Pronouncements On June 16, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. This ASU codified the final current expected credit loss ("CECL") modeling requirement for financial assets within its scope. The CECL modeling requirement represents a transition in the way institutions will account for losses on many financial assets, including loans. In comparison to current authoritative guidance, the largest proposed change is the shift to accounting for expected losses over the entire life of the financial asset. The new CECL model will apply to: (1) financial assets subject to credit losses and measured at amortized cost, and (2) certain off-balance sheet credit exposures. This includes loans, held-to-maturity debt securities, loan commitments, financial guarantees, and net investments in leases, as well as reinsurance and trade receivables. Upon initial recognition of the exposure, the CECL model requires an entity to estimate the credit losses expected over the life of an exposure (or pool of exposures). The estimate of expected credit losses ("ECL") methodology should consider historical information, current information, and reasonable and supportable forecasts, including estimates of prepayments. Generally, the initial estimate of the ECL and subsequent changes in the estimate will be reported in current earnings. The ECL will be recorded through an allowance for loan and lease losses ("ALLL") in the statement of financial position. Current GAAP requires an "incurred loss" methodology for recognizing credit losses that delays recognition until it is probable that a loss has been incurred. The current model therefore generally restricts an organization's ability to record credit losses that are expected, but do not yet meet the "probable" threshold. The ASU also significantly amends the current available-for-sale ("AFS") security other-than-temporary impairment ("OTTI") model for debt securities. The new model will require an estimate of ECL only when the fair value is below the amortized cost of the asset. The length of time that the fair value of an AFS debt security has been below the amortized cost will no longer impact the determination of whether a credit loss exists. In addition, credit losses on AFS debt securities will now be limited to the difference between the security's amortized cost basis and its fair value. The AFS debt security model will also require the use of an allowance to record estimated credit losses (and subsequent recoveries). The new guidance addresses purchased financial assets with credit deterioration ("PCD"). The new model applies to purchased financial assets (measured at amortized cost or held as AFS) that have experienced more than insignificant credit deterioration since origination. This represents a change from the scope of what are considered purchased credit-impaired assets under the current model. Different than the accounting for originated or purchased assets that do not qualify as PCD, the initial estimate of expected credit losses for a PCD would be recognized through an ALLL with an offset to the cost basis of the related financial asset at acquisition (i.e., there is no impact to net income at initial recognition). Subsequently, the accounting will follow the applicable CECL or AFS debt security impairment model with all adjustments of the ALLL recognized through earnings. ASU 2016-13 also expands the disclosure requirements regarding an entity's assumptions, models, and methods for estimating the ALLL. In addition, public business entities ("PBEs") will need to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination. This disclosure will not be required for other reporting entities. For PBEs that are U.S. Securities and Exchange Commission (SEC) filers, such as the Company, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. All entities may adopt the amendments in this Update earlier as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. An entity will apply the amendments in this Update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The provisions of this new accounting standard are complex and will require substantial analysis prior to the ASU's implementation. The Company's management is currently in the process of evaluating the impact that this standard will have on its consolidated financial statements. |
Earnings per Common Share |
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Earnings per Common Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Common Share | Note 3: Earnings per Common Share Basic earnings per share are calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Net income available to common shareholders is net income to Pathfinder Bancorp, Inc. less the total of preferred dividends declared. Diluted earnings per share include the potential dilutive effect that could occur upon the assumed exercise of issued stock options using the Treasury Stock method. Anti-dilutive stock options, not included in the computation below, were 280,396 for the three months ended June 30, 2016 and 148,434 for the six months ended June 30, 2016 and were -0- for the three months ended June 30, 2015 and 8,236 for the six months ended June 30, 2015. 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. The following table sets forth the calculation of basic and diluted earnings per share.
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Investment Securities |
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Investment Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | Note 4: Investment Securities The amortized cost and estimated fair value of investment securities are summarized as follows:
The amortized cost and estimated fair value of debt investments at June 30, 2016 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.
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:
The Company conducts a formal review of investment securities on a quarterly basis for the presence of other-than-temporary impairment ("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 the securities portfolio as of June 30, 2016 represents OTTI. With the exception of certain individually small municipal bond issuances, all securities are rated above the lowest tier of investment grade by one or more nationally recognized statistical rating organizations (NRSRO) with the exception of three corporate securities that are rated at the lowest level of investment grade and three structured credit issuances, acquired in 2016, that are unrated. Nine municipal securities have been in a loss position for four months or less at June 30, 2016. Each of these has a relatively insignificant unrealized loss position. For the group, losses range from 0.01% to 1.31% of their current book values. No municipal securities are deemed to have any credit impairment at the reporting date. Two corporate securities have been in a loss position for greater than 12 months with the largest loss position being 1.57% of current book value. The two securities are rated A1 and A3 by Moody's, and A and A- by Standard & Poors, respectively. The unrealized losses reported pertaining to securities issued by the U.S. Government and its sponsored entities, include agency and mortgage-backed securities issued by FNMA, FHLMC, FHLB and FFCB which are currently rated Aaa by Moody's Investor Services, AA+ by Standard and Poors and are implicitly guaranteed by the U.S. Government. The unrealized losses reflected are primarily attributable to changes in interest rates since the securities were acquired. 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 recovery of the amortized cost. As such, management does not believe any individual unrealized loss as of June 30, 2016 represents OTTI. Two private-label mortgage-backed securities, acquired in 2016, have been in a loss position for three months or less at June 30, 2016. The largest loss position among the two securities is 1.53% of current book value. Neither security is rated by an NRSRO but management monitors their performance regularly and the securities are not deemed to have any credit-related impairment at June 30, 2016. In determining whether OTTI has occurred for equity securities, the Company considers the applicable factors described above and the length of time the equity security's fair value has been below the carrying amount. Management has determined that we have the intent and ability to retain the equity securities for a sufficient period of time to allow for recovery. Gross realized gains (losses) on sales of securities for the indicated periods are detailed below:
As of June 30, 2016 and December 31, 2015, securities with a fair value of $74.5 million and $89.7 million, respectively, were pledged to collateralize certain municipal deposit relationships. As of the same dates, securities with a fair value of $15.5 million and $17.8 million were pledged against certain borrowing arrangements. Management has reviewed its loan and mortgage-backed securities portfolios and determined that, to the best of its knowledge, little exposure exists to sub-prime or other high-risk residential mortgages. With limited exceptions in the Company's investment portfolio involving the senior-most 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 Benefits |
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Pension and Postretirement Benefits | Note 5: Pension and Postretirement Benefits The Company has a noncontributory defined benefit pension plan covering substantially all employees. The plan provides defined benefits based on years of service and final average salary. On May 14, 2012, the Company informed its employees of its decision to freeze participation and benefit accruals under the plan, primarily to reduce some of the volatility in earnings that can accompany the maintenance of a defined benefit plan. The plan was frozen on June 30, 2012. Compensation earned by employees up to June 30, 2012 is used for purposes of calculating benefits under the plan but there 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:
The Company will evaluate the need for further contributions to the defined benefit pension plan during 2016. The prepaid pension asset is recorded in other assets on the statement of condition as of June 30, 2016 and December 31, 2015. |
Loans |
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Loans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Note 6: Loans Major classifications of loans at the indicated dates are as follows:
The Company originates residential mortgage, commercial, and consumer loans largely to customers throughout Oswego and Onondaga counties. Although the Company 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. As of June 30, 2016 and December 31, 2015, residential mortgage loans with a carrying value of $130.9 million and $125.8 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 2015 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 29, 2016 and have not changed. To develop and document a systematic methodology for determining the allowance for loan losses, the Company has divided the loan portfolio into three portfolio segments, each with different risk characteristics but with similar methodologies for assessing risk. Each portfolio segment is broken down into loan classes where appropriate. Loan classes contain unique measurement attributes, risk characteristics, and methods for monitoring and assessing risk that are necessary to develop the allowance for loan losses. Unique characteristics such as borrower type, loan type, collateral type, and risk characteristics define each class. The following table illustrates the portfolio segments and classes for the Company's loan portfolio:
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:
Management has reviewed its loan portfolio and determined that, to the best of its knowledge, no exposure exists to sub-prime or other high-risk residential mortgages. The Company is not in the practice of originating these types of loans. Nonaccrual and Past Due Loans Loans are placed on nonaccrual when the contractual payment of principal and interest has become 90 days past due or management has serious doubts about further collectability of principal or interest, even though the loan may be currently performing. Loans are considered past due if the required principal and interest payments have not been received within thirty days of the payment due date. An age analysis of past due loans, not including net deferred loan costs, segregated by portfolio segment and class of loans, as of June 30, 2016 and December 31, 2015, are detailed in the following tables:
Nonaccrual loans, segregated by class of loan, were as follows:
The Company is required to disclose certain activities related to Troubled Debt Restructurings ("TDR") in accordance with accounting guidance. Certain loans have been modified in a TDR where economic concessions have been granted to a borrower who is experiencing, or expected to experience, financial difficulties. These economic concessions could include a reduction in the loan interest rate, extension of payment terms, reduction of principal amortization, or other actions that it would not otherwise consider for a new loan with similar risk characteristics. The Company is required to disclose new TDRs for each reporting period for which an income statement is being presented. The Company has determined that there were no new TDRs for the three or six month period ended June 30, 2016. The Company has determined that there were no new TDRs in the three month period ended June 30, 2015 and one new TDR in the six month period ended June 30, 2015. The following details the nature of this TDR, which occurred in the first six months of 2015.
The Company had no loans that have been modified as TDRs during the twelve months prior to June 30, 2016, which have subsequently defaulted during the six months ended June 30, 2016. The Company had no loans that had been modified as TDRs during the twelve months prior to June 30, 2015, which had subsequently defaulted during the six months ended June 30, 2015. When the Company modifies a loan within a portfolio segment, 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 tables summarize impaired loan information by portfolio class at the indicated dates:
The following table presents the average recorded investment in impaired loans for the periods indicated:
The following table presents the cash basis interest income recognized on impaired loans for the periods indicated:
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Allowance for Loan Losses |
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Allowance for Loan Losses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses | Note 7: Allowance for Loan Losses 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 on 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.
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Foreclosed Real Estate |
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Foreclosed Real Estate [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 June 30, 2016, the Company reported $ 1.1 million in residential real estate loans in the process of foreclosure. |
Guarantees |
6 Months Ended |
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Jun. 30, 2016 | |
Guarantees [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 risk involved in issuing letters of credit is essentially the same as those that are involved in extending loan facilities to customers. The Company generally holds collateral and/or personal guarantees supporting these commitments. The Company had $1.9 million of standby letters of credit as of June 30, 2016. 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 |
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Fair Value Measurements [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 securities available-for-sale are obtained from an independent third party and are based on quoted prices on nationally recognized securities exchanges where available (Level 1). If quoted prices are not available, fair values are measured by utilizing matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for specific securities but rather by relying on the securities' relationship to other benchmark quoted securities (Level 2). Management made no adjustment to the fair value quotes that were received from the independent third party pricing service. During the third quarter of 2015, the Company purchased $313,000 of the common stock of a community-based financial institution that conducts its operations outside of the Company's primary market area. During the second quarter of 2016, the Company purchased an additional $130,000 of this common stock. The first purchase was in conjunction with a capital raise by the financial institution that attracted multiple investors and the second purchase was made in the secondary market. The stock of this financial institution is not traded on any exchange and there are no quoted market prices available for this security (Level 3). Management has reviewed the results of the financial operations of the financial institution for the quarter ended June 30, 2016 and has concluded that this investment was appropriately valued at its acquisition cost, which was considered to be its fair value as of the measurement date. Interest rate swap derivative: The fair value of the interest rate swap derivative is obtained from a third party pricing agent and is calculated based on a discounted cash flow model. All future floating cash flows are projected and both floating and fixed cash flows are discounted to the valuation date. The curve utilized for discounting and projecting is built by obtaining publicly available third party market quotes for various swap maturity terms, and therefore is classified within Level 2 of the fair value hierarchy. Impaired loans: Impaired loans are those loans in which the Company has measured impairment based on the fair value of the loan's collateral or the discounted value of expected future cash flows. Fair value is generally determined based upon market value evaluations by third parties of the properties and/or estimates by management of working capital collateral or discounted cash flows based upon expected proceeds. These appraisals may include up to three approaches to value: the sales comparison approach, the income approach (for income-producing property), and the cost approach. Management modifies the appraised values, if needed, to take into account recent developments in the market or other factors, such as, changes in absorption rates or market conditions from the time of valuation and anticipated sales values considering management's plans for disposition. Such modifications to the appraised values could result in lower valuations of such collateral. Estimated costs to sell are based on current amounts of disposal costs for similar assets. These measurements are classified as Level 3 within the valuation hierarchy. Impaired loans are subject to nonrecurring fair value adjustment upon initial recognition or subsequent impairment. A portion of the allowance for loan losses is allocated to impaired loans if the value of such loans is deemed to be less than the unpaid balance. Foreclosed real estate: Fair values for foreclosed real estate are initially recorded based on market value evaluations by third parties, less costs to sell ("initial cost basis"). Any write-downs required when the related loan receivable is exchanged for the underlying real estate collateral at the time of transfer to foreclosed real estate are charged to the allowance for loan losses. Values are derived from appraisals, similar to impaired loans, of underlying collateral or discounted cash flow analysis. Subsequent to foreclosure, valuations are updated periodically and assets are marked to current fair value, not to exceed the initial cost basis. In the determination of fair value subsequent to foreclosure, management also considers other factors or recent developments, such as, changes in absorption rates and market conditions from the time of valuation and anticipated sales values considering management's plans for disposition. Either change could result in adjustment to lower the property value estimates indicated in the appraisals. These measurements are classified as Level 3 within the fair value hierarchy. The following tables summarize assets measured at fair value on a recurring basis as of the indicated dates, segregated by the level of valuation inputs within the hierarchy utilized to measure fair value:
The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the three months ended June 30, 2016 were as follows:
The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the six months ended June 30, 2016 were as follows:
The following table summarizes the valuation techniques and significant unobservable inputs used for the Company's investments that are categorized within Level 3 of the fair value hierarchy at the indicated dates:
The Bank had the following assets measured at fair value on a nonrecurring basis as of June 30, 2016 and December 31, 2015:
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.
There have been no transfers of assets into or out of any fair value measurement level during the quarter ended June 30, 2016. 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. 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. Investment securities – The fair values of securities available-for-sale and held-to-maturity are obtained from an independent third party and are based on quoted prices on nationally recognized exchange 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. During the third quarter of 2015, the Company purchased $313,000 of the common stock of a community-based financial institution that conducts its operations outside of the Company's primary market area. During the second quarter of 2016, the Company purchased an additional $130,000 of this common stock. The first purchase was in conjunction with a capital raise by the financial institution that attracted multiple investors and the second purchase was made in the secondary market. The stock of this financial institution is not traded on any exchange and there are no quoted market prices available for this security (Level 3). Management has reviewed the results of the financial operations of the financial institution for the quarter ended June 30, 2016 and has concluded that this investment was appropriately valued at its acquisition cost, which was considered to be its fair value as of the measurement date. 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. Interest rate swap derivative – The fair value of the interest rate swap derivative is obtained from a third party pricing agent and is calculated based on a discounted cash flow model. All future floating cash flows are projected and both floating and fixed cash flows are discounted to the valuation date. The curve utilized for discounting and projecting is built by obtaining publicly available third party market quotes for various swap maturity terms, and therefore is classified within Level 2 of the fair value hierarchy. The carrying amounts and fair values of the Company's financial instruments as of the indicated dates are presented in the following table:
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Interest Rate Derivatives |
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Interest Rate Derivatives [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Derivatives | Note 11: Interest Rate Derivatives Derivative instruments are entered into primarily as a risk management tool of the Company. Financial derivatives are recorded at fair value as other liabilities. The accounting for changes in the fair value of a derivative depends on whether it has been designated and qualifies as part of a hedging relationship. For a fair value hedge, changes in the fair value of the derivative instrument and changes in the fair value of the hedged asset or liability are recognized currently in earnings. For a cash flow hedge, changes in the fair value of the derivative instrument, to the extent that it is effective, are recorded in other comprehensive income and subsequently reclassified to earnings as the hedged transaction impacts net income. Any ineffective portion of a cash flow hedge is recognized currently in earnings. See Note 10 for further discussion of the fair value of the interest rate derivative. The Company has $5.0 million of floating rate trust preferred debt indexed to 3-month LIBOR. As a result, it is exposed to variability in cash flows related to changes in projected interest payments caused by changes in the benchmark interest rate. During the fourth quarter of fiscal 2009, the Company entered into an interest rate swap agreement, with a $2.0 million notional amount, to convert a portion of the floating rate trust preferred debt to a fixed rate for a term of approximately seven years at a rate of 4.96%. This swap agreement expired in the second quarter of 2016 and was not renewed. The derivative, while in effect, was designated as a cash flow hedge. The hedging strategy ensured that changes in cash flows from the derivative would have been highly effective at offsetting changes in interest expense from the hedged exposure. The following table summarizes the fair value of the outstanding derivative and its presentation on the statements of condition:
The change in accumulated other comprehensive loss on a pretax basis and the impact on earnings from the interest rate swap that qualifies as a cash flow hedge for the periods indicated below were as follows:
No amount of ineffectiveness had been included in earnings for prior periods and the changes in fair value were recorded in other comprehensive (loss) income. Some, or all, of the amount included in accumulated other comprehensive (loss) income would have been reclassified into current earnings should a portion of, or the entire hedge no longer been considered effective. |
Accumulated Other Comprehensive Income (Loss) |
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Accumulated Other Comprehensive Income (Loss) [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 table below.
The following table presents the amounts reclassified out of each component of AOCI for the indicated period:
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Earnings per Common Share (Tables) |
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Earnings per Common Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Calculations of Basic and Diluted Earnings per Share | The following table sets forth the calculation of basic and diluted earnings per share.
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Investment Securities (Tables) |
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Investment 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:
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Amortized Cost and Estimated Fair Value of Debt Investments by Contractual Maturity | The amortized cost and estimated fair value of debt investments at June 30, 2016 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.
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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:
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Gross Realized Gains (Losses) on Sale of Securities | Gross realized gains (losses) on sales of securities for the indicated periods are detailed below:
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Pension and Postretirement Benefits (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Postretirement Benefits [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:
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Loans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Major Classification of Loans | Major classifications of loans at the indicated dates are as follows:
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Summary of Classes of Loan Portfolio | The following table illustrates the portfolio segments and classes for the Company's 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:
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Age Analysis of Past Due Loans Segregated by Portfolio Segment and Class of Loans | An age analysis of past due loans, not including net deferred loan costs, segregated by portfolio segment and class of loans, as of June 30, 2016 and December 31, 2015, are detailed in the following tables:
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Nonaccrual Loans Segregated by Class of Loan | Nonaccrual loans, segregated by class of loan, were as follows:
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Summary of Impaired Loans Information by Portfolio Class | The following tables summarize impaired loan information by portfolio class at the indicated dates:
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Average Recorded Investment in Impaired Loans | The following table presents the average recorded investment in impaired loans for the periods indicated:
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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:
|
Allowance for Loan Losses (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
|
Foreclosed Real Estate (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreclosed Real Estate [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount of Foreclosed Residential Real Estate Properties Held | 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.
|
Fair Value Measurements (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements [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:
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Changes in Level 3 Assets and Liabilities Measured at Estimated Fair Value on a Recurring Basis | The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the three months ended June 30, 2016 were as follows:
The changes in Level 3 assets and liabilities measured at estimated fair value on a recurring basis during the six months ended June 30, 2016 were as follows:
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Summary of Assets Measured at Fair Value on a Nonrecurring Basis Segregated by Level of Valuation Inputs | The following table summarizes the valuation techniques and significant unobservable inputs used for the Company's investments that are categorized within Level 3 of the fair value hierarchy at the indicated dates:
The Bank had the following assets measured at fair value on a nonrecurring basis as of June 30, 2016 and December 31, 2015:
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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.
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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:
|
Interest Rate Derivatives (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Derivatives [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Outstanding Derivatives | The following table summarizes the fair value of the outstanding derivative and its presentation on the statements of condition:
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Change in Accumulated Other Comprehensive Loss on Pretax Basis and Impact on Earnings from Interest Rate Swap | The change in accumulated other comprehensive loss on a pretax basis and the impact on earnings from the interest rate swap that qualifies as a cash flow hedge for the periods indicated below were as follows:
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Accumulated Other Comprehensive Income (Loss) (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax | Changes in the components of accumulated other comprehensive income (loss) ("AOCI"), net of tax, for the periods indicated are summarized in the table below.
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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:
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Basis of Presentation (Details) - USD ($) |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Feb. 16, 2016 |
Jun. 30, 2016 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Dec. 31, 2015 |
|
Basis of Presentation [Abstract] | |||||
Membership interest own in Fitzgibbons through subsidiary | 51.00% | 51.00% | |||
Consolidation of membership interest in Fitzgibbons | 100.00% | 100.00% | |||
Noncontrolling interest by subsidiary | 49.00% | 49.00% | |||
Nature of Operations [Line Items] | |||||
Subordinated loan face value | $ 5,000,000 | $ 5,000,000 | |||
Preferred stock dividend rate | 9.00% | ||||
Cash dividends paid to preferred shareholder - SBLF | $ 16,000 | $ 49,000 | $ 65,000 | $ 130,000 | |
Subordinated Note [Member] | |||||
Nature of Operations [Line Items] | |||||
Subordinated loan face value | $ 10,000,000 | ||||
Subordinated effective interest rate | 6.44% | ||||
Annual increase in interest expense | $ 644,000 | ||||
Series B Preferred Stock [Member] | |||||
Nature of Operations [Line Items] | |||||
Redeemed shares (in shares) | (13,000) | ||||
Payment for redeemed shares | $ (13,000,000) | ||||
Preferred Stock SBLF [Member] | |||||
Nature of Operations [Line Items] | |||||
Preferred dividends payable amount | 1,200,000 | ||||
Dividend payable after retirement of preferred stock | $ 0 |
Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
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Earnings per Common Share [Abstract] | ||||
Anti-dilutive stock options (in shares) | 280,396 | 0 | 148,434 | 8,236 |
Basic Earnings Per Common Share [Abstract] | ||||
Net income available to common shareholders | $ 832 | $ 661 | $ 1,477 | $ 1,158 |
Weighted average common shares outstanding (in shares) | 4,149,000 | 4,120,000 | 4,145,000 | 4,117,000 |
Basic earnings per common share (in dollars per share) | $ 0.20 | $ 0.16 | $ 0.36 | $ 0.28 |
Diluted Earnings Per Common Share [Abstract] | ||||
Net income available to common shareholders | $ 832 | $ 661 | $ 1,477 | $ 1,158 |
Weighted average common shares outstanding (in shares) | 4,149,000 | 4,120,000 | 4,145,000 | 4,117,000 |
Effect of assumed exercise of stock options (in shares) | 84,000 | 67,000 | 81,000 | 62,000 |
Diluted weighted average common shares outstanding (in shares) | 4,233,000 | 4,187,000 | 4,226,000 | 4,179,000 |
Diluted earnings per common share (in dollar per share) | $ 0.20 | $ 0.16 | $ 0.35 | $ 0.28 |
Investment Securities (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2016
USD ($)
Security
|
Jun. 30, 2015
USD ($)
|
Jun. 30, 2016
USD ($)
Security
|
Jun. 30, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
Security
|
|
Schedule of Available-for-sale Securities [Line Items] | |||||
Totals, amortized cost | $ 113,955 | $ 113,955 | |||
Total investment securities, amortized cost basis | 115,717 | 115,717 | $ 99,024 | ||
Gross Unrealized Gains | 861 | 861 | 531 | ||
Gross Unrealized Losses | (183) | (183) | (613) | ||
Estimated Fair Value | 116,395 | $ 116,395 | 98,942 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Number of unrated structured credit issuances | Security | 3 | ||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Held-to-maturity securities, debt maturities, Amortized Cost | 42,126 | $ 42,126 | 44,297 | ||
Held to maturity, gross unrealized gains | 1,774 | 1,774 | 1,255 | ||
Held to maturity, gross unrealized losses | (13) | (13) | (37) | ||
Held-to-maturity Securities, Debt Maturities, Fair Value | 43,887 | 43,887 | 45,515 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||
Less than twelve months Unrealized Losses | (13) | (13) | (37) | ||
Twelve months or more Unrealized Losses | 0 | 0 | 0 | ||
Total Unrealized Losses | (13) | (13) | (37) | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less than twelve months Fair Value | 840 | 840 | 3,990 | ||
Twelve months or more Fair Value | 0 | 0 | 0 | ||
Total Fair Value | $ 840 | $ 840 | $ 3,990 | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 1 | 1 | 4 | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 | 0 | ||
Number of securities in unrealized loss positions | Security | 1 | 1 | 4 | ||
Available-for-sale securities, debt maturities, amortized cost [Abstract] | |||||
Due in one year or less | $ 17,920 | $ 17,920 | |||
Due after one year through five years | 28,110 | 28,110 | |||
Due after five years through ten years | 6,445 | 6,445 | |||
Due after ten years | 2,435 | 2,435 | |||
Sub-total | 54,910 | 54,910 | |||
Residential mortgage-backed - US agency | 23,526 | 23,526 | |||
Collateralized mortgage obligations - US agency | 29,711 | 29,711 | |||
Collateralized mortgage obligations - Private label | 5,808 | 5,808 | |||
Totals, amortized cost | 113,955 | 113,955 | |||
Available-for-sale securities, debt maturities, Estimated Fair Value [Abstract] | |||||
Due in one year or less | 17,926 | 17,926 | |||
Due after one year through five years | 28,240 | 28,240 | |||
Due after five years through ten years | 6,519 | 6,519 | |||
Due after ten years | 2,443 | 2,443 | |||
Sub-total | 55,128 | 55,128 | |||
Residential mortgage-backed - US agency | 23,739 | 23,739 | |||
Collateralized mortgage obligations - US agency | 29,843 | 29,843 | |||
Collateralized mortgage obligations - Private label | 5,776 | 5,776 | |||
Available-for-sale securities, debt maturities, fair value, totals | 114,486 | 114,486 | |||
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | |||||
Due in one year or less | 205 | 205 | |||
Due after one year through five years | 10,075 | 10,075 | |||
Due after five years through ten years | 17,633 | 17,633 | |||
Due after ten years | 4,146 | 4,146 | |||
Sub-total | 32,059 | 32,059 | |||
Residential mortgage-backed - US agency | 7,146 | 7,146 | |||
Collateralized mortgage obligations - US agency | 2,921 | 2,921 | |||
Collateralized mortgage obligations - Private label | 0 | 0 | |||
Held-to-maturity securities, debt maturities, Amortized Cost | 42,126 | 42,126 | $ 44,297 | ||
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | |||||
Due in one year or less | 206 | 206 | |||
Due after one year through five years | 10,386 | 10,386 | |||
Due after five years through ten years | 18,427 | 18,427 | |||
Due after ten years | 4,346 | 4,346 | |||
Sub-total | 33,365 | 33,365 | |||
Residential mortgage-backed - US agency | 7,394 | 7,394 | |||
Collateralized mortgage obligations - US agency | 3,128 | 3,128 | |||
Collateralized mortgage obligations - Private label | 0 | 0 | |||
Held-to-maturity Securities, Debt Maturities, Fair Value | 43,887 | 43,887 | 45,515 | ||
Gain (Loss) on Sale of Investments [Abstract] | |||||
Realized gains | 134 | $ 53 | 229 | $ 110 | |
Realized losses | (2) | (4) | (17) | (9) | |
Total | 132 | $ 49 | 212 | $ 101 | |
Securities pledged to collateralize deposit | 74,500 | 74,500 | 89,700 | ||
Securities pledged to collateralize borrowing | 15,500 | 15,500 | 17,800 | ||
Debt Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Totals, amortized cost | 113,955 | 113,955 | 97,371 | ||
Gross Unrealized Gains, Debt investment securities | 706 | 706 | 379 | ||
Gross Unrealized Losses, Debt investment securities | (175) | (175) | (608) | ||
Available-for-sale Securities, Debt investment securities | 114,486 | 114,486 | 97,142 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||
Less than twelve months Unrealized Losses | (105) | (105) | (364) | ||
Twelve months or more Unrealized Losses | (78) | (78) | (249) | ||
Total Unrealized Losses | (183) | (183) | (613) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less than twelve months Fair Value | 23,914 | 23,914 | 52,859 | ||
Twelve months or more Fair Value | 6,029 | 6,029 | 10,744 | ||
Total Fair Value | $ 29,943 | $ 29,943 | $ 63,603 | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 22 | 22 | 53 | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 8 | 8 | 14 | ||
Number of securities in unrealized loss positions | Security | 30 | 30 | 67 | ||
Available-for-sale securities, debt maturities, amortized cost [Abstract] | |||||
Totals, amortized cost | $ 113,955 | $ 113,955 | $ 97,371 | ||
US Treasury, Agencies and GSEs [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Totals, amortized cost | 28,041 | 28,041 | 21,380 | ||
Gross Unrealized Gains, Debt investment securities | 9 | 9 | 13 | ||
Gross Unrealized Losses, Debt investment securities | (16) | (16) | (85) | ||
Available-for-sale Securities, Debt investment securities | 28,034 | 28,034 | 21,308 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||
Less than twelve months Unrealized Losses | (16) | (16) | (70) | ||
Twelve months or more Unrealized Losses | 0 | 0 | (15) | ||
Total Unrealized Losses | (16) | (16) | (85) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less than twelve months Fair Value | 11,991 | 11,991 | 13,382 | ||
Twelve months or more Fair Value | 0 | 0 | 984 | ||
Total Fair Value | $ 11,991 | $ 11,991 | $ 14,366 | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 4 | 4 | 9 | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 | 1 | ||
Number of securities in unrealized loss positions | Security | 4 | 4 | 10 | ||
Available-for-sale securities, debt maturities, amortized cost [Abstract] | |||||
Totals, amortized cost | $ 28,041 | $ 28,041 | $ 21,380 | ||
State and Political Subdivisions [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Totals, amortized cost | 11,804 | 11,804 | 8,198 | ||
Gross Unrealized Gains, Debt investment securities | 155 | 155 | 107 | ||
Gross Unrealized Losses, Debt investment securities | (17) | (17) | (5) | ||
Available-for-sale Securities, Debt investment securities | 11,942 | 11,942 | 8,300 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||
Less than twelve months Unrealized Losses | (17) | (17) | (4) | ||
Twelve months or more Unrealized Losses | 0 | 0 | (1) | ||
Total Unrealized Losses | (17) | (17) | (5) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less than twelve months Fair Value | 2,572 | 2,572 | 1,894 | ||
Twelve months or more Fair Value | 0 | 0 | 339 | ||
Total Fair Value | $ 2,572 | $ 2,572 | $ 2,233 | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 9 | 9 | 13 | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 | 3 | ||
Number of securities in unrealized loss positions | Security | 9 | 9 | 16 | ||
Available-for-sale securities, debt maturities, amortized cost [Abstract] | |||||
Totals, amortized cost | $ 11,804 | $ 11,804 | $ 8,198 | ||
Corporate [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Totals, amortized cost | 12,501 | 12,501 | 18,173 | ||
Gross Unrealized Gains, Debt investment securities | 113 | 113 | 51 | ||
Gross Unrealized Losses, Debt investment securities | (26) | (26) | (96) | ||
Available-for-sale Securities, Debt investment securities | 12,588 | 12,588 | 18,128 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||
Less than twelve months Unrealized Losses | 0 | 0 | (57) | ||
Twelve months or more Unrealized Losses | (26) | (26) | (39) | ||
Total Unrealized Losses | (26) | (26) | (96) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less than twelve months Fair Value | 0 | 0 | 8,123 | ||
Twelve months or more Fair Value | 2,157 | 2,157 | 2,820 | ||
Total Fair Value | $ 2,157 | $ 2,157 | $ 10,943 | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 0 | 0 | 10 | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 2 | 2 | 2 | ||
Number of securities in unrealized loss positions | Security | 2 | 2 | 12 | ||
Percentage of securities remaining in unrealized loss positions, twelve months or more | 1.57% | 1.57% | |||
Number of security rated at the lowest label investment grade | Security | 3 | ||||
Available-for-sale securities, debt maturities, amortized cost [Abstract] | |||||
Totals, amortized cost | $ 12,501 | $ 12,501 | $ 18,173 | ||
Residential Mortgage-Backed - US Agency [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Totals, amortized cost | 23,526 | 23,526 | 32,740 | ||
Gross Unrealized Gains, Debt investment securities | 213 | 213 | 113 | ||
Gross Unrealized Losses, Debt investment securities | 0 | 0 | (280) | ||
Available-for-sale Securities, Debt investment securities | 23,739 | 23,739 | 32,573 | ||
Available-for-sale securities, debt maturities, amortized cost [Abstract] | |||||
Totals, amortized cost | 23,526 | 23,526 | 32,740 | ||
Asset Backed Securities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Totals, amortized cost | 2,564 | 2,564 | |||
Gross Unrealized Gains, Debt investment securities | 0 | 0 | |||
Gross Unrealized Losses, Debt investment securities | 0 | 0 | |||
Available-for-sale Securities, Debt investment securities | 2,564 | 2,564 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||
Less than twelve months Unrealized Losses | 0 | 0 | (148) | ||
Twelve months or more Unrealized Losses | 0 | 0 | (132) | ||
Total Unrealized Losses | 0 | 0 | (280) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less than twelve months Fair Value | 659 | 659 | 20,204 | ||
Twelve months or more Fair Value | 0 | 0 | 4,812 | ||
Total Fair Value | $ 659 | $ 659 | $ 25,016 | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 1 | 1 | 14 | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 | 5 | ||
Number of securities in unrealized loss positions | Security | 1 | 1 | 19 | ||
Available-for-sale securities, debt maturities, amortized cost [Abstract] | |||||
Totals, amortized cost | $ 2,564 | $ 2,564 | |||
Collateralized Mortgage Obligations - US Agency [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Totals, amortized cost | 29,711 | 29,711 | $ 16,880 | ||
Gross Unrealized Gains, Debt investment securities | 216 | 216 | 95 | ||
Gross Unrealized Losses, Debt investment securities | (84) | (84) | (142) | ||
Available-for-sale Securities, Debt investment securities | 29,843 | 29,843 | 16,833 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||
Less than twelve months Unrealized Losses | (32) | (32) | (80) | ||
Twelve months or more Unrealized Losses | (52) | (52) | (62) | ||
Total Unrealized Losses | (84) | (84) | (142) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less than twelve months Fair Value | 5,930 | 5,930 | 8,618 | ||
Twelve months or more Fair Value | 3,872 | 3,872 | 1,789 | ||
Total Fair Value | $ 9,802 | $ 9,802 | $ 10,407 | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 5 | 5 | 6 | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 6 | 6 | 3 | ||
Number of securities in unrealized loss positions | Security | 11 | 11 | 9 | ||
Available-for-sale securities, debt maturities, amortized cost [Abstract] | |||||
Totals, amortized cost | $ 29,711 | $ 29,711 | $ 16,880 | ||
Collateralized Mortgage Obligations of Private Label [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Totals, amortized cost | 5,808 | 5,808 | 0 | ||
Gross Unrealized Gains, Debt investment securities | 0 | 0 | 0 | ||
Gross Unrealized Losses, Debt investment securities | (32) | (32) | 0 | ||
Available-for-sale Securities, Debt investment securities | 5,776 | 5,776 | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||
Less than twelve months Unrealized Losses | (32) | (32) | 0 | ||
Twelve months or more Unrealized Losses | 0 | 0 | 0 | ||
Total Unrealized Losses | (32) | (32) | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less than twelve months Fair Value | 2,127 | 2,127 | 0 | ||
Twelve months or more Fair Value | 0 | 0 | 0 | ||
Total Fair Value | $ 2,127 | $ 2,127 | $ 0 | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 2 | 2 | 0 | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 | 0 | ||
Number of securities in unrealized loss positions | Security | 2 | 2 | 0 | ||
Percentage of securities remaining in unrealized loss positions, less than twelve months | 1.53% | 1.53% | |||
Number of months securities is in a loss position | 3 months | ||||
Available-for-sale securities, debt maturities, amortized cost [Abstract] | |||||
Totals, amortized cost | $ 5,808 | $ 5,808 | $ 0 | ||
Municipal 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 | 9 | |||
Number of months securities is in a loss position | 4 months | ||||
Municipal Securities [Member] | Minimum [Member] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Securities in insignificant unrealized loss position to current value | 0.01% | 0.01% | |||
Municipal Securities [Member] | Maximum [Member] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Securities in insignificant unrealized loss position to current value | 1.31% | 1.31% | |||
Equity and Other Investments [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized cost, equity securities | $ 1,762 | $ 1,762 | 1,653 | ||
Gross Unrealized Gains, Equity investment securities | 155 | 155 | 152 | ||
Gross Unrealized Losses, Equity investment securities | (8) | (8) | (5) | ||
Available-for-sale Securities, Equity investment securities | 1,909 | 1,909 | 1,800 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||
Less than twelve months Unrealized Losses | (8) | (8) | (5) | ||
Twelve months or more Unrealized Losses | 0 | 0 | 0 | ||
Total Unrealized Losses | (8) | (8) | (5) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less than twelve months Fair Value | 635 | 635 | 638 | ||
Twelve months or more Fair Value | 0 | 0 | 0 | ||
Total Fair Value | $ 635 | $ 635 | $ 638 | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 1 | 1 | 1 | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 | 0 | ||
Number of securities in unrealized loss positions | Security | 1 | 1 | 1 | ||
Mutual Funds Ultra Short Mortgage Fund [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized cost, equity securities | $ 643 | $ 643 | $ 643 | ||
Gross Unrealized Gains, Equity investment securities | 0 | 0 | 0 | ||
Gross Unrealized Losses, Equity investment securities | (8) | (8) | (5) | ||
Available-for-sale Securities, Equity investment securities | 635 | 635 | 638 | ||
Mutual Funds Large Cap Equity Fund [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized cost, equity securities | 456 | 456 | 456 | ||
Gross Unrealized Gains, Equity investment securities | 155 | 155 | 127 | ||
Gross Unrealized Losses, Equity investment securities | 0 | 0 | 0 | ||
Available-for-sale Securities, Equity investment securities | 611 | 611 | 583 | ||
Mutual funds Common Stock Financial Services Industry [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Amortized cost, equity securities | 663 | 663 | 554 | ||
Gross Unrealized Gains, Equity investment securities | 0 | 0 | 25 | ||
Gross Unrealized Losses, Equity investment securities | 0 | 0 | 0 | ||
Available-for-sale Securities, Equity investment securities | 663 | 663 | 579 | ||
US Treasury, Agencies and GSEs [Member] | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Held-to-maturity securities, debt maturities, Amortized Cost | 5,874 | 5,874 | 7,860 | ||
Held to maturity, gross unrealized gains | 178 | 178 | 81 | ||
Held to maturity, gross unrealized losses | 0 | 0 | (29) | ||
Held-to-maturity Securities, Debt Maturities, Fair Value | 6,052 | 6,052 | 7,912 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||
Less than twelve months Unrealized Losses | 0 | 0 | (29) | ||
Twelve months or more Unrealized Losses | 0 | 0 | 0 | ||
Total Unrealized Losses | 0 | 0 | (29) | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less than twelve months Fair Value | 0 | 0 | 2,970 | ||
Twelve months or more Fair Value | 0 | 0 | 0 | ||
Total Fair Value | $ 0 | $ 0 | $ 2,970 | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 0 | 0 | 2 | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 | 0 | ||
Number of securities in unrealized loss positions | Security | 0 | 0 | 2 | ||
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | |||||
Held-to-maturity securities, debt maturities, Amortized Cost | $ 5,874 | $ 5,874 | $ 7,860 | ||
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | |||||
Held-to-maturity Securities, Debt Maturities, Fair Value | 6,052 | 6,052 | 7,912 | ||
State and Political Subdivisions [Member] | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Held-to-maturity securities, debt maturities, Amortized Cost | 21,578 | 21,578 | 21,585 | ||
Held to maturity, gross unrealized gains | 1,095 | 1,095 | 881 | ||
Held to maturity, gross unrealized losses | 0 | 0 | 0 | ||
Held-to-maturity Securities, Debt Maturities, Fair Value | 22,673 | 22,673 | 22,466 | ||
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | |||||
Held-to-maturity securities, debt maturities, Amortized Cost | 21,578 | 21,578 | 21,585 | ||
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | |||||
Held-to-maturity Securities, Debt Maturities, Fair Value | 22,673 | 22,673 | 22,466 | ||
Corporate [Member] | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Held-to-maturity securities, debt maturities, Amortized Cost | 4,607 | 4,607 | 4,175 | ||
Held to maturity, gross unrealized gains | 46 | 46 | 53 | ||
Held to maturity, gross unrealized losses | (13) | (13) | (3) | ||
Held-to-maturity Securities, Debt Maturities, Fair Value | 4,640 | 4,640 | 4,225 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||
Less than twelve months Unrealized Losses | (13) | (13) | (3) | ||
Twelve months or more Unrealized Losses | 0 | 0 | 0 | ||
Total Unrealized Losses | (13) | (13) | (3) | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less than twelve months Fair Value | 840 | 840 | 225 | ||
Twelve months or more Fair Value | 0 | 0 | 0 | ||
Total Fair Value | $ 840 | $ 840 | $ 225 | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 1 | 1 | 1 | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 | 0 | ||
Number of securities in unrealized loss positions | Security | 1 | 1 | 1 | ||
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | |||||
Held-to-maturity securities, debt maturities, Amortized Cost | $ 4,607 | $ 4,607 | $ 4,175 | ||
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | |||||
Held-to-maturity Securities, Debt Maturities, Fair Value | 4,640 | 4,640 | 4,225 | ||
Residential Mortgage-Backed - US Agency [Member] | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Held-to-maturity securities, debt maturities, Amortized Cost | 7,146 | 7,146 | 7,763 | ||
Held to maturity, gross unrealized gains | 248 | 248 | 137 | ||
Held to maturity, gross unrealized losses | 0 | 0 | (5) | ||
Held-to-maturity Securities, Debt Maturities, Fair Value | 7,394 | 7,394 | 7,895 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | |||||
Less than twelve months Unrealized Losses | 0 | 0 | (5) | ||
Twelve months or more Unrealized Losses | 0 | 0 | 0 | ||
Total Unrealized Losses | 0 | 0 | (5) | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||||
Less than twelve months Fair Value | 0 | 0 | 795 | ||
Twelve months or more Fair Value | 0 | 0 | 0 | ||
Total Fair Value | $ 0 | $ 0 | $ 795 | ||
Number of securities in unrealized loss positions, less than twelve months | Security | 0 | 0 | 1 | ||
Number of securities in unrealized loss positions, twelve months or more | Security | 0 | 0 | 0 | ||
Number of securities in unrealized loss positions | Security | 0 | 0 | 1 | ||
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | |||||
Held-to-maturity securities, debt maturities, Amortized Cost | $ 7,146 | $ 7,146 | $ 7,763 | ||
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | |||||
Held-to-maturity Securities, Debt Maturities, Fair Value | 7,394 | 7,394 | 7,895 | ||
Collateralized Mortgage Obligations - US Agency [Member] | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Held-to-maturity securities, debt maturities, Amortized Cost | 2,921 | 2,921 | 2,914 | ||
Held to maturity, gross unrealized gains | 207 | 207 | 103 | ||
Held to maturity, gross unrealized losses | 0 | 0 | 0 | ||
Held-to-maturity Securities, Debt Maturities, Fair Value | 3,128 | 3,128 | 3,017 | ||
Held-to-maturity Securities, debt maturities, amortized cost [Abstract] | |||||
Held-to-maturity securities, debt maturities, Amortized Cost | 2,921 | 2,921 | 2,914 | ||
Held-to-maturity Securities, debt maturities, Estimated Fair Value [Abstract] | |||||
Held-to-maturity Securities, Debt Maturities, Fair Value | $ 3,128 | $ 3,128 | $ 3,017 |
Pension and Postretirement Benefits (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Defined Benefit Plan Disclosure [Line Items] | ||||
Minimum years of service to participate in the health and life insurance benefits as of January 1, 1995 | 14 years | |||
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 116 | 117 | 232 | 234 |
Expected return on plan assets | (238) | (243) | (476) | (487) |
Amortization of net losses | 56 | 45 | 113 | 90 |
Net periodic benefit plan (benefit) cost | (66) | (81) | (131) | (163) |
Postretirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 2 | 5 | 4 | 9 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of net losses | (2) | 0 | (4) | 0 |
Net periodic benefit plan (benefit) cost | $ 0 | $ 5 | $ 0 | $ 9 |
Loans (Details) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2016
USD ($)
Segment
|
Dec. 31, 2015
USD ($)
|
Jun. 30, 2015
USD ($)
|
|
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | $ 450,824 | $ 430,586 | $ 403,477 |
Net deferred loan fees | (243) | (148) | |
Less allowance for loan losses | (5,930) | (5,706) | |
Loans receivable, net | $ 444,651 | 424,732 | |
Number of portfolio segment | Segment | 3 | ||
1-4 Family First Lien Residential Mortgage [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | $ 188,455 | 175,978 | |
Real Estate [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 132,433 | 126,349 | |
Other Commercial and Industrial [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 66,632 | 42,290 | |
Home Equity and Junior Liens [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 23,452 | 22,591 | |
Other Consumer [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 5,396 | $ 4,610 | |
Residential Mortgage Loans [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 193,869 | 189,716 | |
Residential mortgage loans pledged to FHLBNY as blanket collateral | 130,900 | 125,800 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgage [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 188,455 | 181,792 | |
Residential Mortgage Loans [Member] | Construction [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 5,414 | 7,924 | |
Commercial Loans [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 228,107 | 212,521 | |
Commercial Loans [Member] | Real Estate [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 132,433 | 129,506 | |
Commercial Loans [Member] | Lines of Credit [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 20,777 | 19,035 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 66,632 | 54,899 | |
Commercial Loans [Member] | Tax Exempt Loans [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 8,265 | 9,081 | |
Consumer Loans [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 28,848 | 28,349 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | 23,452 | 23,463 | |
Consumer Loans [Member] | Other Consumer [Member] | |||
Notes, Loans and Financing Receivable, Net [Abstract] | |||
Total loans | $ 5,396 | $ 4,886 |
Loans, Credit Quality Indicator Details (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
Jun. 30, 2015 |
---|---|---|---|
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 450,824 | $ 430,586 | $ 403,477 |
Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 436,441 | 414,050 | |
Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 6,658 | 8,250 | |
Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 6,077 | 7,317 | |
Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,648 | 969 | |
1-4 Family First Lien Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 188,455 | 175,978 | |
Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 132,433 | 126,349 | |
Other Commercial and Industrial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 66,632 | 42,290 | |
Home Equity and Junior Liens [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 23,452 | 22,591 | |
Other Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 5,396 | $ 4,610 | |
Residential Mortgage Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 193,869 | 189,716 | |
Residential Mortgage Loans [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 190,043 | 185,168 | |
Residential Mortgage Loans [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 512 | 1,375 | |
Residential Mortgage Loans [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,850 | 2,425 | |
Residential Mortgage Loans [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,464 | 748 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgage [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 188,455 | 181,792 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgage [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 184,629 | 177,244 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgage [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 512 | 1,375 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgage [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,850 | 2,425 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgage [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,464 | 748 | |
Residential Mortgage Loans [Member] | Construction [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 5,414 | 7,924 | |
Residential Mortgage Loans [Member] | Construction [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 5,414 | 7,924 | |
Residential Mortgage Loans [Member] | Construction [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 0 | |
Residential Mortgage Loans [Member] | Construction [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 0 | |
Residential Mortgage Loans [Member] | Construction [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 0 | |
Commercial Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 228,107 | 212,521 | |
Commercial Loans [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 218,201 | 201,262 | |
Commercial Loans [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 5,910 | 6,662 | |
Commercial Loans [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 3,990 | 4,590 | |
Commercial Loans [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 6 | 7 | |
Commercial Loans [Member] | Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 132,433 | 129,506 | |
Commercial Loans [Member] | Real Estate [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 124,598 | 121,283 | |
Commercial Loans [Member] | Real Estate [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 4,130 | 4,345 | |
Commercial Loans [Member] | Real Estate [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 3,705 | 3,878 | |
Commercial Loans [Member] | Real Estate [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 0 | |
Commercial Loans [Member] | Lines of Credit [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 20,777 | 19,035 | |
Commercial Loans [Member] | Lines of Credit [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 19,704 | 17,358 | |
Commercial Loans [Member] | Lines of Credit [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 1,058 | 1,469 | |
Commercial Loans [Member] | Lines of Credit [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 15 | 208 | |
Commercial Loans [Member] | Lines of Credit [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 0 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 66,632 | 54,899 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 65,634 | 53,540 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 722 | 848 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 270 | 504 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 6 | 7 | |
Commercial Loans [Member] | Tax Exempt Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 8,265 | 9,081 | |
Commercial Loans [Member] | Tax Exempt Loans [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 8,265 | 9,081 | |
Commercial Loans [Member] | Tax Exempt Loans [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 0 | |
Commercial Loans [Member] | Tax Exempt Loans [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 0 | |
Commercial Loans [Member] | Tax Exempt Loans [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 0 | 0 | |
Consumer Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 28,848 | 28,349 | |
Consumer Loans [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 28,197 | 27,620 | |
Consumer Loans [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 236 | 213 | |
Consumer Loans [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 237 | 302 | |
Consumer Loans [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 178 | 214 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 23,452 | 23,463 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 22,915 | 22,780 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 182 | 182 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 177 | 287 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 178 | 214 | |
Consumer Loans [Member] | Other Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 5,396 | 4,886 | |
Consumer Loans [Member] | Other Consumer [Member] | Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 5,282 | 4,840 | |
Consumer Loans [Member] | Other Consumer [Member] | Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 54 | 31 | |
Consumer Loans [Member] | Other Consumer [Member] | Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | 60 | 15 | |
Consumer Loans [Member] | Other Consumer [Member] | Doubtful [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans | $ 0 | $ 0 |
Loans, Non-Accrual And Past Due Loans (Details) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2016
USD ($)
Loan
|
Jun. 30, 2015
USD ($)
Loan
|
Jun. 30, 2016
USD ($)
Loan
|
Jun. 30, 2015
USD ($)
Loan
|
Dec. 31, 2015
USD ($)
|
|
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | $ 9,175,000 | $ 9,175,000 | $ 8,872,000 | ||
Current | 441,649,000 | 441,649,000 | 421,714,000 | ||
Total Loans Receivable | 450,824,000 | $ 403,477,000 | 450,824,000 | $ 403,477,000 | 430,586,000 |
Nonaccrual loans, Segregated by class of loans [Abstract] | |||||
Nonaccrual status loans | 5,149,000 | 5,149,000 | 5,318,000 | ||
Ninety days past due and still accruing interest | $ 0 | $ 0 | 0 | ||
Number of contracts, TDRs | Loan | 0 | 0 | 0 | 1 | |
Number of contracts, TDR payment default | Loan | 0 | 0 | |||
30-59 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | $ 2,186,000 | $ 2,186,000 | 2,380,000 | ||
60-89 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,840,000 | 1,840,000 | 1,174,000 | ||
90 Days and Over [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 5,149,000 | 5,149,000 | 5,318,000 | ||
1-4 Family First Lien Residential Mortgage [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Loans Receivable | 188,455,000 | $ 175,978,000 | 188,455,000 | $ 175,978,000 | |
Real Estate [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Loans Receivable | 132,433,000 | 126,349,000 | 132,433,000 | 126,349,000 | |
Other Commercial and Industrial [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Loans Receivable | 66,632,000 | 42,290,000 | 66,632,000 | 42,290,000 | |
Home Equity and Junior Liens [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Loans Receivable | 23,452,000 | 22,591,000 | 23,452,000 | 22,591,000 | |
Other Consumer [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Loans Receivable | 5,396,000 | $ 4,610,000 | 5,396,000 | $ 4,610,000 | |
Residential Mortgage Loans [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 3,829,000 | 3,829,000 | 3,638,000 | ||
Current | 190,040,000 | 190,040,000 | 186,078,000 | ||
Total Loans Receivable | 193,869,000 | 193,869,000 | 189,716,000 | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | |||||
Nonaccrual status loans | 1,721,000 | 1,721,000 | 1,715,000 | ||
Residential Mortgage Loans [Member] | 30-59 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,562,000 | 1,562,000 | 1,115,000 | ||
Residential Mortgage Loans [Member] | 60-89 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 546,000 | 546,000 | 808,000 | ||
Residential Mortgage Loans [Member] | 90 Days and Over [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,721,000 | 1,721,000 | 1,715,000 | ||
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgage [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 3,829,000 | 3,829,000 | 3,638,000 | ||
Current | 184,626,000 | 184,626,000 | 178,154,000 | ||
Total Loans Receivable | 188,455,000 | 188,455,000 | 181,792,000 | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | |||||
Nonaccrual status loans | 1,721,000 | 1,721,000 | 1,715,000 | ||
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgage [Member] | 30-59 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,562,000 | 1,562,000 | 1,115,000 | ||
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgage [Member] | 60-89 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 546,000 | 546,000 | 808,000 | ||
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgage [Member] | 90 Days and Over [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,721,000 | 1,721,000 | 1,715,000 | ||
Residential Mortgage Loans [Member] | Construction [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | 0 | ||
Current | 5,414,000 | 5,414,000 | 7,924,000 | ||
Total Loans Receivable | 5,414,000 | 5,414,000 | 7,924,000 | ||
Residential Mortgage Loans [Member] | Construction [Member] | 30-59 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | 0 | ||
Residential Mortgage Loans [Member] | Construction [Member] | 60-89 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | 0 | ||
Residential Mortgage Loans [Member] | Construction [Member] | 90 Days and Over [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | 0 | ||
Commercial Loans [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 4,731,000 | 4,731,000 | 4,708,000 | ||
Current | 223,376,000 | 223,376,000 | 207,813,000 | ||
Total Loans Receivable | 228,107,000 | 228,107,000 | 212,521,000 | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | |||||
Nonaccrual status loans | 3,024,000 | 3,024,000 | 3,238,000 | ||
Commercial Loans [Member] | 30-59 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 499,000 | 499,000 | 1,119,000 | ||
Commercial Loans [Member] | 60-89 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,208,000 | 1,208,000 | 351,000 | ||
Commercial Loans [Member] | 90 Days and Over [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 3,024,000 | 3,024,000 | 3,238,000 | ||
Commercial Loans [Member] | Real Estate [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 3,319,000 | 3,319,000 | 3,769,000 | ||
Current | 129,114,000 | 129,114,000 | 125,737,000 | ||
Total Loans Receivable | 132,433,000 | 132,433,000 | 129,506,000 | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | |||||
Nonaccrual status loans | 2,736,000 | 2,736,000 | 2,694,000 | ||
Pre-modification recorded investment | 678,000 | ||||
Post-modification recorded investment | 324,000 | ||||
Additional specific reserve required against the loan | 354,000 | ||||
Commercial Loans [Member] | Real Estate [Member] | 30-59 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 76,000 | 76,000 | 940,000 | ||
Commercial Loans [Member] | Real Estate [Member] | 60-89 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 507,000 | 507,000 | 135,000 | ||
Commercial Loans [Member] | Real Estate [Member] | 90 Days and Over [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 2,736,000 | 2,736,000 | 2,694,000 | ||
Commercial Loans [Member] | Lines of Credit [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 100,000 | 100,000 | 194,000 | ||
Current | 20,677,000 | 20,677,000 | 18,841,000 | ||
Total Loans Receivable | 20,777,000 | 20,777,000 | 19,035,000 | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | |||||
Nonaccrual status loans | 100,000 | 100,000 | 174,000 | ||
Commercial Loans [Member] | Lines of Credit [Member] | 30-59 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | 20,000 | ||
Commercial Loans [Member] | Lines of Credit [Member] | 60-89 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | 0 | ||
Commercial Loans [Member] | Lines of Credit [Member] | 90 Days and Over [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 100,000 | 100,000 | 174,000 | ||
Commercial Loans [Member] | Other Commercial and Industrial [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,312,000 | 1,312,000 | 745,000 | ||
Current | 65,320,000 | 65,320,000 | 54,154,000 | ||
Total Loans Receivable | 66,632,000 | 66,632,000 | 54,899,000 | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | |||||
Nonaccrual status loans | 188,000 | 188,000 | 370,000 | ||
Commercial Loans [Member] | Other Commercial and Industrial [Member] | 30-59 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 423,000 | 423,000 | 159,000 | ||
Commercial Loans [Member] | Other Commercial and Industrial [Member] | 60-89 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 701,000 | 701,000 | 216,000 | ||
Commercial Loans [Member] | Other Commercial and Industrial [Member] | 90 Days and Over [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 188,000 | 188,000 | 370,000 | ||
Commercial Loans [Member] | Tax Exempt Loans [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | 0 | ||
Current | 8,265,000 | 8,265,000 | 9,081,000 | ||
Total Loans Receivable | 8,265,000 | 8,265,000 | 9,081,000 | ||
Commercial Loans [Member] | Tax Exempt Loans [Member] | 30-59 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | 0 | ||
Commercial Loans [Member] | Tax Exempt Loans [Member] | 60-89 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 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 | 0 | ||
Consumer Loans [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 615,000 | 615,000 | 526,000 | ||
Current | 28,233,000 | 28,233,000 | 27,823,000 | ||
Total Loans Receivable | 28,848,000 | 28,848,000 | 28,349,000 | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | |||||
Nonaccrual status loans | 404,000 | 404,000 | 365,000 | ||
Consumer Loans [Member] | 30-59 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 125,000 | 125,000 | 146,000 | ||
Consumer Loans [Member] | 60-89 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 86,000 | 86,000 | 15,000 | ||
Consumer Loans [Member] | 90 Days and Over [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 404,000 | 404,000 | 365,000 | ||
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 546,000 | 546,000 | 492,000 | ||
Current | 22,906,000 | 22,906,000 | 22,971,000 | ||
Total Loans Receivable | 23,452,000 | 23,452,000 | 23,463,000 | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | |||||
Nonaccrual status loans | 395,000 | 395,000 | 360,000 | ||
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | 30-59 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 118,000 | 118,000 | 132,000 | ||
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | 60-89 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 33,000 | 33,000 | 0 | ||
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | 90 Days and Over [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 395,000 | 395,000 | 360,000 | ||
Consumer Loans [Member] | Other Consumer [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 69,000 | 69,000 | 34,000 | ||
Current | 5,327,000 | 5,327,000 | 4,852,000 | ||
Total Loans Receivable | 5,396,000 | 5,396,000 | 4,886,000 | ||
Nonaccrual loans, Segregated by class of loans [Abstract] | |||||
Nonaccrual status loans | 9,000 | 9,000 | 5,000 | ||
Consumer Loans [Member] | Other Consumer [Member] | 30-59 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 7,000 | 7,000 | 14,000 | ||
Consumer Loans [Member] | Other Consumer [Member] | 60-89 Days Past Due And Accruing [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 53,000 | 53,000 | 15,000 | ||
Consumer Loans [Member] | Other Consumer [Member] | 90 Days and Over [Member] | |||||
Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | $ 9,000 | $ 9,000 | $ 5,000 |
Loans - Impaired Loans (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Dec. 31, 2015 |
|
Total [Abstract] | |||||
Recorded Investment | $ 6,106 | $ 6,106 | $ 6,535 | ||
Unpaid Principal Balance | 6,440 | 6,440 | 6,840 | ||
Related Allowance | 994 | 994 | 960 | ||
Average recorded investment [Abstract] | |||||
Total | 6,339 | $ 7,215 | 6,404 | $ 7,277 | |
Cash Basis Interest Recognized on Impaired Loans [Abstract] | |||||
Total | 46 | 59 | 89 | 94 | |
Residential Mortgage Loans [Member] | 1-4 Family First Lien Residential Mortgage [Member] | |||||
With no related allowance recorded [Abstract] | |||||
Recorded Investment | 469 | 469 | 473 | ||
Unpaid Principal Balance | 469 | 469 | 473 | ||
Related Allowance | 0 | 0 | 0 | ||
With an allowance recorded [Abstract] | |||||
Recorded Investment | 131 | 131 | 0 | ||
Unpaid Principal Balance | 144 | 144 | 0 | ||
Related Allowance | 39 | 39 | 0 | ||
Total [Abstract] | |||||
Recorded Investment | 600 | 600 | 473 | ||
Unpaid Principal Balance | 613 | 613 | 473 | ||
Related Allowance | 39 | 39 | 0 | ||
Average recorded investment [Abstract] | |||||
Total | 602 | 633 | 559 | 801 | |
Cash Basis Interest Recognized on Impaired Loans [Abstract] | |||||
Total | 5 | 5 | 12 | 9 | |
Commercial Loans [Member] | Commercial Real Estate [Member] | |||||
With no related allowance recorded [Abstract] | |||||
Recorded Investment | 2,332 | 2,332 | 2,580 | ||
Unpaid Principal Balance | 2,513 | 2,513 | 2,709 | ||
Related Allowance | 0 | 0 | 0 | ||
With an allowance recorded [Abstract] | |||||
Recorded Investment | 1,912 | 1,912 | 1,850 | ||
Unpaid Principal Balance | 2,035 | 2,035 | 1,963 | ||
Related Allowance | 792 | 792 | 760 | ||
Total [Abstract] | |||||
Recorded Investment | 4,244 | 4,244 | 4,430 | ||
Unpaid Principal Balance | 4,548 | 4,548 | 4,672 | ||
Related Allowance | 792 | 792 | 760 | ||
Average recorded investment [Abstract] | |||||
Total | 4,298 | 4,875 | 4,342 | 4,920 | |
Cash Basis Interest Recognized on Impaired Loans [Abstract] | |||||
Total | 27 | 34 | 52 | 50 | |
Commercial Loans [Member] | Commercial Lines of Credit [Member] | |||||
With no related allowance recorded [Abstract] | |||||
Recorded Investment | 410 | 410 | 574 | ||
Unpaid Principal Balance | 410 | 410 | 597 | ||
Related Allowance | 0 | 0 | 0 | ||
With an allowance recorded [Abstract] | |||||
Recorded Investment | 5 | 5 | 5 | ||
Unpaid Principal Balance | 5 | 5 | 5 | ||
Related Allowance | 5 | 5 | 5 | ||
Total [Abstract] | |||||
Recorded Investment | 415 | 415 | 579 | ||
Unpaid Principal Balance | 415 | 415 | 602 | ||
Related Allowance | 5 | 5 | 5 | ||
Average recorded investment [Abstract] | |||||
Total | 501 | 543 | 526 | 455 | |
Cash Basis Interest Recognized on Impaired Loans [Abstract] | |||||
Total | 0 | 7 | 0 | 7 | |
Commercial Loans [Member] | Other Commercial and Industrial [Member] | |||||
With no related allowance recorded [Abstract] | |||||
Recorded Investment | 377 | 377 | 536 | ||
Unpaid Principal Balance | 377 | 377 | 569 | ||
Related Allowance | 0 | 0 | 0 | ||
With an allowance recorded [Abstract] | |||||
Recorded Investment | 183 | 183 | 224 | ||
Unpaid Principal Balance | 198 | 198 | 230 | ||
Related Allowance | 152 | 152 | 193 | ||
Total [Abstract] | |||||
Recorded Investment | 560 | 560 | 760 | ||
Unpaid Principal Balance | 575 | 575 | 799 | ||
Related Allowance | 152 | 152 | 193 | ||
Average recorded investment [Abstract] | |||||
Total | 647 | 861 | 685 | 775 | |
Cash Basis Interest Recognized on Impaired Loans [Abstract] | |||||
Total | 12 | 13 | 21 | 18 | |
Consumer Loans [Member] | Home Equity and Junior Liens [Member] | |||||
With no related allowance recorded [Abstract] | |||||
Recorded Investment | 278 | 278 | 187 | ||
Unpaid Principal Balance | 278 | 278 | 187 | ||
Related Allowance | 0 | 0 | 0 | ||
With an allowance recorded [Abstract] | |||||
Recorded Investment | 7 | 7 | 101 | ||
Unpaid Principal Balance | 8 | 8 | 101 | ||
Related Allowance | 6 | 6 | 2 | ||
Total [Abstract] | |||||
Recorded Investment | 285 | 285 | 288 | ||
Unpaid Principal Balance | 286 | 286 | 288 | ||
Related Allowance | 6 | 6 | 2 | ||
Average recorded investment [Abstract] | |||||
Total | 288 | 295 | 288 | 317 | |
Cash Basis Interest Recognized on Impaired Loans [Abstract] | |||||
Total | 2 | 0 | 4 | 10 | |
Consumer Loans [Member] | Other Consumer [Member] | |||||
With no related allowance recorded [Abstract] | |||||
Recorded Investment | 2 | 2 | 5 | ||
Unpaid Principal Balance | 3 | 3 | 6 | ||
Related Allowance | 0 | 0 | 0 | ||
With an allowance recorded [Abstract] | |||||
Recorded Investment | 0 | 0 | 0 | ||
Unpaid Principal Balance | 0 | 0 | 0 | ||
Related Allowance | 0 | 0 | 0 | ||
Total [Abstract] | |||||
Recorded Investment | 2 | 2 | 5 | ||
Unpaid Principal Balance | 3 | 3 | 6 | ||
Related Allowance | 0 | 0 | $ 0 | ||
Average recorded investment [Abstract] | |||||
Total | 3 | 8 | 4 | 9 | |
Cash Basis Interest Recognized on Impaired Loans [Abstract] | |||||
Total | $ 0 | $ 0 | $ 0 | $ 0 |
Allowance for Loan Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Dec. 31, 2015 |
|
Allowance for loan losses [Roll Forward] | |||||
Beginning Balance | $ 5,851 | $ 5,462 | $ 5,706 | $ 5,349 | |
Charge-offs | (91) | (39) | (181) | (344) | |
Recoveries | 20 | 76 | 45 | 111 | |
Provisions | 150 | 401 | 360 | 784 | |
Ending Balance | 5,930 | 5,900 | 5,930 | 5,900 | |
Ending balance: related to loans individually evaluated for impairment | 994 | 1,439 | 994 | 1,439 | |
Ending balance: related to loans collectively evaluated for impairment | 4,936 | 4,461 | 4,936 | 4,461 | |
Loans receivable, ending balance | 450,824 | 403,477 | 450,824 | 403,477 | $ 430,586 |
Ending balance: individually evaluated for impairment | 6,106 | 7,162 | 6,106 | 7,162 | |
Ending balance: collectively evaluated for impairment | 444,718 | 396,315 | 444,718 | 396,315 | |
1-4 Family First Lien Residential Mortgage [Member] | |||||
Allowance for loan losses [Roll Forward] | |||||
Beginning Balance | 642 | 498 | 581 | 509 | |
Charge-offs | (30) | (27) | (30) | (165) | |
Recoveries | 1 | 38 | 1 | 38 | |
Provisions | 14 | 35 | 75 | 162 | |
Ending Balance | 627 | 544 | 627 | 544 | |
Ending balance: related to loans individually evaluated for impairment | 39 | 0 | 39 | 0 | |
Ending balance: related to loans collectively evaluated for impairment | 588 | 544 | 588 | 544 | |
Loans receivable, ending balance | 188,455 | 175,978 | 188,455 | 175,978 | |
Ending balance: individually evaluated for impairment | 600 | 479 | 600 | 479 | |
Ending balance: collectively evaluated for impairment | 187,855 | 175,499 | 187,855 | 175,499 | |
Residential Construction Mortgage [Member] | |||||
Allowance for loan losses [Roll Forward] | |||||
Beginning Balance | 0 | 0 | 0 | ||
Charge-offs | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | ||
Provisions | 0 | 0 | 0 | ||
Ending Balance | 0 | 0 | 0 | 0 | |
Ending balance: related to loans individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Ending balance: related to loans collectively evaluated for impairment | 0 | 0 | 0 | 0 | |
Loans receivable, ending balance | 5,414 | 3,934 | 5,414 | 3,934 | |
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 5,414 | 3,934 | 5,414 | 3,934 | |
Commercial Real Estate [Member] | |||||
Allowance for loan losses [Roll Forward] | |||||
Beginning Balance | 2,884 | 3,165 | 2,983 | 2,801 | |
Charge-offs | 0 | 0 | 0 | (29) | |
Recoveries | 0 | 0 | 0 | 0 | |
Provisions | 187 | 123 | 88 | 516 | |
Ending Balance | 3,071 | 3,288 | 3,071 | 3,288 | |
Ending balance: related to loans individually evaluated for impairment | 792 | 1,064 | 792 | 1,064 | |
Ending balance: related to loans collectively evaluated for impairment | 2,279 | 2,224 | 2,279 | 2,224 | |
Loans receivable, ending balance | 132,433 | 126,349 | 132,433 | 126,349 | |
Ending balance: individually evaluated for impairment | 4,244 | 4,818 | 4,244 | 4,818 | |
Ending balance: collectively evaluated for impairment | 128,189 | 121,531 | 128,189 | 121,531 | |
Commercial Lines of Credit [Member] | |||||
Allowance for loan losses [Roll Forward] | |||||
Beginning Balance | 395 | 441 | 401 | 460 | |
Charge-offs | (22) | 0 | (43) | (10) | |
Recoveries | 1 | 25 | 9 | 36 | |
Provisions | 31 | 51 | 38 | 31 | |
Ending Balance | 405 | 517 | 405 | 517 | |
Ending balance: related to loans individually evaluated for impairment | 5 | 150 | 5 | 150 | |
Ending balance: related to loans collectively evaluated for impairment | 400 | 367 | 400 | 367 | |
Loans receivable, ending balance | 20,777 | 18,119 | 20,777 | 18,119 | |
Ending balance: individually evaluated for impairment | 415 | 612 | 415 | 612 | |
Ending balance: collectively evaluated for impairment | 20,362 | 17,507 | 20,362 | 17,507 | |
Other Commercial and Industrial Loans [Member] | |||||
Allowance for loan losses [Roll Forward] | |||||
Beginning Balance | 1,213 | 938 | 1,270 | 1,034 | |
Charge-offs | 0 | 0 | 0 | (108) | |
Recoveries | 3 | 3 | 7 | 5 | |
Provisions | 25 | 169 | (36) | 179 | |
Ending Balance | 1,241 | 1,110 | 1,241 | 1,110 | |
Ending balance: related to loans individually evaluated for impairment | 152 | 220 | 152 | 220 | |
Ending balance: related to loans collectively evaluated for impairment | 1,089 | 890 | 1,089 | 890 | |
Loans receivable, ending balance | 66,632 | 42,290 | 66,632 | 42,290 | |
Ending balance: individually evaluated for impairment | 560 | 952 | 560 | 952 | |
Ending balance: collectively evaluated for impairment | 66,072 | 41,338 | 66,072 | 41,338 | |
Municipal [Member] | |||||
Allowance for loan losses [Roll Forward] | |||||
Beginning Balance | 2 | 4 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
Provisions | (1) | 1 | |||
Ending Balance | 1 | 5 | 1 | 5 | |
Ending balance: related to loans individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Ending balance: related to loans collectively evaluated for impairment | 1 | 5 | 1 | 5 | |
Loans receivable, ending balance | 8,265 | 9,606 | 8,265 | 9,606 | |
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 8,265 | 9,606 | 8,265 | 9,606 | |
Tax Exempt [Member] | |||||
Allowance for loan losses [Roll Forward] | |||||
Beginning Balance | 3 | 3 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
Provisions | (2) | 2 | |||
Ending Balance | 1 | 5 | 1 | 5 | |
Constructions [Member] | |||||
Allowance for loan losses [Roll Forward] | |||||
Beginning Balance | 0 | ||||
Charge-offs | 0 | ||||
Recoveries | 0 | ||||
Provisions | 0 | ||||
Ending Balance | 0 | 0 | |||
Home Equity and Junior Liens [Member] | |||||
Allowance for loan losses [Roll Forward] | |||||
Beginning Balance | 355 | 329 | 350 | 388 | |
Charge-offs | (29) | 0 | (89) | 0 | |
Recoveries | 1 | 0 | 3 | 7 | |
Provisions | 23 | 2 | 86 | (64) | |
Ending Balance | 350 | 331 | 350 | 331 | |
Ending balance: related to loans individually evaluated for impairment | 6 | 5 | 6 | 5 | |
Ending balance: related to loans collectively evaluated for impairment | 344 | 326 | 344 | 326 | |
Loans receivable, ending balance | 23,452 | 22,591 | 23,452 | 22,591 | |
Ending balance: individually evaluated for impairment | 285 | 294 | 285 | 294 | |
Ending balance: collectively evaluated for impairment | 23,167 | 22,297 | 23,167 | 22,297 | |
Other Consumer [Member] | |||||
Allowance for loan losses [Roll Forward] | |||||
Beginning Balance | 145 | 87 | 118 | 98 | |
Charge-offs | (10) | (12) | (19) | (32) | |
Recoveries | 14 | 10 | 25 | 25 | |
Provisions | (2) | 20 | 23 | 14 | |
Ending Balance | 147 | 105 | 147 | 105 | |
Ending balance: related to loans individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Ending balance: related to loans collectively evaluated for impairment | 147 | 105 | 147 | 105 | |
Loans receivable, ending balance | 5,396 | 4,610 | 5,396 | 4,610 | |
Ending balance: individually evaluated for impairment | 2 | 7 | 2 | 7 | |
Ending balance: collectively evaluated for impairment | 5,394 | 4,603 | 5,394 | 4,603 | |
Unallocated [Member] | |||||
Allowance for loan losses [Roll Forward] | |||||
Beginning Balance | 215 | 0 | 0 | 56 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provisions | (127) | 0 | 88 | (56) | |
Ending Balance | 88 | 0 | 88 | 0 | |
Ending balance: related to loans individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Ending balance: related to loans collectively evaluated for impairment | $ 88 | $ 0 | $ 88 | $ 0 |
Foreclosed Real Estate (Details) $ in Thousands |
Jun. 30, 2016
USD ($)
Property
|
Dec. 31, 2015
USD ($)
Property
|
---|---|---|
Real Estate Properties [Line Items] | ||
Foreclosed real estate | $ 506 | $ 517 |
Residential real estate loans in the process of foreclosure | $ 1,100 | |
Foreclosed Residential Real Estate [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties | Property | 4 | 2 |
Foreclosed real estate | $ 170 | $ 182 |
Guarantees (Details) $ in Millions |
Jun. 30, 2016
USD ($)
|
---|---|
Loss Contingencies [Line Items] | |
Standby letters of credit | $ 1.9 |
Fair Value Measurements (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Dec. 31, 2015 |
|
Common Stock - Financial Services Industry [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Roll Forward] | ||||
Balance-Beginning | $ 313,000 | $ 313,000 | ||
Total gains realized/unrealized included in earnings | 0 | 0 | ||
Total gains realized/unrealized included in other comprehensive income | 0 | 0 | ||
Settlements | 130,000 | 130,000 | ||
Sales | 0 | 0 | ||
Balance-Ending | 443,000 | 443,000 | ||
Changes in unrealized gains included in earnings related to assets still held | 0 | 0 | ||
Level 3 [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Purchase of common stock | 130,000 | $ 330,000 | ||
Recurring Basis [Member] | Level 1 [Member] | ||||
Debt investment securities [Abstract] | ||||
US Treasury, agencies and GSEs | 0 | 0 | $ 0 | |
State and political subdivisions | 0 | 0 | 0 | |
Corporate | 0 | 0 | 0 | |
Asset backed securities | 0 | 0 | ||
Residential mortgage-backed - US agency | 0 | 0 | 0 | |
Collateralized mortgage obligations - US agency | 0 | 0 | 0 | |
Collateralized mortgage obligations - Private label | 0 | 0 | 0 | |
Mutual funds [Abstract] | ||||
Ultra short mortgage fund | 635,000 | 635,000 | 638,000 | |
Large cap equity fund | 611,000 | 611,000 | 583,000 | |
Purchase of common | 0 | 0 | 46,000 | |
Investments [Abstract] | ||||
Total available-for-sale securities | 1,246,000 | 1,246,000 | 1,267,000 | |
Interest rate swap derivative | 0 | 0 | 0 | |
Recurring Basis [Member] | Level 2 [Member] | ||||
Debt investment securities [Abstract] | ||||
US Treasury, agencies and GSEs | 28,034,000 | 28,034,000 | 21,308,000 | |
State and political subdivisions | 11,942,000 | 11,942,000 | 8,300,000 | |
Corporate | 12,588,000 | 12,588,000 | 18,128,000 | |
Asset backed securities | 2,564,000 | 2,564,000 | ||
Residential mortgage-backed - US agency | 23,739,000 | 23,739,000 | 32,573,000 | |
Collateralized mortgage obligations - US agency | 29,843,000 | 29,843,000 | 16,833,000 | |
Collateralized mortgage obligations - Private label | 5,776,000 | 5,776,000 | 0 | |
Mutual funds [Abstract] | ||||
Ultra short mortgage fund | 0 | 0 | 0 | |
Large cap equity fund | 0 | 0 | 0 | |
Purchase of common | 220,000 | 220,000 | 220,000 | |
Investments [Abstract] | ||||
Total available-for-sale securities | 114,706,000 | 114,706,000 | 97,362,000 | |
Interest rate swap derivative | 0 | 0 | (27,000) | |
Recurring Basis [Member] | Level 3 [Member] | ||||
Debt investment securities [Abstract] | ||||
US Treasury, agencies and GSEs | 0 | 0 | 0 | |
State and political subdivisions | 0 | 0 | 0 | |
Corporate | 0 | 0 | 0 | |
Asset backed securities | 0 | 0 | ||
Residential mortgage-backed - US agency | 0 | 0 | 0 | |
Collateralized mortgage obligations - US agency | 0 | 0 | 0 | |
Collateralized mortgage obligations - Private label | 0 | 0 | 0 | |
Mutual funds [Abstract] | ||||
Ultra short mortgage fund | 0 | 0 | 0 | |
Large cap equity fund | 0 | 0 | 0 | |
Purchase of common | 443,000 | 443,000 | 313,000 | |
Investments [Abstract] | ||||
Total available-for-sale securities | 443,000 | 443,000 | 313,000 | |
Interest rate swap derivative | 0 | 0 | 0 | |
Recurring Basis [Member] | Total Fair Value [Member] | ||||
Debt investment securities [Abstract] | ||||
US Treasury, agencies and GSEs | 28,034,000 | 28,034,000 | 21,308,000 | |
State and political subdivisions | 11,942,000 | 11,942,000 | 8,300,000 | |
Corporate | 12,588,000 | 12,588,000 | 18,128,000 | |
Asset backed securities | 2,564,000 | 2,564,000 | ||
Residential mortgage-backed - US agency | 23,739,000 | 23,739,000 | 32,573,000 | |
Collateralized mortgage obligations - US agency | 29,843,000 | 29,843,000 | 16,833,000 | |
Collateralized mortgage obligations - Private label | 5,776,000 | 5,776,000 | 0 | |
Mutual funds [Abstract] | ||||
Ultra short mortgage fund | 635,000 | 635,000 | 638,000 | |
Large cap equity fund | 611,000 | 611,000 | 583,000 | |
Purchase of common | 663,000 | 663,000 | 579,000 | |
Investments [Abstract] | ||||
Total available-for-sale securities | 116,395,000 | 116,395,000 | 98,942,000 | |
Interest rate swap derivative | 0 | 0 | (27,000) | |
Nonrecurring Basis [Member] | Level 1 [Member] | ||||
Nonrecurring basis [Abstract] | ||||
Impaired loans | 0 | 0 | 0 | |
Foreclosed real estate | 0 | 0 | 0 | |
Nonrecurring Basis [Member] | Level 2 [Member] | ||||
Nonrecurring basis [Abstract] | ||||
Impaired loans | 0 | 0 | 0 | |
Foreclosed real estate | 0 | 0 | 0 | |
Nonrecurring Basis [Member] | Level 3 [Member] | ||||
Nonrecurring basis [Abstract] | ||||
Impaired loans | 518,000 | 518,000 | 1,070,000 | |
Foreclosed real estate | 170,000 | 170,000 | 360,000 | |
Nonrecurring Basis [Member] | Total Fair Value [Member] | ||||
Nonrecurring basis [Abstract] | ||||
Impaired loans | 518,000 | 518,000 | 1,070,000 | |
Foreclosed real estate | $ 170,000 | $ 170,000 | $ 360,000 |
Fair Value Measurements, Fair Value Inputs, Quantitative Information (Details) - Level 3 [Member] - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2016 |
Dec. 31, 2015 |
|
Comparable Companies [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Common stock - financial services | $ 443 | $ 313 |
Fair value inputs, comparability weight | 100.00% | 100.00% |
Impaired Loans [Member] | Appraisal Collateral - Appraisal Approach [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate | 5.00% | 5.00% |
Impaired Loans [Member] | Appraisal Collateral - Appraisal Approach [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate | 10.00% | 10.00% |
Impaired Loans [Member] | Appraisal Collateral - Appraisal Approach [Member] | Weighted Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate | 8.00% | 8.00% |
Impaired Loans [Member] | Appraisal Collateral - Cost to Sell Approach [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate | 7.00% | 8.00% |
Impaired Loans [Member] | Appraisal Collateral - Cost to Sell Approach [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate | 15.00% | 15.00% |
Impaired Loans [Member] | Appraisal Collateral - Cost to Sell Approach [Member] | Weighted Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate | 13.00% | 14.00% |
Foreclosed Real Estate [Member] | Appraisal Collateral - Appraisal Approach [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate | 15.00% | 15.00% |
Foreclosed Real Estate [Member] | Appraisal Collateral - Appraisal Approach [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate | 15.00% | 15.00% |
Foreclosed Real Estate [Member] | Appraisal Collateral - Appraisal Approach [Member] | Weighted Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate | 15.00% | 15.00% |
Foreclosed Real Estate [Member] | Appraisal Collateral - Cost to Sell Approach [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate | 6.00% | 6.00% |
Foreclosed Real Estate [Member] | Appraisal Collateral - Cost to Sell Approach [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate | 8.00% | 8.00% |
Foreclosed Real Estate [Member] | Appraisal Collateral - Cost to Sell Approach [Member] | Weighted Average [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate | 7.00% | 7.00% |
Fair Value Measurements, Fair Value Measurement By Balance Sheet Groupings (Details) - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Financial assets [Abstract] | ||
Investment securities - available-for-sale | $ 116,395 | $ 98,942 |
Investment securities - held-to-maturity | 43,887 | 45,515 |
Carrying Amounts [Member] | Level 1 [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 25,096 | 15,245 |
Investment securities - available-for-sale | 1,246 | 1,267 |
Accrued interest receivable | 2,069 | 2,053 |
Financial liabilities [Abstract] | ||
Demand Deposits, Savings, NOW and MMDA | 382,677 | 343,853 |
Accrued interest payable | 39 | 199 |
Carrying Amounts [Member] | Level 2 [Member] | ||
Financial assets [Abstract] | ||
Investment securities - available-for-sale | 114,706 | 97,362 |
Investment securities - held-to-maturity | 42,126 | 44,297 |
Federal Home Loan Bank stock | 4,036 | 2,424 |
Financial liabilities [Abstract] | ||
Time Deposits | 143,391 | 146,462 |
Borrowings | 63,450 | 41,300 |
Subordinated loans | 15,008 | 14,991 |
Interest rate swap derivative | 0 | 27 |
Carrying Amounts [Member] | Level 3 [Member] | ||
Financial assets [Abstract] | ||
Investment securities - available-for-sale | 443 | 313 |
Net loans | 444,651 | 424,732 |
Estimated Fair Values [Member] | Level 1 [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 25,096 | 15,245 |
Investment securities - available-for-sale | 1,246 | 1,267 |
Accrued interest receivable | 2,069 | 2,053 |
Financial liabilities [Abstract] | ||
Demand Deposits, Savings, NOW and MMDA | 382,677 | 343,852 |
Accrued interest payable | 39 | 199 |
Estimated Fair Values [Member] | Level 2 [Member] | ||
Financial assets [Abstract] | ||
Investment securities - available-for-sale | 114,706 | 97,362 |
Investment securities - held-to-maturity | 43,887 | 45,515 |
Federal Home Loan Bank stock | 4,036 | 2,424 |
Financial liabilities [Abstract] | ||
Time Deposits | 144,295 | 146,158 |
Borrowings | 63,643 | 41,282 |
Subordinated loans | 13,905 | 14,027 |
Interest rate swap derivative | 0 | 27 |
Estimated Fair Values [Member] | Level 3 [Member] | ||
Financial assets [Abstract] | ||
Investment securities - available-for-sale | 443 | 313 |
Net loans | $ 452,752 | $ 428,410 |
Interest Rate Derivatives (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Dec. 31, 2015 |
|
Interest Rate Derivatives [Abstract] | |||||
Floating rate trust preferred debenture face amount | $ 5,000 | $ 5,000 | |||
Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Notional amount | $ 2,000 | $ 2,000 | |||
Remaining term | 7 years | ||||
Fixed interest rate | 4.96% | 4.96% | |||
Accumulated Other Comprehensive Income Derivatives, Pretax [Roll Forward] | |||||
Balance as of beginning of period | $ (14) | $ (67) | $ (27) | $ (82) | |
Amount of losses (gains) recognized in other comprehensive income | 3 | (5) | 2 | (6) | |
Amount of loss reclassified from other comprehensive income and recognized as interest expense | 11 | 15 | 25 | 31 | |
Balance as of end of period | 0 | $ (57) | 0 | $ (57) | |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Other Liabilities [Member] | |||||
Cash Flow Hedge [Abstract] | |||||
Fair value of derivative liability | $ 0 | $ 0 | $ 27 |
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
||||||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||
Balance | $ 71,229 | $ 69,204 | |||||||
Other comprehensive (loss) income before reclassifications | $ 26 | $ (511) | 372 | (213) | |||||
Amounts reclassified from AOCI | 120 | 7 | 208 | 13 | |||||
Balance | 60,123 | 70,074 | 60,123 | 70,074 | |||||
Interest on long term borrowings | (71) | (65) | (143) | (126) | |||||
Salaries and employee benefits | (2,653) | (2,356) | (5,338) | (4,738) | |||||
Net gains on sales and redemptions of investment securities | 132 | 49 | 212 | 101 | |||||
Provision for income taxes | (225) | (290) | (498) | (514) | |||||
Net income attributable to Pathfinder Bancorp, Inc. | 832 | 694 | 1,493 | 1,223 | |||||
AOCI Attributable to Parent [Member] | |||||||||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||
Balance | (2,131) | (1,815) | (2,565) | (2,119) | |||||
Balance | (1,985) | (2,319) | (1,985) | (2,319) | |||||
Retirement Plans [Member] | |||||||||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||
Balance | (1,812) | (1,767) | (1,844) | (1,794) | |||||
Other comprehensive (loss) income before reclassifications | 0 | 0 | 0 | 0 | |||||
Amounts reclassified from AOCI | 33 | 27 | 65 | 54 | |||||
Balance | (1,779) | (1,740) | (1,779) | (1,740) | |||||
Unrealized Gains and Losses on Financial Derivative [Member] | |||||||||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||
Balance | (8) | (40) | (16) | (49) | |||||
Other comprehensive (loss) income before reclassifications | 1 | (3) | 1 | (4) | |||||
Amounts reclassified from AOCI | 7 | 9 | 15 | 19 | |||||
Balance | 0 | (34) | 0 | (34) | |||||
Unrealized Gains and Losses on Available-for-Sale Securities [Member] | |||||||||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||
Balance | 322 | 705 | (51) | 457 | |||||
Other comprehensive (loss) income before reclassifications | 4 | (527) | 329 | (248) | |||||
Amounts reclassified from AOCI | 80 | (29) | 128 | (60) | |||||
Balance | 406 | 149 | 406 | 149 | |||||
Securities Reclassified from AFS to HTM [Member] | |||||||||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||
Balance | (633) | (713) | (654) | (733) | |||||
Other comprehensive (loss) income before reclassifications | 21 | 19 | 42 | 39 | |||||
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 | |||||
Balance | (612) | (694) | (612) | (694) | |||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Retirement Plans [Member] | |||||||||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||
Salaries and employee benefits | [1],[2] | (54) | (45) | (109) | (90) | ||||
Provision for income taxes | [1],[2] | 21 | 18 | 44 | 36 | ||||
Net income attributable to Pathfinder Bancorp, Inc. | [1],[2] | (33) | (27) | (65) | (54) | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains and Losses on Financial Derivative [Member] | |||||||||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||
Interest on long term borrowings | [1] | (11) | (15) | (25) | (31) | ||||
Provision for income taxes | [1] | 4 | 6 | 10 | 12 | ||||
Net income attributable to Pathfinder Bancorp, Inc. | [1] | (7) | (9) | (15) | (19) | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains and Losses on Available-for-Sale Securities [Member] | |||||||||
Changes in the Components of Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||
Net gains on sales and redemptions of investment securities | [1] | (132) | 49 | (212) | 101 | ||||
Provision for income taxes | [1] | 52 | (20) | 84 | (41) | ||||
Net income attributable to Pathfinder Bancorp, Inc. | [1] | $ (80) | $ 29 | $ (128) | $ 60 | ||||
|
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