XML 34 R23.htm IDEA: XBRL DOCUMENT v3.25.3
SEGMENT INFORMATION
9 Months Ended
Sep. 30, 2025
SEGMENT INFORMATION  
SEGMENT INFORMATION

15. SEGMENT INFORMATION

The Company has two primary business segments, its community banking franchise, and its wealth management agency.

The community banking segment provides financial services to consumers and businesses principally in the Greater Syracuse Area and Onondaga County of New York State. These services include providing various types of loans to customers, accepting deposits, mortgage banking, and other traditional banking services. Parent company income is included in the community-banking segment, as the majority of effort for these functions is related to this segment. Major revenue sources include net interest income and service fees on deposit accounts. Expenses include personnel and branch-network support charges. The wealth management agency segment offers individual investment management for individuals in the Greater Syracuse Area. The primary revenue source is commissions from 401(k) management and brokered accounts.

The Company’s Chief Financial Officer is the chief operating decision maker (“CODM”). The CODM evaluates the financial performance of the Company’s components such as evaluating revenue streams, significant expenses, and budget to actual results in assessing the performance of the Company’s segments in the determination of allocating resources. Financial information regarding each significant segment expense outlined below is regularly provided (at least monthly) to the CODM. For the community banking segment, interest expense is a significant segment expense. Additionally, for each of the two reportable segments, compensation and employee benefits are significant segment expenses.

Information about the segments is presented in the following table as of and for the periods indicated (in thousands):

Reconciliation of Assets

    

September 30, 2025

    

December 31, 2024

    

Total assets for Seneca Savings

$

315,698

$

280,030

Total assets for Financial Quest

 

1,178

 

1,183

 

Elimination of intercompany receivables

 

(418)

 

(274)

 

Total consolidated assets

$

316,458

$

280,939

Three Months Ended September 30, 

2025

2024

    

Seneca Savings

    

Financial Quest

    

Total

    

Seneca Savings

    

Financial Quest

    

Total

Unaudited

INTEREST INCOME

Total interest income

$

3,779

$

$

3,779

$

3,414

$

$

3,414

INTEREST EXPENSE

 

  

 

  

 

  

 

  

 

  

Total interest expense

 

1,553

 

 

1,553

 

1,325

 

 

1,325

Net Interest Income

 

2,226

 

2,226

 

2,089

 

 

2,089

Provision for credit losses available-for-sale securities

 

 

 

 

 

 

Provision for credit losses loans receivable

 

80

 

 

80

 

 

 

Net interest income after provision for credit losses

 

2,146

 

 

2,146

 

2,089

 

 

2,089

NONINTEREST INCOME

 

  

 

  

 

  

 

  

 

  

Service fees

 

33

 

 

33

 

30

 

 

30

Income from financial services

 

 

245

 

245

 

 

244

 

244

Fee income

 

246

 

8

 

254

 

198

 

8

 

206

Net gains on sale of residential mortgage loans

 

63

 

 

63

 

51

 

 

51

Total noninterest income

 

342

 

253

 

595

 

279

 

252

 

531

NONINTEREST EXPENSE

 

  

 

  

 

  

 

  

 

  

Compensation and employee benefits

 

1,248

 

117

 

1,365

 

1,116

 

111

 

1,227

Core processing

 

435

 

 

435

 

390

 

 

390

Premises and equipment

 

211

 

6

 

217

 

181

 

6

 

187

Professional fees

 

77

 

25

 

102

 

56

 

 

56

Postage & office supplies

 

23

 

 

23

 

30

 

1

 

31

FDIC premiums

 

38

 

 

38

 

30

 

 

30

Advertising

 

72

 

2

 

74

 

86

 

1

 

87

Director fees

 

38

 

 

38

 

36

 

 

36

Other

 

173

 

52

 

225

 

151

 

53

 

204

Total noninterest expense

 

2,315

 

202

 

2,517

 

2,076

 

172

 

2,248

Income before provision for income taxes

 

173

 

51

 

224

 

292

80

372

PROVISION FOR INCOME TAXES

 

39

 

 

39

 

44

 

 

44

Net income

$

134

$

51

$

185

$

248

$

80

$

328

Nine Months Ended September 30, 

2025

2024

    

Seneca Savings

    

Financial Quest

    

Total

    

Seneca Savings

    

Financial Quest

    

Total

INTEREST INCOME

Total interest income

$

10,811

$

$

10,811

$

9,889

$

$

9,889

INTEREST EXPENSE

 

 

 

 

 

Total interest expense

 

4,226

 

 

4,226

 

3,935

 

 

3,935

Net interest income

 

6,585

 

 

6,585

 

5,954

 

 

5,954

Provision for credit losses available-for-sale securities

 

 

 

 

 

 

Provision for credit losses loans receivable

 

701

 

 

701

 

15

 

 

15

Net interest income after provision for credit losses

 

5,884

 

 

5,884

 

5,939

 

 

5,939

NONINTEREST INCOME

 

 

 

 

 

Service fees

 

98

 

 

98

 

91

 

 

91

Income from financial services

 

 

709

 

709

 

 

667

 

667

Fee income

 

575

 

24

 

599

 

519

 

24

 

543

Gain on sale of fixed assets

 

 

 

 

6

 

 

6

Earnings on bank-owned life insurance

 

78

 

 

78

 

26

 

 

26

Net gains on sale of residential mortgage loans

 

128

 

 

128

 

73

 

 

73

Total noninterest income

 

879

 

733

 

1,612

 

715

 

691

 

1,406

NONINTEREST EXPENSE

 

 

 

 

 

 

Compensation and employee benefits

 

3,686

 

352

 

4,038

 

3,304

 

318

 

3,622

Core processing

 

1,146

 

 

1,146

 

1,120

 

 

1,120

Premises and equipment

 

644

 

18

 

662

 

550

 

18

 

568

Professional fees

 

240

 

25

 

265

 

187

 

 

187

Postage & office supplies

 

80

 

1

 

81

 

86

 

1

 

87

FDIC premiums

 

105

 

 

105

 

90

 

 

90

Advertising

 

251

 

6

 

257

 

261

 

6

 

267

Director fees

 

122

 

1

 

123

 

121

 

3

 

124

Other

496

153

649

425

151

576

Total noninterest expense

6,770

556

7,326

6,144

497

6,641

Income before provision for income taxes

(7)

177

170

510

194

704

PROVISION FOR INCOME TAXES

 

33

 

 

33

 

94

 

 

94

Net income

$

(40)

$

177

$

137

$

416

$

194

$

610