|
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.
|
32
|
||
and Results of Operations (Unaudited)
|
|||
Item 3.
|
48
|
||
Item 4.
|
48
|
||
49
|
|||
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
|
||
50
|
|||
September 30,
|
December 31,
|
|||||||
(In thousands, except share and per share data)
|
2015
|
2014
|
||||||
ASSETS:
|
||||||||
Cash and due from banks
|
$
|
9,564
|
$
|
6,822
|
||||
Interest earning deposits
|
7,810
|
4,534
|
||||||
Total cash and cash equivalents
|
17,374
|
11,356
|
||||||
Available-for-sale securities, at fair value
|
98,007
|
88,073
|
||||||
Held-to-maturity securities, at amortized cost (fair value of $44,952 and $42,139, respectively)
|
43,534
|
40,875
|
||||||
Federal Home Loan Bank stock, at cost
|
1,881
|
3,454
|
||||||
Loans
|
414,795
|
387,538
|
||||||
Less: Allowance for loan losses
|
5,732
|
5,349
|
||||||
Loans receivable, net
|
409,063
|
382,189
|
||||||
Premises and equipment, net
|
14,091
|
13,200
|
||||||
Accrued interest receivable
|
2,082
|
1,849
|
||||||
Foreclosed real estate
|
472
|
261
|
||||||
Intangible assets, net
|
218
|
175
|
||||||
Goodwill
|
4,536
|
4,367
|
||||||
Bank owned life insurance
|
10,621
|
10,356
|
||||||
Other assets
|
5,319
|
4,869
|
||||||
Total assets
|
$
|
607,198
|
$
|
561,024
|
||||
LIABILITIES AND SHAREHOLDERS' EQUITY:
|
||||||||
Deposits:
|
||||||||
Interest-bearing
|
$
|
430,456
|
$
|
360,906
|
||||
Noninterest-bearing
|
65,886
|
54,662
|
||||||
Total deposits
|
496,342
|
415,568
|
||||||
Short-term borrowings
|
15,225
|
55,100
|
||||||
Long-term borrowings
|
14,000
|
11,000
|
||||||
Junior subordinated debentures
|
5,155
|
5,155
|
||||||
Accrued interest payable
|
50
|
63
|
||||||
Other liabilities
|
5,246
|
4,934
|
||||||
Total liabilities
|
536,018
|
491,820
|
||||||
Shareholders' equity:
|
||||||||
Preferred stock - SBLF, par value $0.01 per share; $1,000 liquidation preference;
|
||||||||
13,000 shares authorized; 13,000 shares issued and outstanding
|
13,000
|
13,000
|
||||||
Common stock, par value $0.01; 25,000,000 authorized shares;
|
||||||||
4,352,203 shares issued and shares outstanding
|
44
|
44
|
||||||
Additional paid in capital
|
28,659
|
28,534
|
||||||
Retained earnings
|
32,642
|
31,085
|
||||||
Accumulated other comprehensive loss
|
(1,960
|
)
|
(2,119
|
)
|
||||
Unearned ESOP
|
(1,619
|
)
|
(1,754
|
)
|
||||
Total Pathfinder Bancorp, Inc. shareholders' equity
|
70,766
|
68,790
|
||||||
Noncontrolling interest
|
414
|
414
|
||||||
Total equity
|
71,180
|
69,204
|
||||||
Total liabilities and shareholders' equity
|
$
|
607,198
|
$
|
561,024
|
For the three
|
For the three
|
For the nine
|
For the nine
|
|||||||||||||
months ended
|
months ended
|
months ended
|
months ended
|
|||||||||||||
(In thousands, except per share data)
|
September 30, 2015
|
September 30, 2014
|
September 30, 2015
|
September 30, 2014
|
||||||||||||
Interest and dividend income:
|
||||||||||||||||
Loans, including fees
|
$
|
4,699
|
$
|
4,344
|
$
|
13,649
|
$
|
12,512
|
||||||||
Debt securities:
|
||||||||||||||||
Taxable
|
519
|
473
|
1,494
|
1,360
|
||||||||||||
Tax-exempt
|
186
|
196
|
573
|
585
|
||||||||||||
Dividends
|
40
|
35
|
109
|
85
|
||||||||||||
Interest earning time deposits
|
-
|
2
|
-
|
6
|
||||||||||||
Federal funds sold and interest earning deposits
|
5
|
2
|
12
|
4
|
||||||||||||
Total interest income
|
5,449
|
5,052
|
15,837
|
14,552
|
||||||||||||
Interest expense:
|
||||||||||||||||
Interest on deposits
|
508
|
479
|
1,435
|
1,505
|
||||||||||||
Interest on short-term borrowings
|
41
|
28
|
113
|
68
|
||||||||||||
Interest on long-term borrowings
|
103
|
149
|
310
|
443
|
||||||||||||
Total interest expense
|
652
|
656
|
1,858
|
2,016
|
||||||||||||
Net interest income
|
4,797
|
4,396
|
13,979
|
12,536
|
||||||||||||
Provision for loan losses
|
220
|
410
|
1,004
|
930
|
||||||||||||
Net interest income after provision for loan losses
|
4,577
|
3,986
|
12,975
|
11,606
|
||||||||||||
Noninterest income:
|
||||||||||||||||
Service charges on deposit accounts
|
299
|
311
|
853
|
894
|
||||||||||||
Earnings and gain on bank owned life insurance
|
250
|
64
|
400
|
190
|
||||||||||||
Loan servicing fees
|
55
|
81
|
148
|
202
|
||||||||||||
Net gains on sales and redemptions of investment securities
|
88
|
3
|
188
|
29
|
||||||||||||
Net gains on sales of loans and foreclosed real estate
|
17
|
10
|
13
|
39
|
||||||||||||
Debit card interchange fees
|
131
|
127
|
390
|
369
|
||||||||||||
Other charges, commissions & fees
|
352
|
304
|
1,017
|
880
|
||||||||||||
Total noninterest income
|
1,192
|
900
|
3,009
|
2,603
|
||||||||||||
Noninterest expense:
|
||||||||||||||||
Salaries and employee benefits
|
2,478
|
2,141
|
7,216
|
6,526
|
||||||||||||
Building occupancy
|
535
|
421
|
1,479
|
1,193
|
||||||||||||
Data processing
|
462
|
367
|
1,204
|
1,131
|
||||||||||||
Professional and other services
|
206
|
160
|
654
|
508
|
||||||||||||
Advertising
|
116
|
141
|
352
|
372
|
||||||||||||
FDIC assessments
|
105
|
99
|
302
|
294
|
||||||||||||
Audits and exams
|
58
|
61
|
179
|
186
|
||||||||||||
Other expenses
|
598
|
422
|
1,628
|
1,273
|
||||||||||||
Total noninterest expenses
|
4,558
|
3,812
|
13,014
|
11,483
|
||||||||||||
Income before income taxes
|
1,211
|
1,074
|
2,970
|
2,726
|
||||||||||||
Provision for income taxes
|
316
|
317
|
829
|
767
|
||||||||||||
Net income attributable to noncontrolling interest and Pathfinder Bancorp, Inc.
|
895
|
757
|
2,141
|
1,959
|
||||||||||||
Net income attributable to noncontrolling interest
|
10
|
11
|
33
|
48
|
||||||||||||
Net income attributable to Pathfinder Bancorp, Inc.
|
885
|
746
|
2,108
|
1,911
|
||||||||||||
Preferred stock dividends
|
33
|
33
|
97
|
63
|
||||||||||||
Net income available to common shareholders
|
$
|
852
|
$
|
713
|
$
|
2,011
|
$
|
1,848
|
||||||||
Earnings per common share - basic
|
$
|
0.21
|
$
|
0.17
|
$
|
0.49
|
$
|
0.44
|
||||||||
Earnings per common share - diluted
|
$
|
0.20
|
$
|
0.17
|
$
|
0.48
|
$
|
0.44
|
||||||||
Dividends per common share
|
$
|
0.05
|
$
|
0.03
|
$
|
0.11
|
$
|
0.09
|
Pathfinder Bancorp, Inc.
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
For the three months ended
|
For the nine months ended
|
|||||||||||||||
(In thousands)
|
September 30, 2015
|
September 30, 2014
|
September 30, 2015
|
September 30, 2014
|
||||||||||||
Net Income
|
$
|
895
|
$
|
757
|
$
|
2,141
|
$
|
1,959
|
||||||||
Other Comprehensive Income (Loss)
|
||||||||||||||||
Retirement Plans:
|
||||||||||||||||
Net unrealized gain on retirement plans
|
45
|
11
|
135
|
33
|
||||||||||||
Unrealized holding gains on financial derivative:
|
||||||||||||||||
Change in unrealized holding gains/(losses) on financial derivative
|
(2
|
)
|
2
|
(8
|
)
|
(6
|
)
|
|||||||||
Reclassification adjustment for interest expense included in net income
|
15
|
16
|
46
|
47
|
||||||||||||
Net unrealized gain on financial derivative
|
13
|
18
|
38
|
41
|
||||||||||||
Unrealized holding (losses) gains on available for sale securities
|
||||||||||||||||
Unrealized holding gains (losses) arising during the period
|
594
|
(69
|
)
|
181
|
561
|
|||||||||||
Reclassification adjustment for net (losses) included in net income
|
(88
|
)
|
(3
|
)
|
(188
|
)
|
(29
|
)
|
||||||||
Net unrealized gain (loss) on available for sale securities
|
506
|
(72
|
)
|
(7
|
)
|
532
|
||||||||||
Accretion of net unrealized loss on securities transferred to held-to-maturity(1)
|
34
|
30
|
99
|
90
|
||||||||||||
Other comprehensive income (loss), before tax
|
598
|
(13
|
)
|
265
|
696
|
|||||||||||
Tax effect
|
(239
|
)
|
3
|
(106
|
)
|
(281
|
)
|
|||||||||
Other comprehensive income (loss), net of tax
|
359
|
(10
|
)
|
159
|
415
|
|||||||||||
Comprehensive income
|
$
|
1,254
|
$
|
747
|
$
|
2,300
|
$
|
2,374
|
||||||||
Comprehensive income attributable to noncontrolling interest
|
$
|
10
|
$
|
11
|
$
|
33
|
$
|
48
|
||||||||
Comprehensive income attributable to Pathfinder Bancorp, Inc.
|
$
|
1,244
|
$
|
736
|
$
|
2,267
|
$
|
2,326
|
||||||||
Tax Effect Allocated to Each Component of Other Comprehensive Loss
|
||||||||||||||||
Retirement plan net losses recognized in plan expenses
|
$
|
(18
|
)
|
$
|
(4
|
)
|
$
|
(54
|
)
|
$
|
(13
|
)
|
||||
Change in unrealized holding gains/(losses) on financial derivative
|
1
|
(1
|
)
|
3
|
2
|
|||||||||||
Reclassification adjustment for interest expense included in net income
|
(6
|
)
|
(6
|
)
|
(18
|
)
|
(19
|
)
|
||||||||
Unrealized holding (losses) gains arising during the period
|
(238
|
)
|
27
|
(72
|
)
|
(226
|
)
|
|||||||||
Reclassification adjustment for net losses included in net income
|
36
|
1
|
75
|
12
|
||||||||||||
Accretion of net unrealized loss on securities transferred to held-to-maturity(1)
|
(14
|
)
|
(14
|
)
|
(40
|
)
|
(37
|
)
|
||||||||
Income tax effect related to other comprehensive income
|
$
|
(239
|
)
|
$
|
3
|
$
|
(106
|
)
|
$
|
(281
|
)
|
|||||
(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.
|
||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2015 and September 30, 2014
|
||||||||||||||||||||||||||||||||||||
Accumulated
|
||||||||||||||||||||||||||||||||||||
Additional
|
Other Com-
|
Non-
|
||||||||||||||||||||||||||||||||||
(In thousands, except share and per share data)
|
Preferred Stock
|
Common Stock
|
Paid in Capital
|
Retained Earnings
|
prehensive Loss
|
Unearned ESOP
|
Treasury Stock
|
Controlling Interest
|
Total
|
|||||||||||||||||||||||||||
Balance, January 1, 2015
|
$
|
13,000
|
$
|
44
|
$
|
28,534
|
$
|
31,085
|
$
|
(2,119
|
)
|
$
|
(1,754
|
)
|
$
|
-
|
$
|
414
|
$
|
69,204
|
||||||||||||||||
Net income
|
-
|
-
|
-
|
2,108
|
-
|
-
|
-
|
33
|
2,141
|
|||||||||||||||||||||||||||
Other comprehensive income, net of tax
|
-
|
-
|
-
|
-
|
159
|
-
|
-
|
-
|
159
|
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Preferred stock dividends - SBLF
|
-
|
-
|
-
|
(97
|
)
|
-
|
-
|
-
|
-
|
(97
|
)
|
|||||||||||||||||||||||||
ESOP shares earned (18,332 shares)
|
-
|
-
|
62
|
-
|
-
|
135
|
-
|
-
|
197
|
|||||||||||||||||||||||||||
Stock based compensation
|
-
|
-
|
63
|
-
|
-
|
-
|
-
|
-
|
63
|
|||||||||||||||||||||||||||
Common stock dividends declared
($0.11 per share)
|
-
|
-
|
-
|
(454
|
)
|
-
|
-
|
-
|
-
|
(454
|
)
|
|||||||||||||||||||||||||
Distributions from affiliates
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(33
|
)
|
(33
|
)
|
|||||||||||||||||||||||||
Balance, September 30, 2015
|
$
|
13,000
|
$
|
44
|
$
|
28,659
|
$
|
32,642
|
$
|
(1,960
|
)
|
$
|
(1,619
|
)
|
$
|
-
|
$
|
414
|
$
|
71,180
|
||||||||||||||||
Balance, January 1, 2014
|
$
|
13,000
|
$
|
30
|
$
|
8,226
|
$
|
28,788
|
$
|
(1,745
|
)
|
$
|
(826
|
)
|
$
|
(4,761
|
)
|
$
|
358
|
$
|
43,070
|
|||||||||||||||
Net income
|
-
|
-
|
-
|
1,911
|
-
|
-
|
-
|
48
|
1,959
|
|||||||||||||||||||||||||||
Other comprehensive income, net of tax
|
-
|
-
|
-
|
-
|
415
|
-
|
-
|
-
|
415
|
|||||||||||||||||||||||||||
Preferred stock dividends - SBLF
|
-
|
-
|
-
|
(63
|
)
|
-
|
-
|
-
|
-
|
(63
|
)
|
|||||||||||||||||||||||||
ESOP shares earned (9,375 shares)
|
-
|
-
|
53
|
-
|
-
|
83
|
-
|
-
|
136
|
|||||||||||||||||||||||||||
Stock based compensation
|
-
|
-
|
63
|
-
|
-
|
-
|
-
|
-
|
63
|
|||||||||||||||||||||||||||
Stock options exercised
|
-
|
-
|
(8
|
)
|
-
|
-
|
-
|
26
|
-
|
18
|
||||||||||||||||||||||||||
Common stock dividends declared
($0.09 per share)
|
-
|
-
|
-
|
(229
|
)
|
-
|
-
|
-
|
-
|
(229
|
)
|
|||||||||||||||||||||||||
Balance, September 30, 2014
|
$
|
13,000
|
$
|
30
|
$
|
8,334
|
$
|
30,407
|
$
|
(1,330
|
)
|
$
|
(743
|
)
|
$
|
(4,735
|
)
|
$
|
406
|
$
|
45,369
|
|||||||||||||||
The accompanying notes are an integral part of the consolidated financial statements.
|
Pathfinder Bancorp, Inc.
|
||||||||
(Unaudited)
|
||||||||
For the nine months ended September 30,
|
||||||||
(In thousands)
|
2015
|
2014
|
||||||
OPERATING ACTIVITIES
|
||||||||
Net income attributable to Pathfinder Bancorp, Inc.
|
$
|
2,108
|
$
|
1,911
|
||||
Adjustments to reconcile net income to net cash flows from operating activities:
|
||||||||
Provision for loan losses
|
1,004
|
930
|
||||||
Proceeds from sales of loans
|
69
|
-
|
||||||
Originations of loans held-for-sale
|
(68
|
)
|
-
|
|||||
Realized gains on sales, redemptions and calls of:
|
||||||||
Real estate acquired through foreclosure
|
(11
|
)
|
(39
|
)
|
||||
Loans
|
(2
|
)
|
-
|
|||||
Available-for-sale investment securities
|
(188
|
)
|
(29
|
)
|
||||
Depreciation
|
760
|
596
|
||||||
Amortization of mortgage servicing rights
|
10
|
11
|
||||||
Amortization of deferred loan costs
|
125
|
91
|
||||||
Earnings on bank owned life insurance
|
(265
|
)
|
(190
|
)
|
||||
Net amortization of premiums and discounts on investment securities
|
673
|
530
|
||||||
Amortization of intangible assets
|
13
|
9
|
||||||
Stock based compensation and ESOP expense
|
260
|
199
|
||||||
Net change in accrued interest receivable
|
(233
|
)
|
(150
|
)
|
||||
Net change in other assets and liabilities
|
15
|
(811
|
)
|
|||||
Net cash flows from operating activities
|
4,270
|
3,058
|
||||||
INVESTING ACTIVITIES
|
||||||||
Purchase of investment securities available-for-sale
|
(49,220
|
)
|
(27,099
|
)
|
||||
Purchase of investment securities held-to-maturity
|
(5,034
|
)
|
(8,767
|
)
|
||||
Net proceeds from Federal Home Loan Bank stock
|
1,573
|
611
|
||||||
Proceeds from maturities and principal reductions of
|
||||||||
investment securities available-for-sale
|
20,088
|
13,545
|
||||||
Proceeds from maturities and principal reductions of
|
||||||||
investment securities held-to-maturity
|
2,378
|
692
|
||||||
Proceeds from sales, redemptions and calls of:
|
||||||||
Available-for-sale investment securities
|
18,802
|
510
|
||||||
Real estate acquired through foreclosure
|
284
|
667
|
||||||
Acquisition of insurance agency
|
(225
|
)
|
-
|
|||||
Purchase of bank owned life insurance
|
-
|
(1,780
|
)
|
|||||
Proceeds from bank owned life insurance
|
(135
|
)
|
||||||
Net change in loans
|
(28,522
|
)
|
(33,989
|
)
|
||||
Purchase of premises and equipment
|
(1,651
|
)
|
(1,897
|
)
|
||||
Net cash flows from investing activities
|
(41,662
|
)
|
(57,507
|
)
|
||||
FINANCING ACTIVITIES
|
||||||||
Net change in demand deposits, NOW accounts, savings accounts,
|
||||||||
money management deposit accounts, MMDA accounts and escrow deposits
|
61,382
|
52,925
|
||||||
Net change in time deposits and brokered deposits
|
19,392
|
19,964
|
||||||
Net change in short-term borrowings
|
(39,875
|
)
|
(10,000
|
)
|
||||
Proceeds from long-term borrowings
|
3,000
|
168
|
||||||
Proceeds from exercise of stock options
|
-
|
18
|
||||||
Cash dividends paid to preferred shareholder - SBLF
|
(97
|
)
|
(31
|
)
|
||||
Cash dividends paid to common shareholders
|
(392
|
)
|
(236
|
)
|
||||
Change in noncontrolling interest, net
|
-
|
48
|
||||||
Net cash flows from financing activities
|
43,410
|
62,856
|
||||||
Change in cash and cash equivalents
|
6,018
|
8,407
|
||||||
Cash and cash equivalents at beginning of period
|
11,356
|
16,575
|
||||||
Cash and cash equivalents at end of period
|
$
|
17,374
|
$
|
24,982
|
||||
CASH PAID DURING THE PERIOD FOR:
|
||||||||
Interest
|
$
|
1,871
|
$
|
2,029
|
||||
Income taxes
|
842
|
331
|
||||||
NON-CASH INVESTING ACTIVITY
|
||||||||
Real estate acquired in exchange for loans
|
519
|
474
|
||||||
The accompanying notes are an integral part of the consolidated financial statements.
|
Three months ended
|
Nine months ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
(In thousands, except per share data)
|
2015
|
2014
|
2015
|
2014
|
||||||||||||
Basic Earnings Per Common Share
|
||||||||||||||||
Net income available to common shareholders
|
$
|
852
|
$
|
713
|
$
|
2,011
|
$
|
1,848
|
||||||||
Weighted average common shares outstanding
|
4,126
|
4,179
|
4,120
|
4,172
|
||||||||||||
Basic earnings per common share
|
$
|
0.21
|
$
|
0.17
|
$
|
0.49
|
$
|
0.44
|
||||||||
Diluted Earnings Per Common Share
|
||||||||||||||||
Net income available to common shareholders
|
$
|
852
|
$
|
713
|
$
|
2,011
|
$
|
1,848
|
||||||||
Weighted average common shares outstanding
|
4,126
|
4,179
|
4,120
|
4,172
|
||||||||||||
Effect of assumed exercise of stock options
|
71
|
42
|
65
|
40
|
||||||||||||
Diluted weighted average common shares outstanding
|
4,197
|
4,221
|
4,185
|
4,212
|
||||||||||||
Diluted earnings per common share
|
$
|
0.20
|
$
|
0.17
|
$
|
0.48
|
$
|
0.44
|
|
September 30, 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
|
$
|
27,887
|
$
|
58
|
$
|
(23
|
)
|
$
|
27,922
|
|||||||
State and political subdivisions
|
8,275
|
105
|
(6
|
)
|
8,374
|
|||||||||||
Corporate
|
18,257
|
97
|
(85
|
)
|
18,269
|
|||||||||||
Residential mortgage-backed - US agency
|
26,148
|
248
|
(129
|
)
|
26,267
|
|||||||||||
Collateralized mortgage obligations - US agency
|
14,819
|
152
|
(54
|
)
|
14,917
|
|||||||||||
Total
|
95,386
|
660
|
(297
|
)
|
95,749
|
|||||||||||
Equity investment securities:
|
||||||||||||||||
Mutual funds:
|
||||||||||||||||
Ultra short mortgage fund
|
643
|
1
|
-
|
644
|
||||||||||||
Large cap equity fund
|
456
|
126
|
-
|
582
|
||||||||||||
Other mutual funds
|
183
|
242
|
-
|
425
|
||||||||||||
Common stock - financial services industry
|
583
|
24
|
-
|
607
|
||||||||||||
Total
|
1,865
|
393
|
-
|
2,258
|
||||||||||||
Total available-for-sale
|
$
|
97,251
|
$
|
1,053
|
$
|
(297
|
)
|
$
|
98,007
|
|||||||
Held-to-Maturity Portfolio
|
||||||||||||||||
Debt investment securities:
|
||||||||||||||||
US Treasury, agencies and GSEs
|
$
|
7,853
|
$
|
129
|
$
|
(14
|
)
|
$
|
7,968
|
|||||||
State and political subdivisions
|
21,253
|
802
|
-
|
22,055
|
||||||||||||
Corporate
|
3,421
|
158
|
(1
|
)
|
3,578
|
|||||||||||
Residential mortgage-backed - US agency
|
8,096
|
197
|
-
|
8,293
|
||||||||||||
Collateralized mortgage obligations - US agency
|
2,911
|
147
|
-
|
3,058
|
||||||||||||
Total held-to-maturity
|
$
|
43,534
|
$
|
1,433
|
$
|
(15
|
)
|
$
|
44,952
|
|
December 31, 2014
|
|||||||||||||||
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
|
$
|
17,896
|
$
|
3
|
$
|
(149
|
)
|
$
|
17,750
|
|||||||
State and political subdivisions
|
8,346
|
110
|
(13
|
)
|
8,443
|
|||||||||||
Corporate
|
13,763
|
116
|
(19
|
)
|
13,860
|
|||||||||||
Residential mortgage-backed - US agency
|
30,321
|
403
|
(149
|
)
|
30,575
|
|||||||||||
Collateralized mortgage obligations - US agency
|
15,432
|
168
|
(124
|
)
|
15,476
|
|||||||||||
Total
|
85,758
|
800
|
(454
|
)
|
86,104
|
|||||||||||
Equity investment securities:
|
||||||||||||||||
Mutual funds:
|
||||||||||||||||
Ultra short mortgage fund
|
643
|
5
|
-
|
648
|
||||||||||||
Large cap equity fund
|
456
|
193
|
-
|
649
|
||||||||||||
Other mutual funds
|
183
|
196
|
-
|
379
|
||||||||||||
Common stock - financial services industry
|
270
|
23
|
-
|
293
|
||||||||||||
Total
|
1,552
|
417
|
-
|
1,969
|
||||||||||||
Total available-for-sale
|
$
|
87,310
|
$
|
1,217
|
$
|
(454
|
)
|
$
|
88,073
|
|||||||
Held-to-Maturity Portfolio
|
||||||||||||||||
Debt investment securities:
|
||||||||||||||||
US Treasury, agencies and GSEs
|
$
|
4,834
|
$
|
58
|
$
|
-
|
$
|
4,892
|
||||||||
State and political subdivisions
|
22,610
|
824
|
(9
|
)
|
23,425
|
|||||||||||
Corporate
|
2,487
|
33
|
(17
|
)
|
2,503
|
|||||||||||
Residential mortgage-backed - US agency
|
8,043
|
242
|
-
|
8,285
|
||||||||||||
Collateralized mortgage obligations - US agency
|
2,901
|
133
|
-
|
3,034
|
||||||||||||
Total held-to-maturity
|
$
|
40,875
|
$
|
1,290
|
$
|
(26
|
)
|
$
|
42,139
|
Available-for-Sale
|
Held-to-Maturity
|
|||||||||||||||
Amortized
|
Estimated
|
Amortized
|
Estimated
|
|||||||||||||
(In thousands)
|
Cost
|
Fair Value
|
Cost
|
Fair Value
|
||||||||||||
Due in one year or less
|
$
|
6,527
|
$
|
6,564
|
$
|
195
|
$
|
195
|
||||||||
Due after one year through five years
|
38,699
|
38,803
|
8,674
|
8,787
|
||||||||||||
Due after five years through ten years
|
8,213
|
8,204
|
17,010
|
17,535
|
||||||||||||
Due after ten years
|
980
|
994
|
6,648
|
7,084
|
||||||||||||
Sub-total
|
54,419
|
54,565
|
32,527
|
33,601
|
||||||||||||
Residential mortgage-backed - US agency
|
26,148
|
26,267
|
8,096
|
8,293
|
||||||||||||
Collateralized mortgage obligations - US agency
|
14,819
|
14,917
|
2,911
|
3,058
|
||||||||||||
Totals
|
$
|
95,386
|
$
|
95,749
|
$
|
43,534
|
$
|
44,952
|
September 30, 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
|
3
|
$
|
(7
|
)
|
$
|
2,996
|
3
|
$
|
(16
|
)
|
$
|
2,982
|
6
|
(23
|
)
|
$
|
5,978
|
|||||||||||||||||||
State and political subdivisions
|
9
|
(4
|
)
|
858
|
3
|
(2
|
)
|
616
|
12
|
(6
|
)
|
1,474
|
||||||||||||||||||||||||
Corporate
|
7
|
(85
|
)
|
7,291
|
-
|
-
|
-
|
7
|
(85
|
)
|
7,291
|
|||||||||||||||||||||||||
Residential mortgage-backed - US agency
|
3
|
(32
|
)
|
5,894
|
5
|
(97
|
)
|
5,035
|
8
|
(129
|
)
|
10,929
|
||||||||||||||||||||||||
Collateralized mortgage obligations - US agency
|
2
|
(5
|
)
|
1,209
|
3
|
(49
|
)
|
1,881
|
5
|
(54
|
)
|
3,090
|
||||||||||||||||||||||||
Totals
|
24
|
$
|
(133
|
)
|
$
|
18,248
|
14
|
$
|
(164
|
)
|
$
|
10,514
|
38
|
$
|
(297
|
)
|
$
|
28,762
|
||||||||||||||||||
Held-to-Maturity
|
||||||||||||||||||||||||||||||||||||
US Treasury, agencies and GSE's
|
1
|
$
|
(14
|
)
|
$
|
1,985
|
-
|
$
|
-
|
$
|
-
|
1
|
(14
|
)
|
$
|
1,985
|
||||||||||||||||||||
State and political subdivisions
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Corporate
|
1
|
(1
|
)
|
228
|
-
|
-
|
-
|
1
|
(1
|
)
|
228
|
|||||||||||||||||||||||||
Residential mortgage-backed - US agency
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Collateralized mortgage obligations - US agency
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Totals
|
2
|
$
|
(15
|
)
|
$
|
2,213
|
-
|
$
|
-
|
$
|
-
|
2
|
$
|
(15
|
)
|
$
|
2,213
|
|||||||||||||||||||
December 31, 2014
|
||||||||||||||||||||||||||||||||||||
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
|
7
|
$
|
(18
|
)
|
$
|
7,991
|
7
|
$
|
(131
|
)
|
$
|
7,856
|
14
|
(149
|
)
|
$
|
15,847
|
|||||||||||||||||||
State and political subdivisions
|
19
|
(13
|
)
|
3,047
|
1
|
-
|
90
|
20
|
(13
|
)
|
3,137
|
|||||||||||||||||||||||||
Corporate
|
7
|
(19
|
)
|
4,520
|
-
|
-
|
-
|
7
|
(19
|
)
|
4,520
|
|||||||||||||||||||||||||
Residential mortgage-backed - US agency
|
2
|
(8
|
)
|
1,424
|
6
|
(141
|
)
|
6,256
|
8
|
(149
|
)
|
7,680
|
||||||||||||||||||||||||
Collateralized mortgage obligations - US agency
|
3
|
(22
|
)
|
2,692
|
5
|
(102
|
)
|
3,963
|
8
|
(124
|
)
|
6,655
|
||||||||||||||||||||||||
Totals
|
38
|
$
|
(80
|
)
|
$
|
19,674
|
19
|
$
|
(374
|
)
|
$
|
18,165
|
57
|
$
|
(454
|
)
|
$
|
37,839
|
||||||||||||||||||
Held-to-Maturity
|
||||||||||||||||||||||||||||||||||||
US Treasury, agencies and GSE's
|
-
|
$
|
-
|
$
|
-
|
-
|
$
|
-
|
$
|
-
|
-
|
-
|
$
|
-
|
||||||||||||||||||||||
State and political subdivisions
|
1
|
(9
|
)
|
1,463
|
-
|
-
|
-
|
1
|
(9
|
)
|
1,463
|
|||||||||||||||||||||||||
Corporate
|
2
|
(17
|
)
|
1,108
|
-
|
-
|
-
|
2
|
(17
|
)
|
1,108
|
|||||||||||||||||||||||||
Residential mortgage-backed - US agency
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Collateralized mortgage obligations - US agency
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||||||
Totals
|
3
|
$
|
(26
|
)
|
$
|
2,571
|
-
|
$
|
-
|
$
|
-
|
3
|
$
|
(26
|
)
|
$
|
2,571
|
For the three months
|
For the nine months
|
|||||||||||||||
ended September 30,
|
ended September 30,
|
|||||||||||||||
(In thousands)
|
2015
|
2014
|
2015
|
2014
|
||||||||||||
Realized gains
|
$
|
88
|
$
|
3
|
$
|
198
|
$
|
29
|
||||||||
Realized losses
|
-
|
-
|
(10
|
)
|
-
|
|||||||||||
|
$
|
88
|
$
|
3
|
$
|
188
|
$
|
29
|
Pension Benefits
|
Postretirement Benefits
|
Pension Benefits
|
Postretirement Benefits
|
|||||||||||||||||||||||||||||
For the three months ended September 30,
|
For the nine months ended September 30,
|
|||||||||||||||||||||||||||||||
(In thousands)
|
2015
|
2014
|
2015
|
2014
|
2015
|
2014
|
2015
|
2014
|
||||||||||||||||||||||||
Service cost
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||||||
Interest cost
|
117
|
102
|
4
|
5
|
351
|
305
|
13
|
14
|
||||||||||||||||||||||||
Expected return on plan assets
|
(244
|
)
|
(236
|
)
|
-
|
-
|
(731
|
)
|
(707
|
)
|
-
|
-
|
||||||||||||||||||||
Amortization of net losses
|
45
|
8
|
-
|
3
|
135
|
23
|
-
|
10
|
||||||||||||||||||||||||
Net periodic benefit plan (benefit) cost
|
$
|
(82
|
)
|
$
|
(126
|
)
|
$
|
4
|
$
|
8
|
$
|
(245
|
)
|
$
|
(379
|
)
|
$
|
13
|
$
|
24
|
September 30,
|
December 31,
|
|||||||
(In thousands)
|
2015
|
2014
|
||||||
Residential mortgage loans:
|
||||||||
1-4 family first-lien residential mortgages
|
$
|
179,146
|
$
|
172,159
|
||||
Construction
|
6,804
|
3,209
|
||||||
Total residential mortgage loans
|
185,950
|
175,368
|
||||||
Commercial loans:
|
||||||||
Real estate
|
126,931
|
125,952
|
||||||
Lines of credit
|
18,327
|
17,407
|
||||||
Other commercial and industrial
|
46,901
|
34,660
|
||||||
Tax exempt loans
|
9,195
|
7,201
|
||||||
Total commercial loans
|
201,354
|
185,220
|
||||||
Consumer loans:
|
||||||||
Home equity and junior liens
|
22,850
|
22,713
|
||||||
Other consumer
|
4,807
|
4,160
|
||||||
Total consumer loans
|
27,657
|
26,873
|
||||||
|
||||||||
Total loans
|
414,961
|
387,461
|
||||||
Net deferred loan (fees) costs
|
(166
|
)
|
77
|
|||||
Less allowance for loan losses
|
(5,732
|
)
|
(5,349
|
)
|
||||
Loans receivable, net
|
$
|
409,063
|
$
|
382,189
|
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 September 30, 2015
|
|||||||||||||||||||
Special
|
||||||||||||||||||||
(In thousands)
|
Pass
|
Mention
|
Substandard
|
Doubtful
|
Total
|
|||||||||||||||
Residential mortgage loans:
|
||||||||||||||||||||
1-4 family first-lien residential mortgages
|
$
|
174,096
|
$
|
1,761
|
$
|
2,580
|
$
|
709
|
$
|
179,146
|
||||||||||
Construction
|
6,804
|
-
|
-
|
-
|
6,804
|
|||||||||||||||
Total residential mortgage loans
|
180,900
|
1,761
|
2,580
|
709
|
185,950
|
|||||||||||||||
Commercial loans:
|
||||||||||||||||||||
Real estate
|
119,075
|
3,097
|
4,472
|
287
|
126,931
|
|||||||||||||||
Lines of credit
|
16,971
|
573
|
702
|
81
|
18,327
|
|||||||||||||||
Other commercial and industrial
|
45,738
|
117
|
744
|
302
|
46,901
|
|||||||||||||||
Tax exempt loans
|
9,195
|
-
|
-
|
-
|
9,195
|
|||||||||||||||
Total commercial loans
|
190,979
|
3,787
|
5,918
|
670
|
201,354
|
|||||||||||||||
Consumer loans:
|
||||||||||||||||||||
Home equity and junior liens
|
22,132
|
171
|
320
|
227
|
22,850
|
|||||||||||||||
Other consumer
|
4,759
|
17
|
31
|
-
|
4,807
|
|||||||||||||||
Total consumer loans
|
26,891
|
188
|
351
|
227
|
27,657
|
|||||||||||||||
Total loans
|
$
|
398,770
|
$
|
5,736
|
$
|
8,849
|
$
|
1,606
|
$
|
414,961
|
|
As of December 31, 2014
|
|||||||||||||||||||
Special
|
||||||||||||||||||||
(In thousands)
|
Pass
|
Mention
|
Substandard
|
Doubtful
|
Total
|
|||||||||||||||
Residential mortgage loans:
|
||||||||||||||||||||
1-4 family first-lien residential mortgages
|
$
|
166,352
|
$
|
1,384
|
$
|
3,370
|
$
|
1,053
|
$
|
172,159
|
||||||||||
Construction
|
3,209
|
-
|
-
|
-
|
3,209
|
|||||||||||||||
Total residential mortgage loans
|
169,561
|
1,384
|
3,370
|
1,053
|
175,368
|
|||||||||||||||
Commercial loans:
|
||||||||||||||||||||
Real estate
|
119,521
|
1,157
|
5,132
|
142
|
125,952
|
|||||||||||||||
Lines of credit
|
16,310
|
451
|
646
|
-
|
17,407
|
|||||||||||||||
Other commercial and industrial
|
33,258
|
434
|
941
|
27
|
34,660
|
|||||||||||||||
Tax exempt loans
|
7,201
|
-
|
-
|
-
|
7,201
|
|||||||||||||||
Total commercial loans
|
176,290
|
2,042
|
6,719
|
169
|
185,220
|
|||||||||||||||
Consumer loans:
|
||||||||||||||||||||
Home equity and junior liens
|
21,722
|
333
|
574
|
84
|
22,713
|
|||||||||||||||
Other consumer
|
4,113
|
10
|
37
|
-
|
4,160
|
|||||||||||||||
Total consumer loans
|
25,835
|
343
|
611
|
84
|
26,873
|
|||||||||||||||
Total loans
|
$
|
371,686
|
$
|
3,769
|
$
|
10,700
|
$
|
1,306
|
$
|
387,461
|
|
As of September 30, 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
|
$
|
1,741
|
$
|
884
|
$
|
1,083
|
$
|
3,708
|
$
|
175,438
|
$
|
179,146
|
||||||||||||
Construction
|
-
|
-
|
-
|
-
|
6,804
|
6,804
|
||||||||||||||||||
Total residential mortgage loans
|
1,741
|
884
|
1,083
|
3,708
|
182,242
|
185,950
|
||||||||||||||||||
Commercial loans:
|
||||||||||||||||||||||||
Real estate
|
1,372
|
149
|
2,941
|
4,462
|
122,469
|
126,931
|
||||||||||||||||||
Lines of credit
|
754
|
-
|
257
|
1,011
|
17,316
|
18,327
|
||||||||||||||||||
Other commercial and industrial
|
305
|
717
|
634
|
1,656
|
45,245
|
46,901
|
||||||||||||||||||
Tax exempt loans
|
-
|
-
|
-
|
-
|
9,195
|
9,195
|
||||||||||||||||||
Total commercial loans
|
2,431
|
866
|
3,832
|
7,129
|
194,225
|
201,354
|
||||||||||||||||||
Consumer loans:
|
||||||||||||||||||||||||
Home equity and junior liens
|
86
|
80
|
317
|
483
|
22,367
|
22,850
|
||||||||||||||||||
Other consumer
|
14
|
13
|
16
|
43
|
4,764
|
4,807
|
||||||||||||||||||
Total consumer loans
|
100
|
93
|
333
|
526
|
27,131
|
27,657
|
||||||||||||||||||
Total loans
|
$
|
4,272
|
$
|
1,843
|
$
|
5,248
|
$
|
11,363
|
$
|
403,598
|
$
|
414,961
|
||||||||||||
|
As of December 31, 2014
|
|||||||||||||||||||||||
30-59 Days
|
60-89 Days
|
|
||||||||||||||||||||||
Past Due
|
Past Due
|
90 Days
|
Total
|
Total Loans
|
||||||||||||||||||||
(In thousands)
|
And Accruing
|
And Accruing
|
And Over
|
Past Due
|
Current
|
Receivable
|
||||||||||||||||||
Residential mortgage loans:
|
||||||||||||||||||||||||
1-4 family first-lien residential mortgages
|
$
|
1,455
|
$
|
687
|
$
|
1,902
|
$
|
4,044
|
$
|
168,115
|
$
|
172,159
|
||||||||||||
Construction
|
-
|
-
|
-
|
-
|
3,209
|
3,209
|
||||||||||||||||||
Total residential mortgage loans
|
1,455
|
687
|
1,902
|
4,044
|
171,324
|
175,368
|
||||||||||||||||||
Commercial loans:
|
||||||||||||||||||||||||
Real estate
|
1,462
|
32
|
3,547
|
5,041
|
120,911
|
125,952
|
||||||||||||||||||
Lines of credit
|
10
|
-
|
278
|
288
|
17,119
|
17,407
|
||||||||||||||||||
Other commercial and industrial
|
445
|
982
|
205
|
1,632
|
33,028
|
34,660
|
||||||||||||||||||
Tax exempt loans
|
-
|
-
|
-
|
-
|
7,201
|
7,201
|
||||||||||||||||||
Total commercial loans
|
1,917
|
1,014
|
4,030
|
6,961
|
178,259
|
185,220
|
||||||||||||||||||
Consumer loans:
|
||||||||||||||||||||||||
Home equity and junior liens
|
120
|
17
|
313
|
450
|
22,263
|
22,713
|
||||||||||||||||||
Other consumer
|
6
|
17
|
11
|
34
|
4,126
|
4,160
|
||||||||||||||||||
Total consumer loans
|
126
|
34
|
324
|
484
|
26,389
|
26,873
|
||||||||||||||||||
Total loans
|
$
|
3,498
|
$
|
1,735
|
$
|
6,256
|
$
|
11,489
|
$
|
375,972
|
$
|
387,461
|
September 30,
|
December 31,
|
|||||||
(In thousands)
|
2015
|
2014
|
||||||
Residential mortgage loans:
|
||||||||
1-4 family first-lien residential mortgages
|
$
|
1,083
|
$
|
1,902
|
||||
|
1,083
|
1,902
|
||||||
Commercial loans:
|
||||||||
Real estate
|
2,941
|
3,547
|
||||||
Lines of credit
|
257
|
278
|
||||||
Other commercial and industrial
|
634
|
205
|
||||||
|
3,832
|
4,030
|
||||||
Consumer loans:
|
||||||||
Home equity and junior liens
|
317
|
313
|
||||||
Other consumer
|
16
|
11
|
||||||
|
333
|
324
|
||||||
Total nonaccrual loans
|
$
|
5,248
|
$
|
6,256
|
·
|
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 in the second quarter of 2015.
|
·
|
The modification made within the commercial real estate loan class resulted in a pre-modification and post-modification recorded investment of $74,000 and $96,000, respectively. The post-modification recorded investment included the funding of escrow and closing costs as a result of the restructuring. Economic concessions granted included extended interest only payment terms and an additional $100,000 for working capital without an associated increase in collateral. The TDR resulted in a loan balance of $565,000 with a specific reserve of $469,000, resulting in a recorded investment of $96,000. The Company was required to increase the specific reserve against this loan by an additional $108,000, which was a component of the provision for loan losses in the third quarter of 2014.
|
(In thousands)
|
Number of Contracts
|
Recorded Investment
|
Allowance for Loan Loss
|
|||||||||
Other commercial and industrial
|
1
|
$
|
240
|
$
|
209
|
September 30, 2015
|
December 31, 2014
|
|||||||||||||||||||||||
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
|
$
|
476
|
$
|
476
|
$
|
-
|
$
|
1,138
|
$
|
1,163
|
$
|
-
|
||||||||||||
Commercial real estate
|
2,316
|
2,427
|
-
|
2,083
|
2,154
|
-
|
||||||||||||||||||
Commercial lines of credit
|
657
|
678
|
-
|
185
|
197
|
-
|
||||||||||||||||||
Other commercial and industrial
|
689
|
719
|
-
|
335
|
356
|
-
|
||||||||||||||||||
Home equity and junior liens
|
-
|
-
|
-
|
21
|
21
|
-
|
||||||||||||||||||
Other consumer
|
7
|
8
|
-
|
-
|
-
|
-
|
||||||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||||||
1-4 family first-lien residential mortgages
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Commercial real estate
|
2,206
|
2,299
|
826
|
2,927
|
2,972
|
552
|
||||||||||||||||||
Commercial lines of credit
|
-
|
-
|
-
|
93
|
99
|
93
|
||||||||||||||||||
Other commercial and industrial
|
240
|
242
|
209
|
268
|
268
|
238
|
||||||||||||||||||
Home equity and junior liens
|
290
|
290
|
3
|
340
|
340
|
31
|
||||||||||||||||||
Other consumer
|
-
|
-
|
-
|
11
|
11
|
3
|
||||||||||||||||||
Total:
|
||||||||||||||||||||||||
1-4 family first-lien residential mortgages
|
476
|
476
|
-
|
1,138
|
1,163
|
-
|
||||||||||||||||||
Commercial real estate
|
4,522
|
4,726
|
826
|
5,010
|
5,126
|
552
|
||||||||||||||||||
Commercial lines of credit
|
657
|
678
|
-
|
278
|
296
|
93
|
||||||||||||||||||
Other commercial and industrial
|
929
|
961
|
209
|
603
|
624
|
238
|
||||||||||||||||||
Home equity and junior liens
|
290
|
290
|
3
|
361
|
361
|
31
|
||||||||||||||||||
Other consumer
|
7
|
8
|
-
|
11
|
11
|
3
|
||||||||||||||||||
Totals
|
$
|
6,881
|
$
|
7,139
|
$
|
1,038
|
$
|
7,401
|
$
|
7,581
|
$
|
917
|
The following table presents the average recorded investment in impaired loans for the periods indicated:
|
||||||||||||||||
For the three months ended
|
For the nine months ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
(In thousands)
|
2015
|
2014
|
2015
|
2014
|
||||||||||||
1-4 family first-lien residential mortgages
|
$
|
477
|
$
|
1,289
|
$
|
720
|
$
|
1,221
|
||||||||
Commercial real estate
|
4,669
|
5,239
|
4,820
|
4,855
|
||||||||||||
Commercial lines of credit
|
635
|
378
|
505
|
403
|
||||||||||||
Other commercial and industrial
|
941
|
517
|
813
|
511
|
||||||||||||
Home equity and junior liens
|
292
|
369
|
310
|
412
|
||||||||||||
Other consumer
|
7
|
15
|
9
|
8
|
||||||||||||
Total
|
$
|
7,021
|
$
|
7,807
|
$
|
7,177
|
$
|
7,410
|
||||||||
The following table presents the cash basis interest income recognized on impaired loans for the periods indicated:
|
||||||||||||||||
For the three months ended
|
For the nine months ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
(In thousands)
|
2015
|
2014
|
2015
|
2014
|
||||||||||||
1-4 family first-lien residential mortgages
|
$
|
4
|
$
|
4
|
$
|
13
|
$
|
13
|
||||||||
Commercial real estate
|
21
|
59
|
71
|
114
|
||||||||||||
Commercial lines of credit
|
(3
|
)
|
4
|
4
|
5
|
|||||||||||
Other commercial and industrial
|
5
|
13
|
23
|
33
|
||||||||||||
Home equity and junior liens
|
-
|
4
|
4
|
10
|
||||||||||||
Other consumer
|
-
|
-
|
-
|
-
|
||||||||||||
Total
|
$
|
27
|
$
|
84
|
$
|
115
|
$
|
175
|
|
For the three months ended September 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
|
$
|
544
|
$
|
-
|
$
|
3,288
|
$
|
517
|
$
|
1,110
|
||||||||||
Charge-offs
|
(21
|
)
|
-
|
(195
|
)
|
(150
|
)
|
-
|
||||||||||||
Recoveries
|
2
|
-
|
-
|
-
|
2
|
|||||||||||||||
Provisions
|
(13
|
)
|
-
|
(62
|
)
|
3
|
(55
|
)
|
||||||||||||
Ending balance
|
$
|
512
|
$
|
-
|
$
|
3,031
|
$
|
370
|
$
|
1,057
|
||||||||||
Ending balance: related to loans
|
||||||||||||||||||||
individually evaluated for impairment
|
-
|
-
|
826
|
-
|
209
|
|||||||||||||||
Ending balance: related to loans
|
||||||||||||||||||||
collectively evaluated for impairment
|
$
|
512
|
$
|
-
|
$
|
2,205
|
$
|
370
|
$
|
848
|
||||||||||
Loans receivables:
|
||||||||||||||||||||
Ending balance
|
$
|
179,146
|
$
|
6,804
|
$
|
126,931
|
$
|
18,327
|
$
|
46,901
|
||||||||||
Ending balance: individually
|
||||||||||||||||||||
evaluated for impairment
|
476
|
-
|
4,522
|
657
|
929
|
|||||||||||||||
Ending balance: collectively
|
||||||||||||||||||||
evaluated for impairment
|
$
|
178,670
|
$
|
6,804
|
$
|
122,409
|
$
|
17,670
|
$
|
45,972
|
||||||||||
Home equity
|
Other
|
|||||||||||||||||||
|
Municipal
|
and junior liens
|
Consumer
|
Unallocated
|
Total
|
|||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||
Beginning Balance
|
$
|
5
|
$
|
331
|
$
|
105
|
$
|
-
|
$
|
5,900
|
||||||||||
Charge-offs
|
-
|
(11
|
)
|
(28
|
)
|
-
|
(405
|
)
|
||||||||||||
Recoveries
|
-
|
1
|
12
|
-
|
17
|
|||||||||||||||
Provisions
|
(1
|
)
|
7
|
18
|
323
|
220
|
||||||||||||||
Ending balance
|
$
|
4
|
$
|
328
|
$
|
107
|
$
|
323
|
$
|
5,732
|
||||||||||
Ending balance: related to loans
|
||||||||||||||||||||
individually evaluated for impairment
|
-
|
3
|
-
|
-
|
1,038
|
|||||||||||||||
Ending balance: related to loans
|
||||||||||||||||||||
collectively evaluated for impairment
|
$
|
4
|
$
|
325
|
$
|
107
|
$
|
323
|
$
|
4,694
|
||||||||||
Loans receivables:
|
||||||||||||||||||||
Ending balance
|
$
|
9,195
|
$
|
22,850
|
$
|
4,807
|
$
|
414,961
|
||||||||||||
Ending balance: individually
|
||||||||||||||||||||
evaluated for impairment
|
-
|
290
|
7
|
6,881
|
||||||||||||||||
Ending balance: collectively
|
||||||||||||||||||||
evaluated for impairment
|
$
|
9,195
|
$
|
22,560
|
$
|
4,800
|
$
|
408,080
|
|
For the nine months ended September 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
|
(186
|
)
|
-
|
(224
|
)
|
(160
|
)
|
(108
|
)
|
|||||||||||
Recoveries
|
40
|
-
|
-
|
36
|
7
|
|||||||||||||||
Provisions
|
149
|
-
|
454
|
34
|
124
|
|||||||||||||||
Ending balance
|
$
|
512
|
$
|
-
|
$
|
3,031
|
$
|
370
|
$
|
1,057
|
||||||||||
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
|
-
|
(11
|
)
|
(60
|
)
|
-
|
(749
|
)
|
||||||||||||
Recoveries
|
-
|
8
|
37
|
-
|
128
|
|||||||||||||||
Provisions
|
1
|
(57
|
)
|
32
|
267
|
1,004
|
||||||||||||||
Ending balance
|
$
|
4
|
$
|
328
|
$
|
107
|
$
|
323
|
$
|
5,732
|
|
For the three months ended September 30, 2014
|
|||||||||||||||||||
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
|
$
|
491
|
$
|
-
|
$
|
2,624
|
$
|
554
|
$
|
851
|
||||||||||
Charge-offs
|
(26
|
)
|
-
|
(256
|
)
|
(79
|
)
|
-
|
||||||||||||
Recoveries
|
-
|
-
|
-
|
-
|
3
|
|||||||||||||||
Provisions
|
48
|
-
|
345
|
(28
|
)
|
46
|
||||||||||||||
Ending balance
|
$
|
513
|
$
|
-
|
$
|
2,713
|
$
|
447
|
$
|
900
|
||||||||||
Ending balance: related to loans
|
||||||||||||||||||||
individually evaluated for impairment
|
-
|
-
|
643
|
95
|
116
|
|||||||||||||||
Ending balance: related to loans
|
||||||||||||||||||||
collectively evaluated for impairment
|
$
|
513
|
$
|
-
|
$
|
2,070
|
$
|
352
|
$
|
784
|
||||||||||
Loans receivables:
|
||||||||||||||||||||
Ending balance
|
$
|
170,424
|
$
|
1,896
|
$
|
119,453
|
$
|
16,568
|
$
|
36,994
|
||||||||||
Ending balance: individually
|
||||||||||||||||||||
evaluated for impairment
|
1,266
|
-
|
5,218
|
288
|
529
|
|||||||||||||||
Ending balance: collectively
|
||||||||||||||||||||
evaluated for impairment
|
$
|
169,158
|
$
|
1,896
|
$
|
114,235
|
$
|
16,280
|
$
|
36,465
|
||||||||||
Home equity
|
Other
|
|||||||||||||||||||
|
Municipal
|
and junior liens
|
Consumer
|
Unallocated
|
Total
|
|||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||
Beginning Balance
|
$
|
1
|
$
|
422
|
$
|
109
|
$
|
114
|
$
|
5,166
|
||||||||||
Charge-offs
|
-
|
(31
|
)
|
(24
|
)
|
-
|
(416
|
)
|
||||||||||||
Recoveries
|
-
|
1
|
7
|
-
|
11
|
|||||||||||||||
Provisions
|
-
|
(17
|
)
|
7
|
9
|
410
|
||||||||||||||
Ending balance
|
$
|
1
|
$
|
375
|
$
|
99
|
$
|
123
|
$
|
5,171
|
||||||||||
Ending balance: related to loans
|
||||||||||||||||||||
individually evaluated for impairment
|
-
|
33
|
5
|
-
|
892
|
|||||||||||||||
Ending balance: related to loans
|
||||||||||||||||||||
collectively evaluated for impairment
|
$
|
1
|
$
|
342
|
$
|
94
|
$
|
123
|
$
|
4,279
|
||||||||||
Loans receivables:
|
||||||||||||||||||||
Ending balance
|
$
|
2,922
|
$
|
21,724
|
$
|
4,061
|
$
|
374,042
|
||||||||||||
Ending balance: individually
|
||||||||||||||||||||
evaluated for impairment
|
-
|
365
|
14
|
7,680
|
||||||||||||||||
Ending balance: collectively
|
||||||||||||||||||||
evaluated for impairment
|
$
|
2,922
|
$
|
21,359
|
$
|
4,047
|
$
|
366,362
|
|
For the nine months ended September 30, 2014
|
|||||||||||||||||||
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
|
$
|
649
|
$
|
-
|
$
|
2,302
|
$
|
397
|
$
|
834
|
||||||||||
Charge-offs
|
(68
|
)
|
-
|
(303
|
)
|
(164
|
)
|
(153
|
)
|
|||||||||||
Recoveries
|
1
|
-
|
-
|
3
|
6
|
|||||||||||||||
Provisions
|
(69
|
)
|
-
|
714
|
211
|
213
|
||||||||||||||
Ending balance
|
$
|
513
|
$
|
-
|
$
|
2,713
|
$
|
447
|
$
|
900
|
||||||||||
Home equity
|
Other
|
|||||||||||||||||||
|
Municipal
|
and junior liens
|
consumer
|
Unallocated
|
Total
|
|||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||
Beginning Balance
|
$
|
2
|
$
|
433
|
$
|
136
|
$
|
288
|
$
|
5,041
|
||||||||||
Charge-offs
|
-
|
(81
|
)
|
(84
|
)
|
-
|
(853
|
)
|
||||||||||||
Recoveries
|
-
|
1
|
42
|
-
|
53
|
|||||||||||||||
Provisions
|
(1
|
)
|
22
|
5
|
(165
|
)
|
930
|
|||||||||||||
Ending balance
|
$
|
1
|
$
|
375
|
$
|
99
|
$
|
123
|
$
|
5,171
|
(Dollars in thousands)
|
Number of properties
|
September 30, 2015
|
Number of properties
|
December 31, 2014
|
||||||||||||
Foreclosed real estate
|
||||||||||||||||
Foreclosed residential mortgage loans
|
6
|
$
|
341
|
4
|
$
|
261
|
||||||||||
Foreclosed commercial real estate
|
2
|
131
|
-
|
-
|
||||||||||||
Total
|
8
|
$
|
472
|
4
|
$
|
261
|
September 30, 2015
|
||||||||||||||||
Total Fair
|
||||||||||||||||
(In thousands)
|
Level 1
|
Level 2
|
Level 3
|
Value
|
||||||||||||
Available-for-sale portfolio
|
||||||||||||||||
Debt investment securities:
|
||||||||||||||||
US Treasury, agencies and GSEs
|
$
|
-
|
$
|
27,922
|
$
|
-
|
$
|
27,922
|
||||||||
State and political subdivisions
|
-
|
8,374
|
-
|
8,374
|
||||||||||||
Corporate
|
-
|
18,269
|
-
|
18,269
|
||||||||||||
Residential mortgage-backed - US agency
|
-
|
26,267
|
-
|
26,267
|
||||||||||||
Collateralized mortgage obligations - US agency
|
-
|
14,917
|
-
|
14,917
|
||||||||||||
Equity investment securities:
|
||||||||||||||||
Mutual funds:
|
||||||||||||||||
Ultra short mortgage fund
|
644
|
-
|
-
|
644
|
||||||||||||
Large cap equity fund
|
582
|
-
|
-
|
582
|
||||||||||||
Other mutual funds
|
-
|
425
|
-
|
425
|
||||||||||||
Common stock - financial services industry
|
44
|
250
|
313
|
607
|
||||||||||||
Total available-for-sale securities
|
$
|
1,270
|
$
|
96,424
|
$
|
313
|
$
|
98,007
|
||||||||
Interest rate swap derivative
|
$
|
-
|
$
|
(44
|
)
|
$
|
-
|
$
|
(44
|
)
|
||||||
December 31, 2014
|
||||||||||||||||
Total Fair
|
||||||||||||||||
(In thousands)
|
Level 1
|
Level 2
|
Level 3
|
Value
|
||||||||||||
Available-for-sale portfolio
|
||||||||||||||||
Debt investment securities:
|
||||||||||||||||
US Treasury, agencies and GSEs
|
$
|
-
|
$
|
17,750
|
$
|
-
|
$
|
17,750
|
||||||||
State and political subdivisions
|
-
|
8,443
|
-
|
8,443
|
||||||||||||
Corporate
|
-
|
13,860
|
-
|
13,860
|
||||||||||||
Residential mortgage-backed - US agency
|
-
|
30,575
|
-
|
30,575
|
||||||||||||
Collateralized mortgage obligations - US agency
|
-
|
15,476
|
-
|
15,476
|
||||||||||||
Equity investment securities:
|
||||||||||||||||
Mutual funds:
|
||||||||||||||||
Ultra short mortgage fund
|
648
|
-
|
-
|
648
|
||||||||||||
Large cap equity fund
|
649
|
-
|
-
|
649
|
||||||||||||
Other mutual funds
|
-
|
379
|
-
|
379
|
||||||||||||
Common stock - financial services industry
|
43
|
250
|
-
|
293
|
||||||||||||
Total available-for-sale securities
|
$
|
1,340
|
$
|
86,733
|
$
|
-
|
$
|
88,073
|
||||||||
Interest rate swap derivative
|
$
|
-
|
$
|
(82
|
)
|
$
|
-
|
$
|
(82
|
)
|
(In thousands) |
Common Stock - Financial Services Industry
|
|||
Balance - June 30, 2015
|
$
|
-
|
||
Total gains realized/unrealized:
|
||||
Included in earnings
|
-
|
|||
Included in other comprehensive income
|
-
|
|||
Settlements
|
313
|
|||
Sales
|
-
|
|||
Balance - September 30, 2015
|
$
|
313
|
||
Changes in unrealized gains included in earnings related to assets still held at September 30, 2015
|
$
|
-
|
(In thousands) |
Common Stock - Financial Services Industry
|
|||
Balance - December 31, 2014
|
$
|
-
|
||
Total gains realized/unrealized:
|
||||
Included in earnings
|
-
|
|||
Included in other comprehensive income
|
-
|
|||
Settlements
|
313
|
|||
Sales
|
-
|
|||
Balance - September 30, 2015
|
$
|
313
|
||
Changes in unrealized gains included in earnings related to assets still held at September 30, 2015
|
$
|
-
|
At September 30, 2015
|
||||||||||
Investment Type
|
Fair Value
|
Valuation Techniques
|
Unobservable Input
|
Weight
|
||||||
(In thousands)
|
||||||||||
Common Stock - financial services
|
$
|
313
|
Inputs to comparables
|
Weight ascribed to comparable companies
|
100
|
%
|
September 30, 2015
|
||||||||||||||||
Total Fair
|
||||||||||||||||
(In thousands)
|
Level 1
|
Level 2
|
Level 3
|
Value
|
||||||||||||
Impaired loans
|
$
|
-
|
$
|
-
|
$
|
1,294
|
$
|
1,294
|
||||||||
Foreclosed real estate
|
$
|
-
|
$
|
-
|
$
|
435
|
$
|
435
|
||||||||
December 31, 2014
|
||||||||||||||||
Total Fair
|
||||||||||||||||
(In thousands)
|
Level 1
|
Level 2
|
Level 3
|
Value
|
||||||||||||
Impaired loans
|
$
|
-
|
$
|
-
|
$
|
1,277
|
$
|
1,277
|
||||||||
Foreclosed real estate
|
$
|
-
|
$
|
-
|
$
|
105
|
$
|
105
|
|
Quantitative Information about Level 3 Fair Value Measurements
|
|
|
Valuation
|
Unobservable
|
Range
|
|
|
Techniques
|
Input
|
(Weighted Avg.)
|
At September 30, 2015
|
|
|
|
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, 2014
|
|
|
|
Impaired loans
|
Appraisal of collateral
|
Appraisal Adjustments
|
5% - 25% (13%)
|
(Sales Approach)
|
Costs to Sell
|
6% - 50% (13%)
|
|
Discounted Cash Flow
|
|||
Foreclosed real estate
|
Appraisal of collateral
|
Appraisal Adjustments
|
15% - 15% (15%)
|
(Sales Approach)
|
Costs to Sell
|
6% - 8% (7%)
|
|
|
|
|
|
September 30, 2015
|
December 31, 2014
|
|||||||||||||||||||
Fair Value
|
Carrying
|
Estimated
|
Carrying
|
Estimated
|
||||||||||||||||
(Dollars In thousands)
|
Hierarchy
|
Amounts
|
Fair Values
|
Amounts
|
Fair Values
|
|||||||||||||||
Financial assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
1
|
$
|
17,374
|
$
|
17,374
|
$
|
11,356
|
$
|
11,356
|
|||||||||||
Investment securities - available-for-sale
|
1
|
1,270
|
1,270
|
1,340
|
1,340
|
|||||||||||||||
Investment securities - available-for-sale
|
2
|
96,424
|
96,424
|
86,733
|
86,733
|
|||||||||||||||
Investment securities - available-for-sale
|
3
|
313
|
313
|
-
|
-
|
|||||||||||||||
Investment securities - held-to-maturity
|
2
|
43,534
|
44,952
|
40,875
|
42,139
|
|||||||||||||||
Federal Home Loan Bank stock
|
2
|
1,881
|
1,881
|
3,454
|
3,454
|
|||||||||||||||
Net loans
|
3
|
409,063
|
415,965
|
382,189
|
388,151
|
|||||||||||||||
Accrued interest receivable
|
1
|
2,082
|
2,082
|
1,849
|
1,849
|
|||||||||||||||
Financial liabilities:
|
||||||||||||||||||||
Demand Deposits, Savings, NOW and MMDA
|
1
|
$
|
324,385
|
$
|
324,385
|
$
|
263,004
|
$
|
263,004
|
|||||||||||
Time Deposits
|
2
|
171,957
|
172,183
|
152,564
|
152,457
|
|||||||||||||||
Borrowings
|
2
|
29,225
|
29,359
|
66,100
|
66,282
|
|||||||||||||||
Junior subordinated debentures
|
2
|
5,155
|
4,385
|
5,155
|
4,799
|
|||||||||||||||
Accrued interest payable
|
1
|
50
|
50
|
63
|
63
|
|||||||||||||||
Interest rate swap derivative
|
2
|
44
|
44
|
82
|
82
|
September 30,
|
December 31,
|
|||||||
(In thousands)
|
2015
|
2014
|
||||||
Cash flow hedge:
|
||||||||
Other liabilities
|
$
|
44
|
$
|
82
|
Three months ended September 30,
|
||||||||
(In thousands)
|
2015
|
2014
|
||||||
Balance as of June 30:
|
$
|
(57
|
)
|
$
|
(112
|
)
|
||
Amount of gains/(losses) recognized in other comprehensive income
|
(2
|
)
|
2
|
|||||
Amount of loss reclassified from other comprehensive income
|
||||||||
and recognized as interest expense
|
15
|
16
|
||||||
Balance as of September 30:
|
$
|
(44
|
)
|
$
|
(94
|
)
|
||
Nine months ended September 30,
|
||||||||
(In thousands)
|
2015
|
2014
|
||||||
Balance as of December 31:
|
$
|
(82
|
)
|
$
|
(135
|
)
|
||
Amount of losses recognized in other comprehensive income
|
(8
|
)
|
(6
|
)
|
||||
Amount of loss reclassified from other comprehensive income
|
||||||||
and recognized as interest expense
|
46
|
47
|
||||||
Balance as of September 30:
|
$
|
(44
|
)
|
$
|
(94
|
)
|
For the three months ended September 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
|
$
|
(1,740
|
)
|
$
|
(34
|
)
|
$
|
149
|
$
|
(694
|
)
|
$
|
(2,319
|
)
|
||||||
Other comprehensive (loss) income before reclassifications
|
-
|
(1
|
)
|
356
|
20
|
375
|
||||||||||||||
Amounts reclassified from AOCI
|
27
|
9
|
(52
|
)
|
-
|
(16
|
)
|
|||||||||||||
Ending balance
|
$
|
(1,713
|
)
|
$
|
(26
|
)
|
$
|
453
|
$
|
(674
|
)
|
$
|
(1,960
|
)
|
||||||
|
For the nine months ended September 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
|
$
|
(1,794
|
)
|
$
|
(49
|
)
|
$
|
457
|
$
|
(733
|
)
|
$
|
(2,119
|
)
|
||||||
Other comprehensive (loss) income before reclassifications
|
-
|
(5
|
)
|
109
|
59
|
163
|
||||||||||||||
Amounts reclassified from AOCI
|
81
|
28
|
(113
|
)
|
-
|
(4
|
)
|
|||||||||||||
Ending balance
|
$
|
(1,713
|
)
|
$
|
(26
|
)
|
$
|
453
|
$
|
(674
|
)
|
$
|
(1,960
|
)
|
For the three months ended September 30, 2014
|
||||||||||||||||||||
(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
|
$
|
(969
|
)
|
$
|
(67
|
)
|
$
|
461
|
$
|
(745
|
)
|
$
|
(1,320
|
)
|
||||||
Other comprehensive (loss) income before reclassifications
|
-
|
-
|
(42
|
)
|
17
|
(25
|
)
|
|||||||||||||
Amounts reclassified from AOCI
|
7
|
10
|
(2
|
)
|
-
|
15
|
||||||||||||||
Ending balance
|
$
|
(962
|
)
|
$
|
(57
|
)
|
$
|
417
|
$
|
(728
|
)
|
$
|
(1,330
|
)
|
||||||
|
For the nine months ended September 30, 2014
|
|||||||||||||||||||
(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
|
$
|
(982
|
)
|
$
|
(81
|
)
|
$
|
99
|
$
|
(781
|
)
|
(1,745
|
)
|
|||||||
Other comprehensive (loss) income before reclassifications
|
-
|
(4
|
)
|
335
|
53
|
384
|
||||||||||||||
Amounts reclassified from AOCI
|
20
|
28
|
(17
|
)
|
-
|
31
|
||||||||||||||
Ending balance
|
$
|
(962
|
)
|
$
|
(57
|
)
|
$
|
417
|
$
|
(728
|
)
|
$
|
(1,330
|
)
|
Amount Reclassified
|
Amount Reclassified
|
||||||||||||||||
from AOCI1
|
from AOCI1
|
||||||||||||||||
(Unaudited)
|
|
(Unaudited)
|
|||||||||||||||
(In thousands)
|
For the three months ended
|
For the nine months ended
|
|||||||||||||||
Details about AOCI1 components
|
September 30, 2015
|
September 30, 2014
|
Affected Line Item in the Statement of Income
|
September 30, 2015
|
September 30, 2014
|
||||||||||||
|
|||||||||||||||||
Unrealized holding gain on financial derivative:
|
|||||||||||||||||
Reclassification adjustment for
|
|||||||||||||||||
interest expense included in net income
|
$
|
(15
|
)
|
$
|
(16
|
)
|
Interest on long term borrowings
|
$
|
(46
|
)
|
$
|
(47
|
)
|
||||
6
|
6
|
Provision for income taxes
|
18
|
19
|
|||||||||||||
$
|
(9
|
)
|
$
|
(10
|
)
|
Net Income
|
$
|
(28
|
)
|
$
|
(28
|
)
|
|||||
Retirement plan items
|
|||||||||||||||||
Retirement plan net losses
|
|||||||||||||||||
recognized in plan expenses2
|
$
|
(45
|
)
|
$
|
(11
|
)
|
Salaries and employee benefits
|
$
|
(135
|
)
|
$
|
(33
|
)
|
||||
18
|
4
|
Provision for income taxes
|
54
|
13
|
|||||||||||||
$
|
(27
|
)
|
$
|
(7
|
)
|
Net Income
|
$
|
(81
|
)
|
$
|
(20
|
)
|
|||||
Available-for-sale securities
|
|||||||||||||||||
Realized gain on sale of securities
|
$
|
88
|
$
|
3
|
Net gains on sales and redemptions of investment securities
|
$
|
188
|
$
|
29
|
||||||||
(36
|
)
|
(1
|
)
|
Provision for income taxes
|
(75
|
)
|
(12
|
)
|
|||||||||
$
|
52
|
$
|
2
|
Net Income
|
$
|
113
|
$
|
17
|
|||||||||
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.
|
·
|
general economic conditions, either nationally or in our market area, that are worse than expected;
|
·
|
inflation and changes in the interest rate environment that reduce our interest margins or reduce the fair value of financial instruments;
|
·
|
increased competitive pressures among financial services companies;
|
·
|
changes in consumer spending, borrowing and savings habits;
|
·
|
our ability to enter new markets successfully and take advantage of growth opportunities, and the possible dilutive effect of potential acquisitions or de novo branches, if any;
|
·
|
legislative or regulatory changes that may adversely affect our business;
|
·
|
adverse changes in the securities markets;
|
·
|
changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board or the Securities and Exchange Commission;
|
·
|
inability of third-party providers to perform their obligations to us; and
|
·
|
changes in our organization, compensation and benefit plans.
|
·
|
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 utilize the fair value of the underlying collateral.
|
·
|
For all other loans, 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 19.5% to $852,000.
|
·
|
Basic and diluted earnings per common share improved to $0.21 and $0.20 per share, respectively, due to the reported increase in earnings. Return on average assets increased seven basis points to 0.59%.
|
·
|
Net interest income, after provision for loan losses, increased 14.8% to $4.6 million due to the Company's increase in asset size. Net interest margin decreased by six basis points to 3.39%, due to a 19 basis point decline in loan yields in the quarter ended September 30, 2015 as compared with the same quarter in 2014. This decline in loan yields was primarily due to the effects of the current interest rate environment whereby loans are being originated at lower yields than the loans that they are replacing that were originated in a previously higher interest rate environment. The general decline in loan yields is commensurate with the current general interest rate environment and overall market competitive conditions.
|
·
|
Net income available to common shareholders improved by 8.8% to $2.0 million.
|
·
|
Basic and diluted earnings per common share improved to $0.49 and $0.48 per share, respectively, due to the reported increase in earnings. Return on average assets remained constant at 0.47%.
|
·
|
Net interest income, after provision for loan losses, increased 11.8% to $13.0 million. Net interest margin decreased by seven basis points to 3.33% as the decrease in average yield on interest earning assets declined for the reasons noted for the three months ended September 30, 2015, as discussed above.
|
·
|
Asset quality exhibited signs of improvement between December 31, 2014 and September 30, 2015. Delinquencies decreased, the ratio of annualized net loan charge-offs to average loans decreased by four basis points to 0.21%, and the ratio of nonperforming loans to period end loans decreased by 34 basis points to 1.27%.
|
·
|
Total assets increased 8.2% to $607.2 million. Increases were recorded in investment securities, loans, and cash and equivalents. This was funded largely by the increases in Money Market Deposit Accounts ("MMDA") and business and municipal demand deposits.
|
For the three months ended September 30,
|
||||||||||||||||||||||||
2015
|
2014
|
|||||||||||||||||||||||
Average
|
Average
|
|||||||||||||||||||||||
Average
|
Yield /
|
Average
|
Yield /
|
|||||||||||||||||||||
(Dollars in thousands)
|
Balance
|
Interest
|
Cost
|
Balance
|
Interest
|
Cost
|
||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Loans
|
$
|
409,217
|
$
|
4,699
|
4.59
|
%
|
$
|
363,353
|
$
|
4,344
|
4.78
|
%
|
||||||||||||
Taxable investment securities
|
116,220
|
559
|
1.92
|
%
|
107,407
|
508
|
1.89
|
%
|
||||||||||||||||
Tax-exempt investment securities
|
27,357
|
186
|
2.72
|
%
|
28,400
|
196
|
2.76
|
%
|
||||||||||||||||
Interest-earning time deposit
|
-
|
-
|
0.00
|
%
|
500
|
2
|
1.60
|
%
|
||||||||||||||||
Fed funds sold and interest-earning deposits
|
13,514
|
5
|
0.15
|
%
|
9,909
|
2
|
0.08
|
%
|
||||||||||||||||
Total interest-earning assets
|
566,308
|
5,449
|
3.85
|
%
|
509,569
|
5,052
|
3.97
|
%
|
||||||||||||||||
Noninterest-earning assets:
|
||||||||||||||||||||||||
Other assets
|
40,270
|
41,895
|
||||||||||||||||||||||
Allowance for loan losses
|
(5,998
|
)
|
(5,191
|
)
|
||||||||||||||||||||
Net unrealized gains
|
||||||||||||||||||||||||
on available-for sale-securities
|
538
|
802
|
||||||||||||||||||||||
Total assets
|
$
|
601,118
|
$
|
547,075
|
||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
NOW accounts
|
$
|
45,051
|
$
|
24
|
0.21
|
%
|
$
|
39,779
|
$
|
23
|
0.23
|
%
|
||||||||||||
Money management accounts
|
12,740
|
5
|
0.16
|
%
|
13,247
|
6
|
0.18
|
%
|
||||||||||||||||
MMDA accounts
|
121,494
|
170
|
0.56
|
%
|
92,742
|
104
|
0.45
|
%
|
||||||||||||||||
Savings and club accounts
|
73,343
|
15
|
0.08
|
%
|
74,163
|
16
|
0.09
|
%
|
||||||||||||||||
Time deposits
|
156,374
|
294
|
0.75
|
%
|
167,415
|
330
|
0.79
|
%
|
||||||||||||||||
Junior subordinated debentures
|
5,155
|
41
|
3.18
|
%
|
5,155
|
39
|
3.03
|
%
|
||||||||||||||||
Borrowings
|
50,003
|
103
|
0.83
|
%
|
44,516
|
138
|
1.24
|
%
|
||||||||||||||||
Total interest-bearing liabilities
|
464,160
|
652
|
0.56
|
%
|
437,017
|
656
|
0.60
|
%
|
||||||||||||||||
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
Demand deposits
|
63,223
|
58,548
|
||||||||||||||||||||||
Other liabilities
|
2,709
|
6,153
|
||||||||||||||||||||||
Total liabilities
|
530,092
|
501,718
|
||||||||||||||||||||||
Shareholders' equity
|
71,026
|
45,357
|
||||||||||||||||||||||
Total liabilities & shareholders' equity
|
$
|
601,118
|
$
|
547,075
|
||||||||||||||||||||
Net interest income
|
$
|
4,797
|
$
|
4,396
|
||||||||||||||||||||
Net interest rate spread
|
3.29
|
%
|
3.37
|
%
|
||||||||||||||||||||
Net interest margin
|
3.39
|
%
|
3.45
|
%
|
||||||||||||||||||||
Ratio of average interest-earning assets
|
||||||||||||||||||||||||
to average interest-bearing liabilities
|
122.01
|
%
|
116.60
|
%
|
For the nine months ended September 30,
|
||||||||||||||||||||||||
2015
|
2014
|
|||||||||||||||||||||||
Average
|
Average
|
|||||||||||||||||||||||
Average
|
Yield /
|
Average
|
Yield /
|
|||||||||||||||||||||
(Dollars in thousands)
|
Balance
|
Interest
|
Cost
|
Balance
|
Interest
|
Cost
|
||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Loans
|
$
|
398,223
|
$
|
13,649
|
4.57
|
%
|
$
|
353,839
|
$
|
12,512
|
4.71
|
%
|
||||||||||||
Taxable investment securities
|
119,627
|
1,603
|
1.79
|
%
|
101,449
|
1,445
|
1.90
|
%
|
||||||||||||||||
Tax-exempt investment securities
|
28,027
|
573
|
2.73
|
%
|
27,445
|
585
|
2.84
|
%
|
||||||||||||||||
Interest-earning time deposit
|
-
|
-
|
0.00
|
%
|
500
|
6
|
1.60
|
%
|
||||||||||||||||
Fed funds sold and interest-earning deposits
|
13,332
|
12
|
0.12
|
%
|
7,986
|
4
|
0.07
|
%
|
||||||||||||||||
Total interest-earning assets
|
559,209
|
15,837
|
3.78
|
%
|
491,219
|
14,552
|
3.95
|
%
|
||||||||||||||||
Noninterest-earning assets:
|
||||||||||||||||||||||||
Other assets
|
40,017
|
41,402
|
||||||||||||||||||||||
Allowance for loan losses
|
(5,661
|
)
|
(5,118
|
)
|
||||||||||||||||||||
Net unrealized gains
|
||||||||||||||||||||||||
on available for sale securities
|
829
|
661
|
||||||||||||||||||||||
Total assets
|
$
|
594,394
|
$
|
528,164
|
||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
NOW accounts
|
$
|
46,160
|
$
|
63
|
0.18
|
%
|
$
|
39,319
|
$
|
55
|
0.19
|
%
|
||||||||||||
Money management accounts
|
12,956
|
15
|
0.15
|
%
|
13,300
|
16
|
0.16
|
%
|
||||||||||||||||
MMDA accounts
|
117,379
|
440
|
0.50
|
%
|
93,927
|
294
|
0.42
|
%
|
||||||||||||||||
Savings and club accounts
|
74,674
|
46
|
0.08
|
%
|
74,628
|
47
|
0.08
|
%
|
||||||||||||||||
Time deposits
|
156,158
|
871
|
0.74
|
%
|
159,810
|
1,093
|
0.91
|
%
|
||||||||||||||||
Junior subordinated debentures
|
5,155
|
121
|
3.13
|
%
|
5,155
|
120
|
3.10
|
%
|
||||||||||||||||
Borrowings
|
46,582
|
302
|
0.86
|
%
|
38,243
|
391
|
1.37
|
%
|
||||||||||||||||
Total interest-bearing liabilities
|
459,064
|
1,858
|
0.54
|
%
|
424,382
|
2,016
|
0.63
|
%
|
||||||||||||||||
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
Demand deposits
|
61,790
|
54,980
|
||||||||||||||||||||||
Other liabilities
|
3,067
|
4,437
|
||||||||||||||||||||||
Total liabilities
|
523,921
|
483,799
|
||||||||||||||||||||||
Shareholders' equity
|
70,473
|
44,365
|
||||||||||||||||||||||
Total liabilities & shareholders' equity
|
$
|
594,394
|
$
|
528,164
|
||||||||||||||||||||
Net interest income
|
$
|
13,979
|
$
|
12,536
|
||||||||||||||||||||
Net interest rate spread
|
3.24
|
%
|
3.32
|
%
|
||||||||||||||||||||
Net interest margin
|
3.33
|
%
|
3.40
|
%
|
||||||||||||||||||||
Ratio of average interest-earning assets
|
||||||||||||||||||||||||
to average interest-bearing liabilities
|
121.82
|
%
|
115.75
|
%
|
Three months ended September 30,
|
Nine months ended September 30,
|
|||||||||||||||||||||||
2015 vs. 2014
|
2015 vs. 2014
|
|||||||||||||||||||||||
Increase/(Decrease) Due to
|
Increase/(Decrease) Due to
|
|||||||||||||||||||||||
Total
|
Total
|
|||||||||||||||||||||||
Increase
|
Increase
|
|||||||||||||||||||||||
(In thousands)
|
Volume
|
Rate
|
(Decrease)
|
Volume
|
Rate
|
(Decrease)
|
||||||||||||||||||
Interest Income:
|
||||||||||||||||||||||||
Loans
|
$
|
1,316
|
$
|
(961
|
)
|
$
|
355
|
$
|
1,737
|
$
|
(600
|
)
|
$
|
1,137
|
||||||||||
Taxable investment securities
|
42
|
9
|
51
|
290
|
(132
|
)
|
158
|
|||||||||||||||||
Tax-exempt investment securities
|
(7
|
)
|
(3
|
)
|
(10
|
)
|
18
|
(30
|
)
|
(12
|
)
|
|||||||||||||
Interest-earning time deposits
|
(1
|
)
|
(1
|
)
|
(2
|
)
|
(3
|
)
|
(3
|
)
|
(6
|
)
|
||||||||||||
Interest-earning deposits
|
1
|
2
|
3
|
4
|
4
|
8
|
||||||||||||||||||
Total interest income
|
1,351
|
(954
|
)
|
397
|
2,046
|
(761
|
)
|
1,285
|
||||||||||||||||
Interest Expense:
|
||||||||||||||||||||||||
NOW accounts
|
10
|
(9
|
)
|
1
|
10
|
(2
|
)
|
8
|
||||||||||||||||
Money management accounts
|
-
|
(1
|
)
|
(1
|
)
|
-
|
(1
|
)
|
(1
|
)
|
||||||||||||||
MMDA accounts
|
37
|
29
|
66
|
82
|
64
|
146
|
||||||||||||||||||
Savings and club accounts
|
-
|
(1
|
)
|
(1
|
)
|
-
|
(1
|
)
|
(1
|
)
|
||||||||||||||
Time deposits
|
(21
|
)
|
(16
|
)
|
(37
|
)
|
(24
|
)
|
(197
|
)
|
(221
|
)
|
||||||||||||
Junior subordinated debentures
|
-
|
2
|
2
|
-
|
1
|
1
|
||||||||||||||||||
Borrowings
|
90
|
(124
|
)
|
(34
|
)
|
110
|
(200
|
)
|
(90
|
)
|
||||||||||||||
Total interest expense
|
116
|
(120
|
)
|
(4
|
)
|
178
|
(336
|
)
|
(158
|
)
|
||||||||||||||
Net change in net interest income
|
$
|
1,235
|
$
|
(834
|
)
|
$
|
401
|
$
|
1,868
|
$
|
(425
|
)
|
$
|
1,443
|
Three months ended September 30,
|
Nine months ended September 30,
|
|||||||||||||||||||||||||||||||
(Dollars in thousands)
|
2015
|
2014
|
Change
|
2015
|
2014
|
Change
|
||||||||||||||||||||||||||
Service charges on deposit accounts
|
$
|
299
|
$
|
311
|
$
|
(12
|
)
|
-3.9
|
%
|
$
|
853
|
$
|
894
|
$
|
(41
|
)
|
-4.6
|
%
|
||||||||||||||
Earnings and gain on bank owned life insurance
|
250
|
64
|
186
|
290.6
|
%
|
400
|
190
|
210
|
110.5
|
%
|
||||||||||||||||||||||
Loan servicing fees
|
55
|
81
|
(26
|
)
|
-32.1
|
%
|
148
|
202
|
(54
|
)
|
-26.7
|
%
|
||||||||||||||||||||
Debit card interchange fees
|
131
|
127
|
4
|
3.1
|
%
|
390
|
369
|
21
|
5.7
|
%
|
||||||||||||||||||||||
Other charges, commissions and fees
|
352
|
304
|
48
|
15.8
|
%
|
1,017
|
880
|
137
|
15.6
|
%
|
||||||||||||||||||||||
Noninterest income before gains
|
1,087
|
887
|
200
|
22.5
|
%
|
2,808
|
2,535
|
273
|
10.8
|
%
|
||||||||||||||||||||||
Net gains on sales and redemptions of investment securities
|
88
|
3
|
85
|
2833.3
|
%
|
188
|
29
|
159
|
548.3
|
%
|
||||||||||||||||||||||
Net gains on sales of loans and foreclosed real estate
|
17
|
10
|
7
|
70.0
|
%
|
13
|
39
|
(26
|
)
|
-66.7
|
%
|
|||||||||||||||||||||
Total noninterest income
|
$
|
1,192
|
$
|
900
|
$
|
292
|
32.4
|
%
|
$
|
3,009
|
$
|
2,603
|
$
|
406
|
15.6
|
%
|
Three months ended September 30,
|
Nine months ended September 30,
|
|||||||||||||||||||||||||||||||
(Dollars in thousands)
|
2015
|
2014
|
Change
|
2015
|
2014
|
Change
|
||||||||||||||||||||||||||
Salaries and employee benefits
|
$
|
2,478
|
$
|
2,141
|
$
|
337
|
15.7
|
%
|
$
|
7,216
|
$
|
6,526
|
$
|
690
|
10.6
|
%
|
||||||||||||||||
Building occupancy
|
535
|
421
|
114
|
27.1
|
%
|
1,479
|
1,193
|
286
|
24.0
|
%
|
||||||||||||||||||||||
Data processing
|
462
|
367
|
95
|
25.9
|
%
|
1,204
|
1,131
|
73
|
6.5
|
%
|
||||||||||||||||||||||
Professional and other services
|
206
|
160
|
46
|
28.8
|
%
|
654
|
508
|
146
|
28.7
|
%
|
||||||||||||||||||||||
Advertising
|
116
|
141
|
(25
|
)
|
-17.7
|
%
|
352
|
372
|
(20
|
)
|
-5.4
|
%
|
||||||||||||||||||||
FDIC assessments
|
105
|
99
|
6
|
6.1
|
%
|
302
|
294
|
8
|
2.7
|
%
|
||||||||||||||||||||||
Audits and exams
|
58
|
61
|
(3
|
)
|
-4.9
|
%
|
179
|
186
|
(7
|
)
|
-3.8
|
%
|
||||||||||||||||||||
Other expenses
|
598
|
422
|
176
|
41.7
|
%
|
1,628
|
1,273
|
355
|
27.9
|
%
|
||||||||||||||||||||||
Total noninterest expenses
|
$
|
4,558
|
$
|
3,812
|
$
|
746
|
19.6
|
%
|
$
|
13,014
|
$
|
11,483
|
$
|
1,531
|
13.3
|
%
|
MinimumTo Be "Well- | ||||||||||||||||||||||||
Minimum
|
Capitalized"
|
|||||||||||||||||||||||
For Capital
|
Under Prompt
|
|||||||||||||||||||||||
Actual
|
Adequacy Purposes
|
Corrective Provisions
|
||||||||||||||||||||||
(Dollars in thousands)
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
||||||||||||||||||
As of September 30, 2015
|
||||||||||||||||||||||||
Total Core Capital (to Risk-Weighted Assets)
|
$
|
66,189
|
16.70
|
%
|
$
|
31,703
|
8.00
|
%
|
$
|
39,629
|
10.00
|
%
|
||||||||||||
Tier 1 Capital (to Risk-Weighted Assets)
|
$
|
61,060
|
15.41
|
%
|
$
|
23,778
|
6.00
|
%
|
$
|
31,703
|
8.00
|
%
|
||||||||||||
Tier 1 Common Equity (to Risk-Weighted Assets)
|
$
|
61,060
|
15.41
|
%
|
$
|
17,833
|
4.50
|
%
|
$
|
25,759
|
6.50
|
%
|
||||||||||||
Tier 1 Capital (to Assets)
|
$
|
61,060
|
10.23
|
%
|
$
|
23,865
|
4.00
|
%
|
$
|
29,831
|
5.00
|
%
|
||||||||||||
As of December 31, 2014:
|
||||||||||||||||||||||||
Total Core Capital (to Risk-Weighted Assets)
|
$
|
63,831
|
16.60
|
%
|
$
|
30,754
|
8.00
|
%
|
$
|
38,443
|
10.00
|
%
|
||||||||||||
Tier 1 Capital (to Risk-Weighted Assets)
|
$
|
58,842
|
15.31
|
%
|
$
|
15,377
|
4.00
|
%
|
$
|
23,066
|
6.00
|
%
|
||||||||||||
Tier 1 Capital (to Assets)
|
$
|
58,842
|
10.55
|
%
|
$
|
22,302
|
4.00
|
%
|
$
|
27,878
|
5.00
|
%
|
|
September 30,
|
December 31,
|
September 30,
|
|||||||||
(Dollars In thousands)
|
2015
|
2014
|
2014
|
|||||||||
Nonaccrual loans:
|
||||||||||||
Commercial loans
|
$
|
3,832
|
$
|
4,030
|
$
|
5,159
|
||||||
Consumer
|
333
|
324
|
255
|
|||||||||
Residential mortgage loans
|
1,083
|
1,902
|
2,028
|
|||||||||
Total nonaccrual loans
|
5,248
|
6,256
|
7,442
|
|||||||||
Total nonperforming loans
|
5,248
|
6,256
|
7,442
|
|||||||||
Foreclosed real estate
|
472
|
261
|
440
|
|||||||||
Total nonperforming assets
|
$
|
5,720
|
$
|
6,517
|
$
|
7,882
|
||||||
Troubled debt restructurings not included above
|
$
|
1,939
|
$
|
2,219
|
$
|
1,931
|
||||||
Nonperforming loans to total loans
|
1.27
|
%
|
1.61
|
%
|
1.99
|
%
|
||||||
Nonperforming assets to total assets
|
0.94
|
%
|
1.16
|
%
|
1.38
|
%
|
101 | The following materials from Pathfinder Bancorp, Inc. Form 10-Q for the quarter ended September 30, 2015, 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 |