FEDERAL
|
16-1540137
|
(State or Other Jurisdiction of Incorporation or Organization)
|
(I.R.S. Employer Identification Number)
|
PART I - FINANCIAL INFORMATION
|
PAGE NO.
|
||||
Item 1.
|
Consolidated Financial Statements (Unaudited)
|
||||
3 | |||||
4 | |||||
5 | |||||
6 | |||||
7 | |||||
8 | |||||
29 | |||||
39 | |||||
39 | |||||
40 | |||||
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
|
||||
41 | |||||
42 |
March 31,
|
December 31,
|
|||||||
(In thousands, except share data)
|
2013
|
2012
|
||||||
ASSETS:
|
||||||||
Cash and due from banks
|
$ | 5,982 | $ | 6,435 | ||||
Interest earning deposits
|
7,236 | 2,230 | ||||||
Total cash and cash equivalents
|
13,218 | 8,665 | ||||||
Interest earning time deposits
|
2,000 | 2,000 | ||||||
Investment securities, at fair value
|
125,955 | 108,339 | ||||||
Federal Home Loan Bank stock, at cost
|
1,505 | 1,929 | ||||||
Loans
|
338,944 | 333,748 | ||||||
Less: Allowance for loan losses
|
4,686 | 4,501 | ||||||
Loans receivable, net
|
334,258 | 329,247 | ||||||
Premises and equipment, net
|
10,168 | 10,108 | ||||||
Accrued interest receivable
|
1,912 | 1,717 | ||||||
Foreclosed real estate
|
372 | 426 | ||||||
Goodwill
|
3,840 | 3,840 | ||||||
Bank owned life insurance
|
8,105 | 8,046 | ||||||
Other assets
|
3,631 | 3,479 | ||||||
Total assets
|
$ | 504,964 | $ | 477,796 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY:
|
||||||||
Deposits:
|
||||||||
Interest-bearing
|
$ | 378,709 | $ | 347,892 | ||||
Noninterest-bearing
|
49,676 | 43,913 | ||||||
Total deposits
|
428,385 | 391,805 | ||||||
Short-term borrowings
|
- | 9,000 | ||||||
Long-term borrowings
|
25,936 | 25,964 | ||||||
Junior subordinated debentures
|
5,155 | 5,155 | ||||||
Accrued interest payable
|
142 | 140 | ||||||
Other liabilities
|
4,297 | 4,985 | ||||||
Total liabilities
|
463,915 | 437,049 | ||||||
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; authorized 10,000,000 shares;
|
||||||||
2,979,969 and 2,980,469 shares issued and 2,618,182 and 2,618,182 shares outstanding, respectively
|
30 | 30 | ||||||
Additional paid in capital
|
8,141 | 8,120 | ||||||
Retained earnings
|
27,115 | 26,685 | ||||||
Accumulated other comprehensive loss
|
(1,500 | ) | (1,318 | ) | ||||
Unearned ESOP
|
(909 | ) | (936 | ) | ||||
Treasury stock, at cost; 361,787,and 362,287 shares, respectively
|
(4,828 | ) | (4,834 | ) | ||||
Total shareholders' equity
|
41,049 | 40,747 | ||||||
Total liabilities and shareholders' equity
|
$ | 504,964 | $ | 477,796 |
For the three
|
For the three
|
|||||||
|
months ended
|
months ended
|
||||||
(In thousands, except per share data)
|
March 31, 2013
|
March 31, 2012
|
||||||
Interest and dividend income:
|
||||||||
Loans, including fees
|
$ | 4,125 | $ | 4,011 | ||||
Debt securities:
|
||||||||
Taxable
|
384 | 458 | ||||||
Tax-exempt
|
191 | 163 | ||||||
Dividends
|
34 | 33 | ||||||
Interest earning time deposits
|
6 | 7 | ||||||
Federal funds sold and interest earning deposits
|
1 | 1 | ||||||
Total interest income
|
4,741 | 4,673 | ||||||
Interest expense:
|
||||||||
Interest on deposits
|
659 | 761 | ||||||
Interest on short-term borrowings
|
8 | 3 | ||||||
Interest on long-term borrowings
|
229 | 252 | ||||||
Total interest expense
|
896 | 1,016 | ||||||
Net interest income
|
3,845 | 3,657 | ||||||
Provision for loan losses
|
324 | 225 | ||||||
Net interest income after provision for loan losses
|
3,521 | 3,432 | ||||||
Noninterest income:
|
||||||||
Service charges on deposit accounts
|
255 | 273 | ||||||
Earnings and gain on bank owned life insurance
|
61 | 93 | ||||||
Loan servicing fees
|
44 | 41 | ||||||
Net gains on sales and redemptions of investment securities
|
39 | 112 | ||||||
Net gains (losses) on sales of loans and foreclosed real estate
|
29 | (24 | ) | |||||
Debit card interchange fees
|
106 | 97 | ||||||
Other charges, commissions & fees
|
142 | 136 | ||||||
Total noninterest income
|
676 | 728 | ||||||
Noninterest expense:
|
||||||||
Salaries and employee benefits
|
1,910 | 1,974 | ||||||
Building occupancy
|
365 | 383 | ||||||
Data processing
|
368 | 341 | ||||||
Professional and other services
|
159 | 153 | ||||||
Advertising
|
116 | 60 | ||||||
FDIC assessments
|
84 | 77 | ||||||
Audits and exams
|
61 | 56 | ||||||
Other expenses
|
442 | 411 | ||||||
Total noninterest expenses
|
3,505 | 3,455 | ||||||
Income before income taxes
|
692 | 705 | ||||||
Provision for income taxes
|
187 | 176 | ||||||
Net income
|
505 | 529 | ||||||
Preferred stock dividends
|
- | 138 | ||||||
Net income available to common shareholders
|
$ | 505 | $ | 391 | ||||
Earnings per common share - basic
|
$ | 0.20 | $ | 0.16 | ||||
Earnings per common share - diluted
|
$ | 0.20 | $ | 0.16 | ||||
Dividends per common share
|
$ | 0.03 | $ | 0.03 |
For the three
|
For the three
|
|||||||
months ended
|
months ended
|
|||||||
March 31,
|
March 31,
|
|||||||
(In thousands)
|
2013
|
2012
|
||||||
Net Income
|
$ | 505 | $ | 529 | ||||
Other Comprehensive Income
|
||||||||
Retirement Plans:
|
||||||||
Retirement plan net losses recognized in plan expenses
|
95 | 134 | ||||||
Unrealized holding gain on financial derivative:
|
||||||||
Change in unrealized holding loss on financial derivative
|
- | (8 | ) | |||||
Reclassification adjustment for interest expense included in net income
|
15 | 14 | ||||||
Net unrealized gain on financial derivative
|
15 | 6 | ||||||
Unrealized holding (losses) gains on available-for-sale securities:
|
||||||||
Unrealized holding (losses) gains arising during the period
|
(374 | ) | 167 | |||||
Reclassification adjustment for net gains included in net income
|
(39 | ) | (112 | ) | ||||
Net unrealized (losses) gains on securities available-for-sale
|
(413 | ) | 55 | |||||
Other comprehensive (loss) income , before tax
|
(303 | ) | 195 | |||||
Tax effect
|
121 | (78 | ) | |||||
Other comprehensive (loss) income, net of tax
|
(182 | ) | 117 | |||||
Comprehensive Income
|
$ | 323 | $ | 646 | ||||
Tax Effect Allocated to Each Component of Other Comprehensive Income
|
||||||||
Retirement plan net losses recognized in plan expenses
|
$ | (38 | ) | $ | (53 | ) | ||
Change in unrealized holding loss on financial derivative
|
- | 3 | ||||||
Reclassification adjustment for interest expense included in net income
|
(6 | ) | (6 | ) | ||||
Unrealized holding (losses) gains arising during the period
|
149 | (67 | ) | |||||
Reclassification adjustment for net gains included in net income
|
16 | 45 | ||||||
Income tax effect related to other comprehensive income
|
$ | 121 | $ | (78 | ) |
PATHFINDER BANCORP, INC.
|
||||||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
|
||||||||||||||||||||||||||||||||
Three months ended March 31, 2013 and March 31, 2012
|
||||||||||||||||||||||||||||||||
Accumulated
|
||||||||||||||||||||||||||||||||
Additional
|
Other Com-
|
|||||||||||||||||||||||||||||||
Preferred
|
Common
|
Paid in
|
Retained
|
prehensive
|
Unearned
|
Treasury
|
||||||||||||||||||||||||||
(In thousands, except share and per share data)
|
Stock
|
Stock
|
Capital
|
Earnings
|
Loss
|
ESOP
|
Stock
|
Total
|
||||||||||||||||||||||||
Balance, January 1, 2013
|
$ | 13,000 | $ | 30 | $ | 8,120 | $ | 26,685 | $ | (1,318 | ) | $ | (936 | ) | $ | (4,834 | ) | $ | 40,747 | |||||||||||||
Net income
|
- | - | - | 505 | - | - | - | 505 | ||||||||||||||||||||||||
Other comprehensive loss, net of tax:
|
- | - | - | - | (182 | ) | - | - | (182 | ) | ||||||||||||||||||||||
ESOP shares earned (3,125 shares)
|
- | - | 7 | - | - | 27 | - | 34 | ||||||||||||||||||||||||
Stock based compensation
|
- | - | 20 | - | - | - | - | 20 | ||||||||||||||||||||||||
Stock options exercised
|
- | - | (6 | ) | - | - | - | 6 | - | |||||||||||||||||||||||
Common stock dividends declared ($0.03 per share)
|
- | - | - | (75 | ) | - | - | - | (75 | ) | ||||||||||||||||||||||
Balance, March 31, 2013
|
$ | 13,000 | $ | 30 | $ | 8,141 | $ | 27,115 | $ | (1,500 | ) | $ | (909 | ) | $ | (4,828 | ) | $ | 41,049 | |||||||||||||
Balance, January 1, 2012
|
$ | 13,000 | $ | 30 | $ | 8,730 | $ | 24,618 | $ | (2,664 | ) | $ | (1,039 | ) | $ | (4,834 | ) | $ | 37,841 | |||||||||||||
Net income
|
- | - | - | 529 | - | - | - | 529 | ||||||||||||||||||||||||
Other comprehensive income, net of tax:
|
- | - | - | - | 117 | - | - | 117 | ||||||||||||||||||||||||
Purchase of CPP Warrants from Treasury
|
- | - | (706 | ) | 169 | - | - | - | (537 | ) | ||||||||||||||||||||||
Preferred stock dividends - SBLF
|
- | - | - | (138 | ) | - | - | - | (138 | ) | ||||||||||||||||||||||
ESOP shares earned (3,602 shares)
|
- | - | 1 | - | - | 32 | - | 33 | ||||||||||||||||||||||||
Stock based compensation
|
- | - | 23 | - | - | - | - | 23 | ||||||||||||||||||||||||
Common stock dividends declared ($0.03 per share)
|
- | - | - | (75 | ) | - | - | - | (75 | ) | ||||||||||||||||||||||
Balance, March 31, 2012
|
$ | 13,000 | $ | 30 | $ | 8,048 | $ | 25,103 | $ | (2,547 | ) | $ | (1,007 | ) | $ | (4,834 | ) | $ | 37,793 |
For the three months ended March 31,
|
||||||||
(In thousands)
|
2013
|
2012
|
||||||
OPERATING ACTIVITIES
|
||||||||
Net income
|
$ | 505 | $ | 529 | ||||
Adjustments to reconcile net income to net cash flows from operating activities:
|
||||||||
Provision for loan losses
|
324 | 225 | ||||||
Proceeds from sales of loans
|
182 | 41 | ||||||
Originations of loans held-for-sale
|
(172 | ) | (40 | ) | ||||
Realized (gains) losses on sales and redemptions of:
|
||||||||
Real estate acquired through foreclosure
|
(19 | ) | 25 | |||||
Loans
|
(10 | ) | (1 | ) | ||||
Available-for-sale investment securities
|
(39 | ) | (112 | ) | ||||
Depreciation
|
176 | 199 | ||||||
Amortization of mortgage servicing rights
|
- | 4 | ||||||
Amortization of deferred loan costs
|
34 | 51 | ||||||
Earnings on bank owned life insurance
|
(59 | ) | (93 | ) | ||||
Realized gain on proceeds from bank owned life insurance
|
(2 | ) | - | |||||
Net amortization of premiums and discounts on investment securities
|
222 | 285 | ||||||
Stock based compensation and ESOP expense
|
54 | 56 | ||||||
Net change in accrued interest receivable
|
(195 | ) | (284 | ) | ||||
Pension plan contribution
|
- | (2,600 | ) | |||||
Net change in other assets and liabilities
|
(505 | ) | (129 | ) | ||||
Net cash flows from operating activities
|
496 | (1,844 | ) | |||||
INVESTING ACTIVITIES
|
||||||||
Purchase of investment securities available-for-sale
|
(28,173 | ) | (37,225 | ) | ||||
Redemptions of Federal Home Loan Bank stock
|
424 | 129 | ||||||
Proceeds from maturities and principal reductions of
|
||||||||
investment securities available-for-sale
|
8,067 | 4,937 | ||||||
Proceeds from sales and redemptions of:
|
||||||||
Available-for-sale investment securities
|
1,893 | 5,052 | ||||||
Real estate acquired through foreclosure
|
55 | 46 | ||||||
Proceeds from bank owned life insurance
|
2 | - | ||||||
Net change in loans
|
(5,369 | ) | 494 | |||||
Purchase of premises and equipment
|
(236 | ) | (43 | ) | ||||
Net cash flows from investing activities
|
(23,337 | ) | (26,610 | ) | ||||
FINANCING ACTIVITIES
|
||||||||
Net change in demand deposits, NOW accounts, savings accounts,
|
||||||||
money management deposit accounts, MMDA accounts and escrow deposits
|
30,973 | 18,341 | ||||||
Net change in time deposits and brokered deposits
|
5,607 | 10,795 | ||||||
Net change in short-term borrowings
|
(9,000 | ) | - | |||||
Payments on long-term borrowings
|
(28 | ) | (1,028 | ) | ||||
Redemption of preferred stock - CPP
|
- | (537 | ) | |||||
Cash dividends paid to preferred shareholder - SBLF
|
(83 | ) | (142 | ) | ||||
Cash dividends paid to common shareholders
|
(75 | ) | (75 | ) | ||||
Net cash flows from financing activities
|
27,394 | 27,354 | ||||||
Change in cash and cash equivalents
|
4,553 | (1,100 | ) | |||||
Cash and cash equivalents at beginning of period
|
8,665 | 10,218 | ||||||
Cash and cash equivalents at end of period
|
$ | 13,218 | $ | 9,118 | ||||
CASH PAID DURING THE PERIOD FOR:
|
||||||||
Interest
|
$ | 894 | $ | 1,012 | ||||
Income taxes
|
140 | - | ||||||
NON-CASH INVESTING ACTIVITY
|
||||||||
Real estate acquired in exchange for loans
|
- | 108 |
Three months ended
|
||||||||
March 31,
|
||||||||
(In thousands, except share and per share data)
|
2013
|
2012
|
||||||
Basic Earnings Per Common Share
|
||||||||
Net income available to common shareholders
|
$ | 505 | $ | 391 | ||||
Weighted average common shares outstanding
|
2,512 | 2,500 | ||||||
Basic earnings per common share
|
$ | 0.20 | $ | 0.16 | ||||
Diluted Earnings Per Common Share
|
||||||||
Net income available to common shareholders
|
$ | 505 | $ | 391 | ||||
Weighted average common shares outstanding
|
2,512 | 2,500 | ||||||
Effect of assumed exercise of stock options
|
- | 3 | ||||||
Effect of assumed exercise of stock warrants
|
- | 16 | ||||||
Diluted weighted average common shares outstanding
|
2,512 | 2,519 | ||||||
Diluted earnings per common share
|
$ | 0.20 | $ | 0.16 |
March 31, 2013
|
||||||||||||||||
Gross
|
Gross
|
Estimated
|
||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
(In thousands)
|
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||
Debt investment securities:
|
||||||||||||||||
US Treasury, agencies and GSEs
|
$ | 19,953 | $ | 15 | $ | (34 | ) | $ | 19,934 | |||||||
State and political subdivisions
|
25,540 | 864 | (93 | ) | 26,311 | |||||||||||
Corporate
|
21,774 | 420 | (341 | ) | 21,853 | |||||||||||
Residential mortgage-backed - US agency
|
53,440 | 1,056 | (149 | ) | 54,347 | |||||||||||
Residential mortgage-backed - private label
|
261 | 8 | - | 269 | ||||||||||||
Total
|
120,968 | 2,363 | (617 | ) | 122,714 | |||||||||||
Equity investment securities:
|
||||||||||||||||
Mutual funds:
|
||||||||||||||||
Ultra short mortgage fund
|
1,286 | - | - | 1,286 | ||||||||||||
Large cap equity fund
|
905 | 303 | - | 1,208 | ||||||||||||
Other mutual funds
|
183 | 128 | - | 311 | ||||||||||||
Common stock - financial services industry
|
420 | 16 | - | 436 | ||||||||||||
Total
|
2,794 | 447 | - | 3,241 | ||||||||||||
Total investment securities
|
$ | 123,762 | $ | 2,810 | $ | (617 | ) | $ | 125,955 |
December 31, 2012
|
||||||||||||||||
Gross
|
Gross
|
Estimated
|
||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
(In thousands)
|
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||
Debt investment securities:
|
||||||||||||||||
US Treasury, agencies and GSEs
|
$ | 6,175 | $ | 16 | $ | (8 | ) | $ | 6,183 | |||||||
State and political subdivisions
|
26,413 | 1,065 | (7 | ) | 27,471 | |||||||||||
Corporate
|
22,942 | 468 | (404 | ) | 23,006 | |||||||||||
Residential mortgage-backed - US agency
|
47,113 | 1,139 | (1 | ) | 48,251 | |||||||||||
Residential mortgage-backed - private label
|
296 | 9 | - | 305 | ||||||||||||
Total
|
102,939 | 2,697 | (420 | ) | 105,216 | |||||||||||
Equity investment securities:
|
||||||||||||||||
Mutual funds:
|
||||||||||||||||
Ultra short mortgage fund
|
1,286 | 5 | - | 1,291 | ||||||||||||
Large cap equity fund
|
905 | 176 | - | 1,081 | ||||||||||||
Other mutual funds
|
183 | 136 | - | 319 | ||||||||||||
Common stock - financial services industry
|
420 | 12 | - | 432 | ||||||||||||
Total
|
2,794 | 329 | - | 3,123 | ||||||||||||
Total investment securities
|
$ | 105,733 | $ | 3,026 | $ | (420 | ) | $ | 108,339 |
Amortized
|
Estimated
|
|||||||
Cost
|
Fair Value
|
|||||||
(In thousands)
|
||||||||
Due in one year or less
|
$ | 7,032 | $ | 7,062 | ||||
Due after one year through five years
|
27,261 | 27,689 | ||||||
Due after five years through ten years
|
15,308 | 15,674 | ||||||
Due after ten years
|
17,666 | 17,673 | ||||||
Mortgage-backed securities
|
53,701 | 54,616 | ||||||
Totals
|
$ | 120,968 | $ | 122,714 |
March 31, 2013
|
||||||||||||||||||||||||||||||||||||
|
Less than Twelve Months
|
Twelve Months or More
|
Total
|
|||||||||||||||||||||||||||||||||
Number of
|
Number of
|
Number of
|
||||||||||||||||||||||||||||||||||
Individual
|
Unrealized
|
Fair
|
Individual
|
Unrealized
|
Fair
|
Individual
|
Unrealized
|
Fair
|
||||||||||||||||||||||||||||
Securities
|
Losses
|
Value
|
Securities
|
Losses
|
Value
|
Securities
|
Losses
|
Value
|
||||||||||||||||||||||||||||
(Dollars in thousands)
|
|
|||||||||||||||||||||||||||||||||||
US Treasury, agencies and GSE's
|
13 | $ | (34 | ) | $ | 14,858 | - | $ | - | $ | - | 13 | $ | (34 | ) | $ | 14,858 | |||||||||||||||||||
State and political subdivisions
|
7 | (93 | ) | 3,888 | - | - | - | 7 | (93 | ) | 3,888 | |||||||||||||||||||||||||
Corporate
|
1 | (6 | ) | 403 | 2 | (335 | ) | 1,635 | 3 | (341 | ) | 2,038 | ||||||||||||||||||||||||
Residential mortgage-backed - US agency
|
12 | (149 | ) | 13,696 | - | - | - | 12 | (149 | ) | 13,696 | |||||||||||||||||||||||||
Totals
|
33 | $ | (282 | ) | $ | 32,845 | 2 | $ | (335 | ) | $ | 1,635 | 35 | $ | (617 | ) | $ | 34,480 | ||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
December 31, 2012
|
||||||||||||||||||||||||||||||||||||
|
Less than Twelve Months
|
Twelve Months or More
|
Total
|
|||||||||||||||||||||||||||||||||
Number of
|
Number of
|
Number of
|
||||||||||||||||||||||||||||||||||
Individual
|
Unrealized
|
Fair
|
Individual
|
Unrealized
|
Fair
|
Individual
|
Unrealized
|
Fair
|
||||||||||||||||||||||||||||
Securities
|
Losses
|
Value
|
Securities
|
Losses
|
Value
|
Securities
|
Losses
|
Value
|
||||||||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||||||||||||||
US Treasury, agencies and GSE's
|
1 | $ | (8 | ) | $ | 992 | - | $ | - | $ | - | 1 | $ | (8 | ) | $ | 992 | |||||||||||||||||||
State and political subdivisions
|
8 | (7 | ) | 2,008 | - | - | - | 8 | (7 | ) | 2,008 | |||||||||||||||||||||||||
Corporate
|
2 | (14 | ) | 974 | 2 | (390 | ) | 1,580 | 4 | (404 | ) | 2,554 | ||||||||||||||||||||||||
Residential mortgage-backed - US agency
|
2 | (1 | ) | 1,411 | - | - | - | 2 | (1 | ) | 1,411 | |||||||||||||||||||||||||
Totals
|
13 | $ | (30 | ) | $ | 5,385 | 2 | $ | (390 | ) | $ | 1,580 | 15 | $ | (420 | ) | $ | 6,965 |
For the three months
|
||||||||
ended March 31,
|
||||||||
(In thousands)
|
2013
|
2012
|
||||||
Realized gains
|
$ | 39 | $ | 112 | ||||
Realized losses
|
- | - | ||||||
$ | 39 | $ | 112 |
Pension Benefits
|
Postretirement Benefits
|
|||||||||||||||
For the three months ended March 31,
|
||||||||||||||||
(In thousands)
|
2013
|
2012
|
2013
|
2012
|
||||||||||||
|
||||||||||||||||
Service cost
|
$ | - | $ | 111 | $ | - | $ | - | ||||||||
Interest cost
|
95 | 111 | 4 | 4 | ||||||||||||
Expected return on plan assets
|
(214 | ) | (198 | ) | - | - | ||||||||||
Amortization of transition obligation
|
- | - | - | 4 | ||||||||||||
Amortization of net losses
|
90 | 130 | 5 | - | ||||||||||||
Net periodic benefit plan (benefit)cost
|
$ | (29 | ) | $ | 154 | $ | 9 | $ | 8 |
March 31,
|
December 31,
|
|||||||
(In thousands)
|
2013
|
2012
|
||||||
Residential mortgage loans:
|
||||||||
1-4 family first-lien residential mortgages
|
$ | 177,411 | $ | 173,955 | ||||
Construction
|
778 | 2,655 | ||||||
Total residential mortgage loans
|
178,189 | 176,610 | ||||||
Commercial loans:
|
||||||||
Real estate
|
84,308 | 82,329 | ||||||
Lines of credit
|
13,461 | 13,748 | ||||||
Other commercial and industrial
|
32,826 | 31,477 | ||||||
Municipal
|
4,538 | 3,588 | ||||||
Total commercial loans
|
135,133 | 131,142 | ||||||
Consumer loans:
|
||||||||
Home equity and junior liens
|
21,552 | 22,073 | ||||||
Other consumer
|
3,643 | 3,469 | ||||||
Total consumer loans
|
25,195 | 25,542 | ||||||
Total loans
|
338,517 | 333,294 | ||||||
Net deferred loan costs
|
427 | 454 | ||||||
Less allowance for loan losses
|
(4,686 | ) | (4,501 | ) | ||||
Loans receivable, net
|
$ | 334,258 | $ | 329,247 |
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
|
|
Municipal
|
|
Consumer Loans
|
Home equity and junior liens
|
Other consumer
|
As of March 31, 2013
|
||||||||||||||||||||
Special
|
||||||||||||||||||||
(In thousands)
|
Pass
|
Mention
|
Substandard
|
Doubtful
|
Total
|
|||||||||||||||
Residential mortgage loans:
|
||||||||||||||||||||
1-4 family first-lien residential mortgages
|
$ | 169,774 | $ | 1,177 | $ | 6,432 | $ | 28 | $ | 177,411 | ||||||||||
Construction
|
778 | - | - | - | 778 | |||||||||||||||
Total residential mortgage loans
|
170,552 | 1,177 | 6,432 | 28 | 178,189 | |||||||||||||||
Commercial loans:
|
||||||||||||||||||||
Real estate
|
78,694 | 1,429 | 4,002 | 183 | 84,308 | |||||||||||||||
Lines of credit
|
11,868 | 396 | 1,197 | - | 13,461 | |||||||||||||||
Other commercial and industrial
|
30,987 | 400 | 1,139 | 300 | 32,826 | |||||||||||||||
Municipal
|
4,538 | - | - | - | 4,538 | |||||||||||||||
Total commercial loans
|
126,087 | 2,225 | 6,338 | 483 | 135,133 | |||||||||||||||
Consumer loans:
|
||||||||||||||||||||
Home equity and junior liens
|
19,600 | 85 | 1,780 | 87 | 21,552 | |||||||||||||||
Other consumer
|
3,515 | 49 | 55 | 24 | 3,643 | |||||||||||||||
Total consumer loans
|
23,115 | 134 | 1,835 | 111 | 25,195 | |||||||||||||||
Total loans
|
$ | 319,754 | $ | 3,536 | $ | 14,605 | $ | 622 | $ | 338,517 |
As of December 31, 2012
|
||||||||||||||||||||
Special
|
||||||||||||||||||||
(In thousands)
|
Pass
|
Mention
|
Substandard
|
Doubtful
|
Total
|
|||||||||||||||
Residential mortgage loans:
|
||||||||||||||||||||
1-4 family first-lien residential mortgages
|
$ | 166,801 | $ | 1,323 | $ | 5,831 | $ | - | $ | 173,955 | ||||||||||
Construction
|
2,655 | - | - | - | 2,655 | |||||||||||||||
Total residential mortgage loans
|
169,456 | 1,323 | 5,831 | - | 176,610 | |||||||||||||||
Commercial loans:
|
||||||||||||||||||||
Real estate
|
76,719 | 1,685 | 3,925 | - | 82,329 | |||||||||||||||
Lines of credit
|
12,026 | - | 1,647 | 75 | 13,748 | |||||||||||||||
Other commercial and industrial
|
29,705 | 237 | 1,500 | 35 | 31,477 | |||||||||||||||
Municipal
|
3,588 | - | - | - | 3,588 | |||||||||||||||
Total commercial loans
|
122,038 | 1,922 | 7,072 | 110 | 131,142 | |||||||||||||||
Consumer loans:
|
||||||||||||||||||||
Home equity and junior liens
|
20,078 | 145 | 1,801 | 49 | 22,073 | |||||||||||||||
Other consumer
|
3,199 | 133 | 111 | 26 | 3,469 | |||||||||||||||
Total consumer loans
|
23,277 | 278 | 1,912 | 75 | 25,542 | |||||||||||||||
Total loans
|
$ | 314,771 | $ | 3,523 | $ | 14,815 | $ | 185 | $ | 333,294 |
As of March 31, 2013
|
||||||||||||||||||||||||
30-59 Days
|
60-89 Days
|
90 Days
|
Total
|
Total Loans
|
||||||||||||||||||||
(In thousands)
|
Past Due
|
Past Due
|
and Over
|
Past Due
|
Current
|
Receivable
|
||||||||||||||||||
Residential mortgage loans:
|
||||||||||||||||||||||||
1-4 family first-lien residential mortgages
|
$ | 1,646 | $ | 1,153 | $ | 1,605 | $ | 4,404 | $ | 173,007 | $ | 177,411 | ||||||||||||
Construction
|
- | - | - | - | 778 | 778 | ||||||||||||||||||
Total residential mortgage loans
|
1,646 | 1,153 | 1,605 | 4,404 | 173,785 | 178,189 | ||||||||||||||||||
Commercial loans:
|
||||||||||||||||||||||||
Real estate
|
525 | 552 | 3,140 | 4,217 | 80,091 | 84,308 | ||||||||||||||||||
Lines of credit
|
504 | 271 | 263 | 1,038 | 12,423 | 13,461 | ||||||||||||||||||
Other commercial and industrial
|
923 | 1,360 | 593 | 2,876 | 29,950 | 32,826 | ||||||||||||||||||
Municipal
|
- | - | - | - | 4,538 | 4,538 | ||||||||||||||||||
Total commercial loans
|
1,952 | 2,183 | 3,996 | 8,131 | 127,002 | 135,133 | ||||||||||||||||||
Consumer loans:
|
||||||||||||||||||||||||
Home equity and junior liens
|
347 | 182 | 337 | 866 | 20,686 | 21,552 | ||||||||||||||||||
Other consumer
|
21 | 18 | 45 | 84 | 3,559 | 3,643 | ||||||||||||||||||
Total consumer loans
|
368 | 200 | 382 | 950 | 24,245 | 25,195 | ||||||||||||||||||
Total loans
|
$ | 3,966 | $ | 3,536 | $ | 5,983 | $ | 13,485 | $ | 325,032 | $ | 338,517 |
As of December 31, 2012
|
||||||||||||||||||||||||
30-59 Days
|
60-89 Days
|
90 Days
|
Total
|
Total Loans
|
||||||||||||||||||||
(In thousands)
|
Past Due
|
Past Due
|
and Over
|
Past Due
|
Current
|
Receivable
|
||||||||||||||||||
Residential mortgage loans:
|
||||||||||||||||||||||||
1-4 family first-lien residential mortgages
|
$ | 2,698 | $ | 1,161 | $ | 2,046 | $ | 5,905 | $ | 168,050 | $ | 173,955 | ||||||||||||
Construction
|
- | - | - | - | 2,655 | 2,655 | ||||||||||||||||||
Total residential mortgage loans
|
2,698 | 1,161 | 2,046 | 5,905 | 170,705 | 176,610 | ||||||||||||||||||
Commercial loans:
|
||||||||||||||||||||||||
Real estate
|
1,706 | 1,833 | 1,794 | 5,333 | 76,996 | 82,329 | ||||||||||||||||||
Lines of credit
|
496 | 153 | 334 | 983 | 12,765 | 13,748 | ||||||||||||||||||
Other commercial and industrial
|
1,279 | 85 | 598 | 1,962 | 29,515 | 31,477 | ||||||||||||||||||
Municipal
|
- | - | - | - | 3,588 | 3,588 | ||||||||||||||||||
Total commercial loans
|
3,481 | 2,071 | 2,726 | 8,278 | 122,864 | 131,142 | ||||||||||||||||||
Consumer loans:
|
||||||||||||||||||||||||
Home equity and junior liens
|
207 | 405 | 730 | 1,342 | 20,731 | 22,073 | ||||||||||||||||||
Other consumer
|
26 | 42 | 46 | 114 | 3,355 | 3,469 | ||||||||||||||||||
Total consumer loans
|
233 | 447 | 776 | 1,456 | 24,086 | 25,542 | ||||||||||||||||||
Total loans
|
$ | 6,412 | $ | 3,679 | $ | 5,548 | $ | 15,639 | $ | 317,655 | $ | 333,294 |
March 31,
|
December 31,
|
|||||||
(In thousands)
|
2013
|
2012
|
||||||
Residential mortgage loans:
|
||||||||
1-4 family first-lien residential mortgages
|
$ | 1,605 | $ | 2,046 | ||||
1,605 | 2,046 | |||||||
Commercial loans:
|
||||||||
Real estate
|
3,140 | 1,794 | ||||||
Lines of credit
|
263 | 334 | ||||||
Other commercial and industrial
|
593 | 598 | ||||||
3,996 | 2,726 | |||||||
Consumer loans:
|
||||||||
Home equity and junior liens
|
337 | 730 | ||||||
Other consumer
|
45 | 46 | ||||||
382 | 776 | |||||||
Total nonaccrual loans
|
$ | 5,983 | $ | 5,548 |
March 31, 2013
|
December 31, 2012
|
|||||||||||||||||||||||
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
|
$ | 1,354 | $ | 1,354 | $ | - | $ | 844 | $ | 844 | $ | - | ||||||||||||
Commercial real estate
|
1,924 | 1,948 | - | 1,554 | 1,571 | - | ||||||||||||||||||
Commercial lines of credit
|
356 | 369 | - | 358 | 370 | - | ||||||||||||||||||
Other commercial and industrial
|
575 | 729 | - | 657 | 801 | - | ||||||||||||||||||
Home equity and junior liens
|
474 | 474 | - | 380 | 380 | - | ||||||||||||||||||
Other consumer
|
- | - | - | - | - | - | ||||||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||||||
1-4 family first-lien residential mortgages
|
1,016 | 1,016 | 172 | 1,307 | 1,307 | 215 | ||||||||||||||||||
Commercial real estate
|
1,928 | 1,928 | 451 | 1,182 | 1,182 | 401 | ||||||||||||||||||
Commercial lines of credit
|
100 | 100 | 100 | - | - | - | ||||||||||||||||||
Other commercial and industrial
|
261 | 266 | 242 | 225 | 230 | 207 | ||||||||||||||||||
Home equity and junior liens
|
158 | 158 | 93 | 155 | 155 | 95 | ||||||||||||||||||
Other consumer
|
3 | 3 | 3 | 5 | 5 | 5 | ||||||||||||||||||
Total:
|
||||||||||||||||||||||||
1-4 family first-lien residential mortgages
|
2,370 | 2,370 | 172 | 2,151 | 2,151 | 215 | ||||||||||||||||||
Commercial real estate
|
3,852 | 3,876 | 451 | 2,736 | 2,753 | 401 | ||||||||||||||||||
Commercial lines of credit
|
456 | 469 | 100 | 358 | 370 | - | ||||||||||||||||||
Other commercial and industrial
|
836 | 995 | 242 | 882 | 1,031 | 207 | ||||||||||||||||||
Home equity and junior liens
|
632 | 632 | 93 | 535 | 535 | 95 | ||||||||||||||||||
Other consumer
|
3 | 3 | 3 | 5 | 5 | 5 | ||||||||||||||||||
Totals
|
$ | 8,149 | $ | 8,345 | $ | 1,061 | $ | 6,667 | $ | 6,845 | $ | 923 |
For the three months ended March 31,
|
||||||||
(In thousands)
|
2013
|
2012
|
||||||
1-4 family first-lien residential mortgages
|
$ | 2,261 | $ | 1,252 | ||||
Commercial real estate
|
3,294 | 2,097 | ||||||
Commercial lines of credit
|
407 | 452 | ||||||
Other commercial and industrial
|
859 | 586 | ||||||
Home equity and junior liens
|
583 | 452 | ||||||
Other consumer
|
4 | - | ||||||
Total
|
$ | 7,408 | $ | 4,839 |
For the three months ended March 31,
|
||||||||
(In thousands)
|
2013
|
2012
|
||||||
1-4 family first-lien residential mortgages
|
$ | 30 | $ | 15 | ||||
Commercial real estate
|
45 | 23 | ||||||
Commercial lines of credit
|
4 | 5 | ||||||
Other commercial and industrial
|
5 | 6 | ||||||
Home equity and junior liens
|
15 | 4 | ||||||
Other consumer
|
- | - | ||||||
Total
|
$ | 99 | $ | 53 |
For the three months ended March 31, 2013
|
||||||||||||||||||||
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
|
$ | 811 | $ | - | $ | 1,748 | $ | 440 | $ | 750 | ||||||||||
Charge-offs
|
(12 | ) | - | - | (49 | ) | (10 | ) | ||||||||||||
Recoveries
|
12 | - | - | - | - | |||||||||||||||
Provisions
|
17 | - | 147 | 82 | 114 | |||||||||||||||
Ending balance
|
$ | 828 | $ | - | $ | 1,895 | $ | 473 | $ | 854 | ||||||||||
Ending balance: related to loans
|
||||||||||||||||||||
individually evaluated for impairment
|
$ | 172 | $ | - | $ | 451 | $ | 100 | $ | 242 | ||||||||||
Ending balance: related to loans
|
||||||||||||||||||||
collectively evaluated for impairment
|
$ | 656 | $ | - | $ | 1,444 | $ | 373 | $ | 612 | ||||||||||
Loans receivables:
|
||||||||||||||||||||
Ending balance
|
$ | 177,411 | $ | 778 | $ | 84,308 | $ | 13,461 | $ | 32,826 | ||||||||||
Ending balance: individually
|
||||||||||||||||||||
evaluated for impairment
|
$ | 2,370 | $ | - | $ | 3,852 | $ | 456 | $ | 836 | ||||||||||
Ending balance: collectively
|
||||||||||||||||||||
evaluated for impairment
|
$ | 175,041 | $ | 778 | $ | 80,456 | $ | 13,005 | $ | 31,990 | ||||||||||
Home equity
|
Other
|
|||||||||||||||||||
Municipal
|
and junior liens
|
consumer
|
Unallocated
|
Total
|
||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||
Beginning Balance
|
$ | 2 | $ | 494 | $ | 168 | $ | 88 | $ | 4,501 | ||||||||||
Charge-offs
|
- | (81 | ) | (28 | ) | - | (180 | ) | ||||||||||||
Recoveries
|
- | 13 | 16 | - | 41 | |||||||||||||||
Provisions
|
- | 63 | (17 | ) | (82 | ) | 324 | |||||||||||||
Ending balance
|
$ | 2 | $ | 489 | $ | 139 | $ | 6 | $ | 4,686 | ||||||||||
Ending balance: related to loans
|
||||||||||||||||||||
individually evaluated for impairment
|
$ | - | $ | 93 | $ | 3 | $ | - | $ | 1,061 | ||||||||||
Ending balance: related to loans
|
||||||||||||||||||||
collectively evaluated for impairment
|
$ | 2 | $ | 396 | $ | 136 | $ | 6 | $ | 3,625 | ||||||||||
Loans receivables:
|
||||||||||||||||||||
Ending balance
|
$ | 4,538 | $ | 21,552 | $ | 3,643 | $ | 338,517 | ||||||||||||
Ending balance: individually
|
||||||||||||||||||||
evaluated for impairment
|
$ | - | $ | 632 | $ | 3 | $ | 8,149 | ||||||||||||
Ending balance: collectively
|
||||||||||||||||||||
evaluated for impairment
|
$ | 4,538 | $ | 20,920 | $ | 3,640 | $ | 330,368 |
For the three months ended March 31, 2012
|
||||||||||||||||||||
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
|
$ | 664 | $ | - | $ | 1,346 | $ | 463 | $ | 649 | ||||||||||
Charge-offs
|
(20 | ) | - | (54 | ) | - | (43 | ) | ||||||||||||
Recoveries
|
28 | - | 14 | - | - | |||||||||||||||
Provisions
|
47 | - | 159 | 52 | 113 | |||||||||||||||
Ending balance
|
$ | 719 | $ | - | $ | 1,465 | $ | 515 | $ | 719 | ||||||||||
Ending balance: related to loans
|
||||||||||||||||||||
individually evaluated for impairment
|
161 | - | 228 | 228 | 277 | |||||||||||||||
Ending balance: related to loans
|
||||||||||||||||||||
collectively evaluated for impairment
|
$ | 558 | $ | - | $ | 1,237 | $ | 287 | $ | 442 | ||||||||||
Loans receivables:
|
||||||||||||||||||||
Ending balance
|
$ | 160,339 | $ | 2,919 | $ | 73,003 | $ | 13,978 | $ | 21,393 | ||||||||||
Ending balance: individually
|
||||||||||||||||||||
evaluated for impairment
|
1,206 | - | 2,491 | 452 | 794 | |||||||||||||||
Ending balance: collectively
|
||||||||||||||||||||
evaluated for impairment
|
$ | 159,133 | $ | 2,919 | $ | 70,512 | $ | 13,526 | $ | 20,599 | ||||||||||
Home equity
|
Other
|
|||||||||||||||||||
Municipal
|
and junior liens
|
Consumer
|
Unallocated
|
Total
|
||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||
Beginning Balance
|
$ | 2 | $ | 501 | $ | 162 | $ | 193 | $ | 3,980 | ||||||||||
Charge-offs
|
- | - | (41 | ) | - | (158 | ) | |||||||||||||
Recoveries
|
- | 2 | 21 | - | 65 | |||||||||||||||
Provisions
|
- | (8 | ) | (8 | ) | (130 | ) | 225 | ||||||||||||
Ending balance
|
$ | 2 | $ | 495 | $ | 134 | $ | 63 | $ | 4,112 | ||||||||||
Ending balance: related to loans
|
||||||||||||||||||||
individually evaluated for impairment
|
- | 61 | - | - | 955 | |||||||||||||||
Ending balance: related to loans
|
||||||||||||||||||||
collectively evaluated for impairment
|
$ | 2 | $ | 434 | $ | 134 | $ | 63 | $ | 3,157 | ||||||||||
Loans receivables:
|
||||||||||||||||||||
Ending balance
|
$ | 4,203 | $ | 23,673 | $ | 3,933 | $ | 303,441 | ||||||||||||
Ending balance: individually
|
||||||||||||||||||||
evaluated for impairment
|
- | 447 | - | 5,390 | ||||||||||||||||
Ending balance: collectively
|
||||||||||||||||||||
evaluated for impairment
|
$ | 4,203 | $ | 23,226 | $ | 3,933 | $ | 298,051 |
March 31, 2013
|
||||||||||||||||
Total Fair
|
||||||||||||||||
(In thousands)
|
Level 1
|
Level 2
|
Level 3
|
Value
|
||||||||||||
Debt investment securities:
|
||||||||||||||||
US Treasury, agencies and GSEs
|
$ | - | $ | 19,934 | $ | - | $ | 19,934 | ||||||||
State and political subdivisions
|
- | 26,311 | - | 26,311 | ||||||||||||
Corporate
|
- | 21,853 | - | 21,853 | ||||||||||||
Residential mortgage-backed - US agency
|
- | 54,347 | - | 54,347 | ||||||||||||
Residential mortgage-backed - private label
|
- | 269 | - | 269 | ||||||||||||
Equity investment securities:
|
||||||||||||||||
Mutual funds:
|
||||||||||||||||
Ultra short mortgage fund
|
1,286 | - | - | 1,286 | ||||||||||||
Large cap equity fund
|
1,208 | - | - | 1,208 | ||||||||||||
Other mutual funds
|
- | 311 | - | 311 | ||||||||||||
Common stock - financial services industry
|
36 | 400 | - | 436 | ||||||||||||
Total investment securities
|
$ | 2,530 | $ | 123,425 | $ | - | $ | 125,955 | ||||||||
Interest rate swap derivative
|
$ | - | $ | (180 | ) | $ | - | $ | (180 | ) |
December 31, 2012
|
||||||||||||||||
Total Fair
|
||||||||||||||||
(In thousands)
|
Level 1
|
Level 2
|
Level 3
|
Value
|
||||||||||||
Debt investment securities:
|
||||||||||||||||
US Treasury, agencies and GSEs
|
$ | - | $ | 6,183 | $ | - | $ | 6,183 | ||||||||
State and political subdivisions
|
- | 27,471 | - | 27,471 | ||||||||||||
Corporate
|
- | 23,006 | - | 23,006 | ||||||||||||
Residential mortgage-backed - US agency
|
- | 48,251 | - | 48,251 | ||||||||||||
Residential mortgage-backed - private label
|
- | 305 | - | 305 | ||||||||||||
Equity investment securities:
|
||||||||||||||||
Mutual funds:
|
||||||||||||||||
Ultra short mortgage fund
|
1,291 | - | - | 1,291 | ||||||||||||
Large cap equity fund
|
1,081 | - | - | 1,081 | ||||||||||||
Other mutual funds
|
- | 319 | - | 319 | ||||||||||||
Common stock - financial services industry
|
33 | 399 | - | 432 | ||||||||||||
Total investment securities
|
$ | 2,405 | $ | 105,934 | $ | - | $ | 108,339 | ||||||||
Interest rate swap derivative
|
$ | - | $ | (195 | ) | $ | - | $ | (195 | ) |
March 31, 2013
|
||||||||||||||||
Total Fair
|
||||||||||||||||
(In thousands)
|
Level 1
|
Level 2
|
Level 3
|
Value
|
||||||||||||
Impaired loans
|
$ | - | $ | - | $ | 904 | $ | 904 | ||||||||
Foreclosed real estate
|
$ | - | $ | - | $ | - | $ | - | ||||||||
December 31, 2012
|
||||||||||||||||
Total Fair
|
||||||||||||||||
(In thousands)
|
Level 1
|
Level 2
|
Level 3
|
Value
|
||||||||||||
Impaired loans
|
$ | - | $ | - | $ | 1,951 | $ | 1,951 | ||||||||
Foreclosed real estate
|
$ | - | $ | - | $ | 301 | $ | 301 |
Quantitative Information about Level 3 Fair Value Measurements
|
||||||
Valuation
|
Unobservable
|
Range
|
||||
Techniques
|
Input
|
(Weighted Avg.)
|
||||
March 31, 2013
|
||||||
Impaired loans
|
Appraisal of collateral
|
Appraisal Adjustments
|
5% - 30% (21%) | |||
Costs to Sell
|
6% - 50% (12%) | |||||
Foreclosed real estate
|
Appraisal of collateral
|
Appraisal Adjustments
|
15% - 15% (15%) | |||
Costs to Sell
|
6% - 7% (6%) | |||||
Quantitative Information about Level 3 Fair Value Measurements
|
||||||
Valuation
|
Unobservable
|
Range
|
||||
Techniques
|
Input
|
(Weighted Avg.)
|
||||
December 31, 2012
|
||||||
Impaired loans
|
Appraisal of collateral
|
Appraisal Adjustments
|
5% - 30% (21%) | |||
Costs to Sell
|
6% - 15% (12%) | |||||
Foreclosed real estate
|
Appraisal of collateral
|
Appraisal Adjustments
|
15% - 15% (15%) | |||
Costs to Sell
|
6% - 7% (6%) | |||||
March 31, 2013
|
December 31, 2012
|
|||||||||||||||||||
Fair Value
|
Carrying
|
Estimated
|
Carrying
|
Estimated
|
||||||||||||||||
(Dollars In thousands)
|
Hierarchy
|
Amounts
|
Fair Values
|
Amounts
|
Fair Values
|
|||||||||||||||
Financial assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
1 | $ | 13,218 | $ | 13,218 | $ | 8,665 | $ | 8,665 | |||||||||||
Interest earning time deposits
|
1 | 2,000 | 2,000 | 2,000 | 2,000 | |||||||||||||||
Investment securities
|
1 | 2,530 | 2,530 | 2,405 | 2,405 | |||||||||||||||
Investment securities
|
2 | 123,425 | 123,425 | 105,934 | 105,934 | |||||||||||||||
Federal Home Loan Bank stock
|
2 | 1,505 | 1,505 | 1,929 | 1,929 | |||||||||||||||
Net loans
|
3 | 334,258 | 344,647 | 329,247 | 341,389 | |||||||||||||||
Accrued interest receivable
|
1 | 1,912 | 1,912 | 1,717 | 1,717 | |||||||||||||||
Financial liabilities:
|
||||||||||||||||||||
Demand Deposits, Savings, NOW and MMDA
|
1 | $ | 259,458 | $ | 259,458 | $ | 228,484 | $ | 228,484 | |||||||||||
Time Deposits
|
2 | 168,927 | 170,776 | 163,321 | 165,491 | |||||||||||||||
Borrowings
|
2 | 25,936 | 26,846 | 34,964 | 36,054 | |||||||||||||||
Junior subordinated debentures
|
2 | 5,155 | 4,429 | - | - | |||||||||||||||
Junior subordinated debentures
|
3 | - | - | 5,155 | 5,155 | |||||||||||||||
Accrued interest payable
|
1 | 142 | 142 | 140 | 140 | |||||||||||||||
Interest rate swap derivative
|
2 | 180 | 180 | 195 | 195 |
March 31,
|
December 31,
|
||||||||
(In thousands)
|
2013
|
2012
|
|||||||
Cash flow hedge:
|
|||||||||
Other liabilities
|
$ | 180 | $ | 195 |
Three Months Ended March 31,
|
||||||||
(In thousands)
|
2013
|
2012
|
||||||
Balance as of January 1:
|
$ | (195 | ) | $ | (200 | ) | ||
Amount of losses recognized in other comprehensive income
|
- | (8 | ) | |||||
Amount of loss reclassified from other comprehensive income
|
||||||||
and recognized as interest expense
|
15 | 14 | ||||||
Balance as of March 31:
|
$ | (180 | ) | $ | (194 | ) |
For the three months ended March 31, 2013
|
|||||
Details about AOCI Components (In thousands)
|
Amount Reclassified from AOCI1
|
Affected Line Item in the Statement of Net Income
|
|||
Unrealized holding gain on financial derivative:
|
|||||
Reclassification adjustment for interest expense included in net income
|
$ | (15 | ) |
Interest on long term liabilities
|
|
6 |
Provision for income taxes
|
||||
$ | (9 | ) |
Net Income
|
||
Retirement plan items
|
|||||
Retirement plan net losses recognized in plan expenses 2
|
$ | (95 | ) |
Salaries and employee benefits
|
|
38 |
Provision for income taxes
|
||||
$ | (57 | ) |
Net Income
|
||
Available-for-sale securities
|
|||||
Realized gain on sale of securities
|
$ | 39 |
Net gains on sales and redemptions of investment securities
|
||
(16 | ) |
Provision for income taxes
|
|||
$ | 23 |
Net Income
|
|||
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
|
For the three months Ended March 31,
|
||||||||||||||||||||||||
2013
|
2012
|
|||||||||||||||||||||||
Average
|
Average
|
|||||||||||||||||||||||
|
Average
|
Yield /
|
Average
|
Yield /
|
||||||||||||||||||||
(Dollars in thousands)
|
Balance
|
Interest
|
Cost
|
Balance
|
Interest
|
Cost
|
||||||||||||||||||
Interest-earning assets:
|
|
|
||||||||||||||||||||||
Real estate loans residential
|
$ | 177,934 | $ | 2,059 | 4.63 | % | $ | 162,741 | $ | 2,071 | 5.09 | % | ||||||||||||
Real estate loans commercial
|
81,951 | 1,109 | 5.41 | % | 72,990 | 1,039 | 5.69 | % | ||||||||||||||||
Commercial loans
|
51,144 | 608 | 4.76 | % | 39,578 | 511 | 5.16 | % | ||||||||||||||||
Consumer loans
|
25,339 | 359 | 5.67 | % | 27,968 | 398 | 5.69 | % | ||||||||||||||||
Taxable investment securities
|
93,820 | 418 | 1.78 | % | 93,747 | 492 | 2.10 | % | ||||||||||||||||
Tax-exempt investment securities
|
25,979 | 289 | 4.45 | % | 20,324 | 246 | 4.84 | % | ||||||||||||||||
Interest-earning time deposit
|
2,000 | 6 | 1.20 | % | 2,000 | 7 | 1.40 | % | ||||||||||||||||
Interest-earning deposits
|
7,117 | 1 | 0.06 | % | 1,294 | 1 | 0.31 | % | ||||||||||||||||
Total interest-earning assets
|
465,284 | 4,849 | 4.17 | % | 420,642 | 4,765 | 4.53 | % | ||||||||||||||||
Noninterest-earning assets:
|
||||||||||||||||||||||||
Other assets
|
32,845 | 35,512 | ||||||||||||||||||||||
Allowance for loan losses
|
(4,551 | ) | (4,042 | ) | ||||||||||||||||||||
Net unrealized gains
|
||||||||||||||||||||||||
on available for sale securities
|
2,525 | 2,161 | ||||||||||||||||||||||
Total assets
|
$ | 496,103 | $ | 454,273 | ||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
NOW accounts
|
$ | 39,355 | 19 | 0.19 | % | $ | 31,275 | 19 | 0.24 | % | ||||||||||||||
Money management accounts
|
14,444 | 9 | 0.25 | % | 14,374 | 14 | 0.39 | % | ||||||||||||||||
MMDA accounts
|
81,206 | 96 | 0.47 | % | 77,186 | 114 | 0.59 | % | ||||||||||||||||
Savings and club accounts
|
67,870 | 14 | 0.08 | % | 62,267 | 15 | 0.10 | % | ||||||||||||||||
Time deposits
|
164,150 | 521 | 1.27 | % | 154,928 | 599 | 1.55 | % | ||||||||||||||||
Junior subordinated debentures
|
5,155 | 40 | 3.10 | % | 5,155 | 42 | 3.26 | % | ||||||||||||||||
Borrowings
|
32,437 | 197 | 2.43 | % | 27,557 | 213 | 3.09 | % | ||||||||||||||||
Total interest-bearing liabilities
|
404,617 | 896 | 0.89 | % | 372,742 | 1,016 | 1.09 | % | ||||||||||||||||
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
Demand deposits
|
46,765 | 38,955 | ||||||||||||||||||||||
Other liabilities
|
3,632 | 4,258 | ||||||||||||||||||||||
Total liabilities
|
455,014 | 415,955 | ||||||||||||||||||||||
Shareholders' equity
|
41,089 | 38,318 | ||||||||||||||||||||||
Total liabilities & shareholders' equity
|
$ | 496,103 | $ | 454,273 | ||||||||||||||||||||
Net interest income
|
$ | 3,953 | $ | 3,749 | ||||||||||||||||||||
Net interest rate spread
|
3.28 | % | 3.44 | % | ||||||||||||||||||||
Net interest margin
|
3.40 | % | 3.57 | % | ||||||||||||||||||||
Ratio of average interest-earning assets
|
||||||||||||||||||||||||
to average interest-bearing liabilities
|
114.99 | % | 112.85 | % |
Three months ended March 31,
|
||||||||||||
2013 vs. 2012
|
||||||||||||
Increase/(Decrease) Due to
|
||||||||||||
Total
|
||||||||||||
Increase
|
||||||||||||
(In thousands)
|
Volume
|
Rate
|
(Decrease)
|
|||||||||
Interest Income:
|
|
|||||||||||
Real estate loans residential
|
$ | 755 | $ | (767 | ) | $ | (12 | ) | ||||
Real estate loans commercial
|
342 | (272 | ) | 70 | ||||||||
Commercial loans
|
327 | (230 | ) | 97 | ||||||||
Consumer loans
|
(38 | ) | (1 | ) | (39 | ) | ||||||
Taxable investment securities
|
3 | (77 | ) | (74 | ) | |||||||
Tax-exempt investment securities
|
156 | (113 | ) | 43 | ||||||||
Interest-earning time deposits
|
- | (1 | ) | (1 | ) | |||||||
Interest-earning deposits
|
5 | (5 | ) | - | ||||||||
Total interest income
|
1,550 | (1,466 | ) | 84 | ||||||||
Interest Expense:
|
||||||||||||
NOW accounts
|
17 | (17 | ) | - | ||||||||
Money management accounts
|
- | (5 | ) | (5 | ) | |||||||
MMDA accounts
|
34 | (52 | ) | (18 | ) | |||||||
Savings and club accounts
|
7 | (8 | ) | (1 | ) | |||||||
Time deposits
|
196 | (274 | ) | (78 | ) | |||||||
Junior subordinated debentures
|
- | (2 | ) | (2 | ) | |||||||
Borrowings
|
158 | (174 | ) | (16 | ) | |||||||
Total interest expense
|
412 | (532 | ) | (120 | ) | |||||||
Net change in net interest income
|
$ | 1,138 | $ | (934 | ) | $ | 204 |
Three Months Ended March 31,
|
||||||||||||||||
(Dollars in thousands)
|
2013
|
2012
|
Change
|
|||||||||||||
Service charges on deposit accounts
|
$ | 255 | $ | 273 | $ | (18 | ) | -6.6 | % | |||||||
Earnings and gain on bank owned life insurance
|
61 | 93 | (32 | ) | -34.4 | % | ||||||||||
Loan servicing fees
|
44 | 41 | 3 | 7.3 | % | |||||||||||
Debit card interchange fees
|
106 | 97 | 9 | 9.3 | % | |||||||||||
Other charges, commissions and fees
|
142 | 136 | 6 | 4.4 | % | |||||||||||
Noninterest income before gains (losses)
|
608 | 640 | (32 | ) | -5.0 | % | ||||||||||
Net gains on sales and redemptions of investment securities
|
39 | 112 | (73 | ) | -65.2 | % | ||||||||||
Net gains (losses) on sales of loans and foreclosed real estate
|
29 | (24 | ) | 53 | -220.8 | % | ||||||||||
Total noninterest income
|
$ | 676 | $ | 728 | $ | (52 | ) | -7.1 | % |
Three Months Ended March 31,
|
||||||||||||||||
(Dollars in thousands)
|
2013
|
2012
|
Change
|
|||||||||||||
Salaries and employee benefits
|
$ | 1,910 | $ | 1,974 | $ | (64 | ) | -3.2 | % | |||||||
Building occupancy
|
365 | 383 | (18 | ) | -4.7 | % | ||||||||||
Data processing
|
368 | 341 | 27 | 7.9 | % | |||||||||||
Professional and other services
|
159 | 153 | 6 | 3.9 | % | |||||||||||
Advertising
|
116 | 60 | 56 | 93.3 | % | |||||||||||
FDIC assessments
|
84 | 77 | 7 | 9.1 | % | |||||||||||
Audits and exams
|
61 | 56 | 5 | 8.9 | % | |||||||||||
Other expenses
|
442 | 411 | 31 | 7.5 | % | |||||||||||
Total noninterest expenses
|
$ | 3,505 | $ | 3,455 | $ | 50 | 1.4 | % |
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 March 31, 2013:
|
||||||||||||||||||||||||
Total Core Capital (to Risk-Weighted Assets)
|
$ | 46,473 | 14.1 | % | $ | 26,409 | 8.0 | % | $ | 33,012 | 10.0 | % | ||||||||||||
Tier 1 Capital (to Risk-Weighted Assets)
|
$ | 42,139 | 12.8 | % | $ | 13,205 | 4.0 | % | $ | 19,807 | 6.0 | % | ||||||||||||
Tier 1 Capital (to Assets)
|
$ | 42,139 | 8.5 | % | $ | 19,939 | 4.0 | % | $ | 24,924 | 5.0 | % | ||||||||||||
As of December 31, 2012:
|
||||||||||||||||||||||||
Total Core Capital (to Risk-Weighted Assets)
|
$ | 45,763 | 14.2 | % | $ | 25,808 | 8.0 | % | $ | 32,259 | 10.0 | % | ||||||||||||
Tier 1 Capital (to Risk-Weighted Assets)
|
$ | 41,574 | 12.9 | % | $ | 12,904 | 4.0 | % | $ | 19,356 | 6.0 | % | ||||||||||||
Tier 1 Capital (to Assets)
|
$ | 41,574 | 8.8 | % | $ | 18,831 | 4.0 | % | $ | 23,539 | 5.0 | % | ||||||||||||
As of December 31, 2011:
|
||||||||||||||||||||||||
Total Core Capital (to Risk-Weighted Assets)
|
$ | 43,670 | 14.9 | % | $ | 23,386 | 8.0 | % | $ | 29,233 | 10.0 | % | ||||||||||||
Tier 1 Capital (to Risk-Weighted Assets)
|
$ | 39,917 | 13.7 | % | $ | 11,693 | 4.0 | % | $ | 17,540 | 6.0 | % | ||||||||||||
Tier 1 Capital (to Average Assets)
|
$ | 39,917 | 9.4 | % | $ | 17,041 | 4.0 | % | $ | 21,301 | 5.0 | % |
March 31,
|
December 31,
|
March 31,
|
||||||||||
(Dollars in thousands)
|
2013
|
2012
|
2012
|
|||||||||
Nonaccrual loans:
|
||||||||||||
Commercial real estate and commercial
|
$ | 3,996 | $ | 2,726 | $ | 2,877 | ||||||
Consumer
|
382 | 776 | 872 | |||||||||
Residential real estate
|
1,605 | 2,046 | 1,063 | |||||||||
Total nonaccrual loans
|
5,983 | 5,548 | 4,812 | |||||||||
Total non-performing loans
|
5,983 | 5,548 | 4,812 | |||||||||
Foreclosed real estate
|
372 | 426 | 556 | |||||||||
Total non-performing assets
|
$ | 6,355 | $ | 5,974 | $ | 5,368 | ||||||
Troubled debt restructurings not included above
|
$ | 1,371 | $ | 1,937 | $ | 592 | ||||||
Non-performing loans to total loans
|
1.77 | % | 1.66 | % | 1.58 | % | ||||||
Non-performing assets to total assets
|
1.26 | % | 1.25 | % | 1.15 | % |
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.
|
|||
May 14, 2013
|
/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.
|
|||
May 14, 2013
|
/s/ James A. Dowd
James A. Dowd
Senior Vice President and Chief Financial Officer
|
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
Thomas W. Schneider, President and Chief Executive Officer, and James A. Dowd, Senior Vice President and Chief Financial Officer of Pathfinder Bancorp, Inc. (the "Company"), each certify in his capacity as an officer of the Company that he has reviewed the Quarterly Report of the Company on Form 10-Q for the quarter ended March 31, 2013 and that to the best of his knowledge:
|
|
1. The report fully complies with the requirements of Sections 13(a) 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.
|
|
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.
|
|
May 14, 2013
|
/s/ Thomas W. Schneider
Thomas W. Schneider
President and Chief Executive Officer
|
May 14, 2013
|
/s/ James A. Dowd
James A. Dowd
Senior 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.
|
|||
May 14, 2013
|
/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.
|
|||
May 14, 2013
|
/s/ James A. Dowd
James A. Dowd
Senior Vice President and Chief Financial Officer
|
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
Thomas W. Schneider, President and Chief Executive Officer, and James A. Dowd, Senior Vice President and Chief Financial Officer of Pathfinder Bancorp, Inc. (the "Company"), each certify in his capacity as an officer of the Company that he has reviewed the Quarterly Report of the Company on Form 10-Q for the quarter ended March 31, 2013 and that to the best of his knowledge:
|
|
1. The report fully complies with the requirements of Sections 13(a) 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.
|
|
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.
|
|
May 14, 2013
|
/s/ Thomas W. Schneider
Thomas W. Schneider
President and Chief Executive Officer
|
May 14, 2013
|
/s/ James A. Dowd
James A. Dowd
Senior Vice President and Chief Financial Officer
|
Fair Value Measurements, Fair Value Inputs, Quantitative Information (Details) (Fair Value, Inputs, Level 3 [Member])
|
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2013
|
Dec. 31, 2012
|
|
Appraisal Collateral - Appraisal Approach [Member] | Minimum [Member] | Impaired Loans [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate (in hundredths) | 5.00% | 5.00% |
Appraisal Collateral - Appraisal Approach [Member] | Minimum [Member] | Foreclosed Real Estate [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate (in hundredths) | 15.00% | 15.00% |
Appraisal Collateral - Appraisal Approach [Member] | Maximum [Member] | Impaired Loans [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate (in hundredths) | 30.00% | 30.00% |
Appraisal Collateral - Appraisal Approach [Member] | Maximum [Member] | Foreclosed Real Estate [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate (in hundredths) | 15.00% | 15.00% |
Appraisal Collateral - Appraisal Approach [Member] | Weighted Average [Member] | Impaired Loans [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate (in hundredths) | 21.00% | 21.00% |
Appraisal Collateral - Appraisal Approach [Member] | Weighted Average [Member] | Foreclosed Real Estate [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate (in hundredths) | 15.00% | 15.00% |
Appraisal Collateral - Cost to Sell Approach [Member] | Minimum [Member] | Impaired Loans [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate (in hundredths) | 6.00% | 6.00% |
Appraisal Collateral - Cost to Sell Approach [Member] | Minimum [Member] | Foreclosed Real Estate [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate (in hundredths) | 6.00% | 6.00% |
Appraisal Collateral - Cost to Sell Approach [Member] | Maximum [Member] | Impaired Loans [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate (in hundredths) | 50.00% | 15.00% |
Appraisal Collateral - Cost to Sell Approach [Member] | Maximum [Member] | Foreclosed Real Estate [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate (in hundredths) | 7.00% | 7.00% |
Appraisal Collateral - Cost to Sell Approach [Member] | Weighted Average [Member] | Impaired Loans [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate (in hundredths) | 12.00% | 12.00% |
Appraisal Collateral - Cost to Sell Approach [Member] | Weighted Average [Member] | Foreclosed Real Estate [Member]
|
||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair value inputs, discount rate (in hundredths) | 6.00% | 6.00% |
Loans, Credit Quality Indicator Details (Details) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
|
Dec. 31, 2012
|
---|---|---|
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 338,517 | $ 333,294 |
Pass [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 319,754 | 314,771 |
Special Mention [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,536 | 3,523 |
Substandard [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 14,605 | 14,815 |
Doubtful [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 622 | 185 |
Residential Mortgage Loans [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 178,189 | 176,610 |
Residential Mortgage Loans [Member] | Pass [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 170,552 | 169,456 |
Residential Mortgage Loans [Member] | Special Mention [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,177 | 1,323 |
Residential Mortgage Loans [Member] | Substandard [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 6,432 | 5,831 |
Residential Mortgage Loans [Member] | Doubtful [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 28 | 0 |
1-4 Family First Lien Residential Mortgage [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 177,411 | 173,955 |
1-4 Family First Lien Residential Mortgage [Member] | Pass [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 169,774 | 166,801 |
1-4 Family First Lien Residential Mortgage [Member] | Special Mention [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,177 | 1,323 |
1-4 Family First Lien Residential Mortgage [Member] | Substandard [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 6,432 | 5,831 |
1-4 Family First Lien Residential Mortgage [Member] | Doubtful [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 28 | 0 |
Construction [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 778 | 2,655 |
Construction [Member] | Pass [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 778 | 2,655 |
Construction [Member] | Special Mention [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Construction [Member] | Substandard [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Construction [Member] | Doubtful [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Commercial Loans [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 135,133 | 131,142 |
Commercial Loans [Member] | Pass [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 126,087 | 122,038 |
Commercial Loans [Member] | Special Mention [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,225 | 1,922 |
Commercial Loans [Member] | Substandard [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 6,338 | 7,072 |
Commercial Loans [Member] | Doubtful [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 483 | 110 |
Real Estate [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 84,308 | 82,329 |
Real Estate [Member] | Pass [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 78,694 | 76,719 |
Real Estate [Member] | Special Mention [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,429 | 1,685 |
Real Estate [Member] | Substandard [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,002 | 3,925 |
Real Estate [Member] | Doubtful [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 183 | 0 |
Lines of Credit [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 13,461 | 13,748 |
Lines of Credit [Member] | Pass [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 11,868 | 12,026 |
Lines of Credit [Member] | Special Mention [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 396 | 0 |
Lines of Credit [Member] | Substandard [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,197 | 1,647 |
Lines of Credit [Member] | Doubtful [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 75 |
Other Commercial and Industrial [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 32,826 | 31,477 |
Other Commercial and Industrial [Member] | Pass [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 30,987 | 29,705 |
Other Commercial and Industrial [Member] | Special Mention [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 400 | 237 |
Other Commercial and Industrial [Member] | Substandard [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,139 | 1,500 |
Other Commercial and Industrial [Member] | Doubtful [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 300 | 35 |
Municipal [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,538 | 3,588 |
Municipal [Member] | Pass [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,538 | 3,588 |
Municipal [Member] | Special Mention [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Municipal [Member] | Substandard [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Municipal [Member] | Doubtful [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Consumer Loans [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 25,195 | 25,542 |
Consumer Loans [Member] | Pass [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 23,115 | 23,277 |
Consumer Loans [Member] | Special Mention [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 134 | 278 |
Consumer Loans [Member] | Substandard [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,835 | 1,912 |
Consumer Loans [Member] | Doubtful [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 111 | 75 |
Home Equity and Junior Liens [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 21,552 | 22,073 |
Home Equity and Junior Liens [Member] | Pass [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 19,600 | 20,078 |
Home Equity and Junior Liens [Member] | Special Mention [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 85 | 145 |
Home Equity and Junior Liens [Member] | Substandard [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,780 | 1,801 |
Home Equity and Junior Liens [Member] | Doubtful [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 87 | 49 |
Other Consumer [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,643 | 3,469 |
Other Consumer [Member] | Pass [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,515 | 3,199 |
Other Consumer [Member] | Special Mention [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 49 | 133 |
Other Consumer [Member] | Substandard [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 55 | 111 |
Other Consumer [Member] | Doubtful [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 24 | $ 26 |
Allowance for Loan Losses (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2013
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Allowance for Loan Losses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in the 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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