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VARIABLE INTEREST ENTITIES

12 Months Ended

Dec. 31, 2024

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES

NOTE S: VARIABLE INTEREST ENTITIES

In connection with the Company’s acquisition of Oneida Financial Corp, the Company acquired OPFC II which holds a 50% membership interest in 706 North Clinton, an entity formed for the purpose of acquiring and rehabilitating real property. The real property held by 706 North Clinton is principally occupied by subsidiaries of the Company. The Company analyzed the operating agreement and capital structure of 706 North Clinton and determined that it was the primary beneficiary and therefore should consolidate 706 North Clinton in its financial statements. This conclusion was based on the determination that the Company has a de facto agency relationship because of the financing arrangement between the other member of 706 North Clinton and the Bank which provides OPFC II with both the power to direct the activities of 706 North Clinton and the obligation to absorb any losses of 706 North Clinton.

The carrying amount of the assets and liabilities of 706 North Clinton and the classification of these assets and liabilities in the Company’s consolidated statements of condition at December 31 are as follows:

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​	​	​	​	​	​	​
(000’s omitted)		2024			2023
Cash and cash equivalents	​	$	154	​	$	182
Premises and equipment, net	​		5,127	​		5,291
Other assets	​		83	​		74
Total assets	​	$	5,364	​	$	5,547
Accrued interest and other liabilities / Total liabilities	​	$	0	​	$	0

​

In addition to the assets and liabilities of 706 North Clinton, the minority interest in 706 North Clinton of $2.7 million at December 31, 2024 is included in the Company’s consolidated statements of condition. The creditors of 706 North Clinton do not have a claim on the general assets of the Company. The Company’s maximum loss exposure net of minority interest in 706 North Clinton is approximately $3.5 million as of December 31, 2024, including a $0.8 million loss exposure related to the financing agreement between the other member of 706 North Clinton and the Bank.

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- References

No definition available.

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- Definition

The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 810
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/810/tableOfContent

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