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Subsequent Events | 9 Months Ended
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Sep. 30, 2020
Subsequent Events [Abstract] |
Subsequent Events | Note 15. Subsequent Event On October 26, 2020, the Company announced it had entered into a purchase and assumption agreement to sell two of the Bank’s leased branch offices in Warwick, NY and Monroe, NY and the deposit accounts associated with the two branches. Under the terms of the purchase and assumption agreement, the acquiring bank will assume the remaining lease and deposit obligations held at each branch. The total right of use asset and lease liability as of September 30, 2020 for both branches was $0.2 million and $0.2 million, respectively. Additionally, under the terms of the purchase and assumption agreement, a portion of the deposits at each branch will be acquired at a set premium, while the remaining deposits will be acquired at no premium or discount. We anticipate the gain on the deposits with a premium will not have a material impact on our financial statements. The transaction is expected to close in the first quarter of 2021, subject to regulatory approvals and satisfaction of customary closing conditions.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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