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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value of Assets on Recurring Basis Segregated by Level of Valuation Inputs

The following tables summarize assets measured at fair value on a recurring basis as of the indicated dates, segregated by the level of valuation inputs within the hierarchy utilized to measure fair value:

		March 31, 2020
														Total Fair
(In thousands)		Level 1				Level 2				Level 3				Value
Available-for-Sale Portfolio
Debt investment securities:
US Treasury, agencies and GSEs		$	-			$	19,645			$	-			$	19,645
State and political subdivisions			-				6,880				-				6,880
Corporate			-				7,271				-				7,271
Asset backed securities			-				12,416				-				12,416
Residential mortgage-backed - US agency			-				20,146				-				20,146
Collateralized mortgage obligations - US agency			-				35,100				-				35,100
Collateralized mortgage obligations - Private label			-				14,855				-				14,855
Total							116,313								116,313
Corporate measured at NAV			-				-				-				4,939
Total available-for-sale securities		$	-			$	116,313			$	-			$	121,252
Marketable equity securities		$	-			$	340			$	-			$	340
Interest rate swap derivative fair value hedge		$	-			$	(194	)		$	-			$	(194	)
Interest rate swap derivative cash flow hedges		$	-			$	(1,344	)		$	-			$	(1,344	)

		December 31, 2019
														Total Fair
(In thousands)		Level 1				Level 2				Level 3				Value
Available-for-Sale Portfolio
Debt investment securities:
US Treasury, agencies and GSEs		$	-			$	16,820			$	-			$	16,820
State and political subdivisions			-				1,736				-				1,736
Corporate			-				7,631				-				7,631
Asset backed securities			-				13,232				-				13,232
Residential mortgage-backed - US agency			-				18,980				-				18,980
Collateralized mortgage obligations - US agency			-				30,785				-				30,785
Collateralized mortgage obligations - Private label			-				16,821				-				16,821
Total			-				106,005				-				106,005
Corporate measured at NAV			-				-				-				4,923
Total available-for-sale securities		$	-			$	106,005			$	-			$	110,928
Marketable equity securities		$	-			$	534			$	-			$	534
Interest rate swap derivative fair value hedge		$	-			$	(92	)		$	-			$	(92	)

Summary of Fair Value Assets Measured on Nonrecurring Basis

Pathfinder Bank had the following assets measured at fair value on a nonrecurring basis as of March 31, 2020 and December 31, 2019:

						March 31, 2020
														Total Fair
(In thousands)		Level 1				Level 2				Level 3				Value
Impaired loans		$	-			$	-			$	-			$	-
Foreclosed real estate		$	-			$	-			$	58			$	58

						December 31, 2019
														Total Fair
(In thousands)		Level 1				Level 2				Level 3				Value
Impaired loans		$	-			$	-			$	3,105			$	3,105
Foreclosed real estate		$	-			$	-			$	-			$	-

Fair Value Inputs, Quantitative Information

The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which Level 3 inputs were used to determine fair value at the indicated dates.

		Quantitative Information about Level 3 Fair Value Measurements
	Valuation	Unobservable	Range
	Techniques	Input	(Weighted Avg.)
At March 31, 2020
Foreclosed real estate	Appraisal of collateral	Appraisal Adjustments	15% - 15% (15%)
	(Sales Approach)	Costs to Sell	6% - 9% (8%)

		Quantitative Information about Level 3 Fair Value Measurements
	Valuation	Unobservable	Range
	Techniques	Input	(Weighted Avg.)
At December 31, 2019
Impaired loans	Appraisal of collateral	Appraisal Adjustments	5% - 20% (9%)
	(Sales Approach)	Costs to Sell	7% - 13% (11%)
	Discounted Cash Flow

Carrying Amounts and Fair Value of Financial Instruments

The carrying amounts and fair values of the Company’s financial instruments as of the indicated dates are presented in the following table:

				March 31, 2020								December 31, 2019
		Fair Value		Carrying				Estimated				Carrying				Estimated
(In thousands)		Hierarchy		Amounts				Fair Values				Amounts				Fair Values
Financial assets:
Cash and cash equivalents		1		$	57,579			$	57,579			$	20,160			$	20,160
Investment securities - available-for-sale		2			116,313				116,313				106,005				106,005
Investment securities - available-for-sale		NAV			4,939				4,939				4,923				4,923
Investment securities - marketable equity		2			340				340				534				534
Investment securities - held-to-maturity		2			120,549				117,088				122,988				124,148
Federal Home Loan Bank stock		2			4,758				4,758				4,834				4,834
Net loans		3			740,916				748,532				772,782				767,654
Accrued interest receivable		1			3,700				3,700				3,712				3,712
Financial liabilities:
Demand Deposits, Savings, NOW and MMDA		1		$	495,806			$	495,806			$	460,293			$	460,293
Time Deposits		2			404,054				406,487				421,600				422,409
Borrowings		2			91,437				93,956				93,125				93,643
Subordinated loans		2			15,136				13,874				15,128				14,921
Accrued interest payable		1			407				407				396				396
Interest rate swap derivative fair value hedge		2			194				194				92				92
Interest rate swap derivative cash flow hedges		2			1,344				1,344				-				-

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
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