XML 41 R31.htm IDEA: XBRL DOCUMENT v3.22.2.2

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

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:

		June 30, 2022
														Total Fair
(In thousands)		Level 1				Level 2				Level 3				Value
Available-for-Sale Portfolio
Debt investment securities:
US Treasury, agencies and GSEs		$	-			$	34,249			$	-			$	34,249
State and political subdivisions			-				44,321				-				44,321
Corporate			-				10,077				-				10,077
Asset backed securities			-				16,527				-				16,527
Residential mortgage-backed - US agency			-				20,408				-				20,408
Collateralized mortgage obligations - US agency			-				9,400				-				9,400
Collateralized mortgage obligations - Private label			-				63,147				-				63,147
Total							198,129								198,129
Equity investment securities:
Common stock - financial services industry			206				-				-				206
Other Securities:
Corporate measured at NAV			-				-				-				4,832
Total available-for-sale securities		$	206			$	198,129			$	-			$	203,167
Private equity securities		$	-			$	677			$	-			$	677
Marketable equity securities measured at NAV		$	-			$	-			$	-			$	-
Interest rate swap derivative fair value hedges		$	-			$	(7,063	)		$	-			$	(7,063	)
Interest rate swap derivative cash flow hedges		$	-			$	584			$	-			$	584

		December 31, 2021
														Total Fair
(In thousands)		Level 1				Level 2				Level 3				Value
Available-for-Sale Portfolio
Debt investment securities:
US Treasury, agencies and GSEs		$	-			$	32,273			$	-			$	32,273
State and political subdivisions			-				39,199				-				39,199
Corporate			-				9,630				-				9,630
Asset backed securities			-				13,613				-				13,613
Residential mortgage-backed - US agency			-				22,164				-				22,164
Collateralized mortgage obligations - US agency			-				12,285				-				12,285
Collateralized mortgage obligations - Private label			-				56,731				-				56,731
Total			-				185,895				-				185,895
Equity investment securities:
Common stock - financial services industry			206				-				-				206
Other Securities:
Corporate measured at NAV			-				-				-				4,497
Total available-for-sale securities		$	206			$	185,895			$	-			$	190,598
Private equity securities		$	-			$	-			$	-			$	-
Marketable equity securities measured at NAV		$	677			$	-			$	-			$	677
Interest rate swap derivative fair value hedge		$	-			$	(1,460	)		$	-			$	(1,460	)
Interest rate swap derivative cash flow hedges		$	-			$	(387	)		$	-			$	(387	)

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 June 30, 2022 and December 31, 2021:

						June 30, 2022
														Total Fair
(In thousands)		Level 1				Level 2				Level 3				Value
Impaired loans		$	-			$	-			$	1,056			$	1,056
Foreclosed real estate		$	-			$	-			$	221			$	221

						December 31, 2021
														Total Fair
(In thousands)		Level 1				Level 2				Level 3				Value
Impaired loans		$	-			$	-			$	4,182			$	4,182
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 June 30, 2022
Impaired loans	Appraisal of collateral	Appraisal Adjustments	5% - 30% (18%)
	(Sales Approach)	Costs to Sell	8% - 14% (10%)
	Discounted Cash Flow

		Quantitative Information about Level 3 Fair Value Measurements
	Valuation	Unobservable	Range
	Techniques	Input	(Weighted Avg.)
At December 31, 2021
Impaired loans	Appraisal of collateral	Appraisal Adjustments	5% - 30% (15%)
	(Sales Approach)	Costs to Sell	7% - 14% (10%)
	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:

				June 30, 2022								December 31, 2021
		Fair Value		Carrying				Estimated				Carrying				Estimated
(In thousands)		Hierarchy		Amounts				Fair Values				Amounts				Fair Values
Financial assets:
Cash and cash equivalents		1		$	38,287			$	38,287			$	37,149			$	37,149
Investment securities - available-for-sale		2			198,129				198,129				185,895				185,895
Investment securities - available-for-sale		NAV			4,832				4,832				4,497				4,497
Investment securities - marketable equity		1			677				677				677				677
Investment securities - held-to-maturity		2			181,532				174,558				160,923				162,805
Federal Home Loan Bank stock		2			4,169				4,169				4,189				4,189
Net loans		3			853,211				836,882				819,524				819,721
Accrued interest receivable		1			4,812				4,812				4,520				4,520
Interest rate swap derivative fair value hedges		2			7,063				7,063				1,460				1,460
Financial liabilities:
Demand Deposits, Savings, NOW and MMDA		1		$	705,198			$	705,198			$	694,089			$	694,089
Time Deposits		2			432,646				424,105				361,257				360,680
Borrowings		2			75,721				72,511				77,098				76,957
Subordinated debt		2			29,646				27,608				29,563				30,627
Accrued interest payable		1			186				186				106				106
Interest rate swap derivative cash flow hedges		2			(584	)			(584	)			387				387

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI https://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration