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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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Mar. 31, 2021
FAIR VALUE OF FINANCIAL INSTRUMENTS |
Schedule of Assets and Liabilities measured at fair value on a recurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value Measurement using:
​ | ​ | ​ | ​ | ​ | Quoted Prices | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | in Active | ​ | Significant | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Markets | ​ | Other | ​ | Significant
​ | ​ | Carrying | ​ | For Identical | ​ | Observable | ​ | Unobservable
​ |  | Amount |  | Assets (Level 1) |  | Inputs (Level 2) |  | Inputs (Level 3)
At March 31, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential mortgage-backed securities | ​ | $ | 366,770 | ​ | $ | — | ​ | $ | 366,770 | ​ | $ | —
Commercial mortgage-backed securities | ​ | ​ | 30,452 | ​ | ​ | — | ​ | ​ | 30,452 | ​ | ​ | —
Asset-backed securities | ​ | ​ | 4,973 | ​ | ​ | — | ​ | ​ | 4,973 | ​ | ​ | —
U.S. Government agency | ​ | ​ | 66,423 | ​ | ​ | — | ​ | ​ | 66,423 | ​ | ​ | —
Securities issued by states and political subdivisions in the U.S | ​ | ​ | 11,370 | ​ | ​ | — | ​ | ​ | 11,370 | ​ | ​ | —
CRA Mutual Fund | ​ | ​ | 2,281 | ​ | ​ | 2,281 | ​ | ​ | — | ​ | ​ | —
Derivative assets - interest rate cap | ​ | ​ | 2,962 | ​ | ​ | — | ​ | ​ | 2,962 | ​ | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value Measurement using:
​ | ​ | ​ | ​ | ​ | Quoted Prices | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | in Active | ​ | Significant | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Markets | ​ | Other | ​ | Significant
​ | ​ | Carrying | ​ | For Identical | ​ | Observable | ​ | Unobservable
​ |  | Amount |  | Assets (Level 1) |  | Inputs (Level 2) |  | Inputs (Level 3)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
At December 31, 2020 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential mortgage securities | ​ | $ | 194,688 | ​ | $ | — | ​ | $ | 194,688 | ​ | $ | —
Commercial mortgage securities | ​ | ​ | 33,492 | ​ | ​ | — | ​ | ​ | 33,492 | ​ | ​ | —
U.S. Government agency securities | ​ | ​ | 37,916 | ​ | ​ | — | ​ | ​ | 37,916 | ​ | ​ | —
CRA Mutual Fund | ​ | ​ | 2,313 | ​ | ​ | 2,313 | ​ | ​ | — | ​ | ​ | —
Derivative assets - interest rate cap | ​ | ​ | 770 | ​ | ​ | — | ​ | ​ | 770 | ​ | ​ | —
Schedule of carrying amount and estimated fair values of financial instruments | Carrying amount and estimated fair values of financial instruments at March 31, 2021 and December 31, 2020 were as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Fair Value Measurement Using: | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Quoted Prices | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | in Active | ​ | Significant | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Markets | ​ | Other | ​ | Significant | ​ | ​ | ​
​ | ​ | Carrying | ​ | For Identical | ​ | Observable | ​ | Unobservable | ​ | Total Fair
At March 31, 2021 |  | Amount |  | Assets (Level 1) |  | Inputs (Level 2) |  | Inputs (Level 3) |  | Value
Financial Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and due from banks | ​ | $ | 9,432 | ​ | $ | 9,432 | ​ | $ | — | ​ | $ | — | ​ | $ | 9,432
Overnight deposits | ​ | ​ | 1,125,589 | ​ | ​ | 1,125,589 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,125,589
Securities available for sale | ​ | ​ | 479,988 | ​ | ​ | — | ​ | ​ | 479,988 | ​ | ​ | — | ​ | ​ | 479,988
Securities held to maturity | ​ | ​ | 2,492 | ​ | ​ | — | ​ | ​ | 2,557 | ​ | ​ | — | ​ | ​ | 2,557
Equity investments | ​ | ​ | 2,281 | ​ | ​ | 2,281 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,281
Loans, net | ​ | ​ | 3,202,162 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,224,617 | ​ | ​ | 3,224,617
Other investments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FRB Stock | ​ | ​ | 7,422 | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A
FHLB Stock | ​ | ​ | 2,718 | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A
Disability Fund | ​ | ​ | 1,000 | ​ | ​ | — | ​ | ​ | 1,000 | ​ | ​ | — | ​ | ​ | 1,000
CRA - CD | ​ | ​ | 498 | ​ | ​ | 498 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 498
Derivative assets - interest rate cap | ​ | ​ | 2,962 | ​ | ​ | — | ​ | ​ | 2,962 | ​ | ​ | — | ​ | ​ | 2,962
Accrued interest receivable | ​ | ​ | 13,982 | ​ | ​ | — | ​ | ​ | 615 | ​ | ​ | 13,367 | ​ | ​ | 13,982
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-interest-bearing demand deposits | ​ | $ | 2,167,899 | ​ | $ | 2,167,899 | ​ | $ | — | ​ | $ | — | ​ | $ | 2,167,899
Money market and savings deposits | ​ | ​ | 2,173,460 | ​ | ​ | 2,173,460 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,173,460
Time deposits | ​ | ​ | 85,358 | ​ | ​ | — | ​ | ​ | 86,228 | ​ | ​ | — | ​ | ​ | 86,228
Trust preferred securities payable | ​ | ​ | 20,620 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 20,003 | ​ | ​ | 20,003
Subordinated debt, net of issuance cost | ​ | ​ | 24,670 | ​ | ​ | — | ​ | ​ | 25,500 | ​ | ​ | — | ​ | ​ | 25,500
Accrued interest payable | ​ | ​ | 563 | ​ | ​ | 5 | ​ | ​ | 446 | ​ | ​ | 112 | ​ | ​ | 563
Secured borrowings | ​ | ​ | 36,475 | ​ | ​ | — | ​ | ​ | 36,982 | ​ | ​ | — | ​ | ​ | 36,982
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Fair Value Measurement Using: | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Quoted Prices | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | in Active | ​ | Significant | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Markets | ​ | Other | ​ | Significant | ​ | ​ | ​
​ | ​ | Carrying | ​ | For Identical | ​ | Observable | ​ | Unobservable | ​ | Total Fair
At December 31, 2020 |  | Amount |  | Assets (Level 1) |  | Inputs (Level 2) |  | Inputs (Level 3) |  | Value
Financial Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and due from banks | ​ | $ | 8,692 | ​ | $ | 8,692 | ​ | $ | — | ​ | $ | — | ​ | $ | 8,692
Overnight deposits | ​ | ​ | 855,613 | ​ | ​ | 855,613 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 855,613
Securities available for sale | ​ | ​ | 266,096 | ​ | ​ | — | ​ | ​ | 266,096 | ​ | ​ | — | ​ | ​ | 266,096
Securities held to maturity | ​ | ​ | 2,760 | ​ | ​ | — | ​ | ​ | 2,827 | ​ | ​ | — | ​ | ​ | 2,827
Equity investments | ​ | ​ | 2,313 | ​ | ​ | 2,313 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,313
Loans, net | ​ | ​ | 3,101,646 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,094,998 | ​ | ​ | 3,094,998
Other investments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FRB Stock | ​ | ​ | 7,381 | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A
FHLB Stock | ​ | ​ | 2,718 | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A
Disability Fund | ​ | ​ | 1,000 | ​ | ​ | — | ​ | ​ | 1,000 | ​ | ​ | — | ​ | ​ | 1,000
CRA - CD | ​ | ​ | 498 | ​ | ​ | 498 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 498
Derivative assets - interest rate cap | ​ | ​ | 770 | ​ | ​ | ​ | ​ | ​ | 770 | ​ | ​ | — | ​ | ​ | 770
Accrued interest receivable | ​ | ​ | 13,249 | ​ | ​ | — | ​ | ​ | 414 | ​ | ​ | 12,835 | ​ | ​ | 13,249
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-interest-bearing demand deposits | ​ | $ | 1,726,135 | ​ | $ | 1,726,135 | ​ | $ | — | ​ | $ | — | ​ | $ | 1,726,135
Money market and savings deposits | ​ | ​ | 2,011,409 | ​ | ​ | 2,011,409 | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | 2,011,409
Time deposits | ​ | ​ | 92,062 | ​ | ​ | — | ​ | ​ | 93,157 | ​ | ​ | — | ​ | ​ | 93,157
Trust preferred securities payable | ​ | ​ | 20,620 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 20,001 | ​ | ​ | 20,001
Subordinated debt, net of issuance cost | ​ | ​ | 24,657 | ​ | ​ | — | ​ | ​ | 25,375 | ​ | ​ | — | ​ | ​ | 25,375
Accrued interest payable | ​ | ​ | 712 | ​ | ​ | 7 | ​ | ​ | 591 | ​ | ​ | 114 | ​ | ​ | 712
Secured borrowings | ​ | ​ | 36,964 | ​ | ​ | — | ​ | ​ | 36,964 | ​ | ​ | — | ​ | ​ | 36,964

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- 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 http://asc.fasb.org/extlink&oid=121572278&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 http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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://www.xbrl.org/2003/role/disclosureRef -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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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