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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Residential mortgage-backed securities | ​ | $ | 501,431 | ​ | $ | — | ​ | $ | 501,431 | ​ | $ | —
Commercial mortgage-backed securities | ​ | ​ | 18,256 | ​ | ​ | — | ​ | ​ | 18,256 | ​ | ​ | —
Asset-backed securities | ​ | ​ | 4,733 | ​ | ​ | — | ​ | ​ | 4,733 | ​ | ​ | ​
U.S. Government agency | ​ | ​ | 67,231 | ​ | ​ | — | ​ | ​ | 67,231 | ​ | ​ | ​
Securities issued by states and political subdivisions in the U.S | ​ | ​ | 11,517 | ​ | ​ | — | ​ | ​ | 11,517 | ​ | ​ | ​
CRA Mutual Fund | ​ | ​ | 2,289 | ​ | ​ | 2,289 | ​ | ​ | — | ​ | ​ | —
Derivative assets - interest rate cap | ​ | ​ | 2,086 | ​ | ​ | — | ​ | ​ | 2,086 | ​ | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Fair Value Measurement Using: | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Quoted Prices | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | in Active | ​ | Significant | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Markets | ​ | Other | ​ | Significant | ​ | ​ | ​
​ | ​ | Carrying | ​ | For Identical | ​ | Observable | ​ | Unobservable | ​ | Total Fair
At September 30, 2021 |  | Amount |  | Assets (Level 1) |  | Inputs (Level 2) |  | Inputs (Level 3) |  | Value
Financial Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and due from banks | ​ | $ | 32,660 | ​ | $ | 32,660 | ​ | $ | — | ​ | $ | — | ​ | $ | 32,660
Overnight deposits | ​ | ​ | 1,824,820 | ​ | ​ | 1,824,820 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,824,820
Securities available for sale | ​ | ​ | 603,168 | ​ | ​ | — | ​ | ​ | 603,168 | ​ | ​ | — | ​ | ​ | 603,168
Securities held to maturity | ​ | ​ | 2,017 | ​ | ​ | — | ​ | ​ | 2,074 | ​ | ​ | — | ​ | ​ | 2,074
Equity investments | ​ | ​ | 2,289 | ​ | ​ | 2,289 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,289
Loans, net | ​ | ​ | 3,565,167 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,592,347 | ​ | ​ | 3,592,347
Other investments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FRB Stock | ​ | ​ | 7,430 | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A
FHLB Stock | ​ | ​ | 3,070 | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A
Disability Fund | ​ | ​ | 1,000 | ​ | ​ | — | ​ | ​ | 1,000 | ​ | ​ | — | ​ | ​ | 1,000
Time deposits at banks | ​ | ​ | 498 | ​ | ​ | 498 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 498
Interest rate cap derivative | ​ | ​ | 2,086 | ​ | ​ | — | ​ | ​ | 2,086 | ​ | ​ | — | ​ | ​ | 2,086
Accrued interest receivable | ​ | ​ | 13,504 | ​ | ​ | — | ​ | ​ | 717 | ​ | ​ | 12,787 | ​ | ​ | 13,504
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-interest-bearing demand deposits | ​ | $ | 2,803,823 | ​ | $ | 2,803,823 | ​ | $ | — | ​ | $ | — | ​ | $ | 2,803,823
Money market and savings deposits | ​ | ​ | 2,571,707 | ​ | ​ | 2,571,707 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,571,707
Time deposits | ​ | ​ | 82,039 | ​ | ​ | — | ​ | ​ | 82,610 | ​ | ​ | — | ​ | ​ | 82,610
Trust preferred securities payable | ​ | ​ | 20,620 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 20,002 | ​ | ​ | 20,002
Subordinated debt, net of issuance cost | ​ | ​ | 24,698 | ​ | ​ | — | ​ | ​ | 25,438 | ​ | ​ | — | ​ | ​ | 25,438
Accrued interest payable | ​ | ​ | 448 | ​ | ​ | 3 | ​ | ​ | 337 | ​ | ​ | 108 | ​ | ​ | 448
Secured Borrowings | ​ | ​ | 35,559 | ​ | ​ | 0 | ​ | ​ | 35,559 | ​ | ​ | 0 | ​ | ​ | 35,559
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | 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
Interest rate cap derivative | ​ | ​ | 770 | ​ | ​ | — | ​ | ​ | 770 | ​ | ​ | — | ​ | ​ | 770
Accrued interest receivable | ​ | ​ | 13,249 | ​ | ​ | — | ​ | ​ | 414 | ​ | ​ | 12,835 | ​ | ​ | 13,429
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 20,011 | ​ | ​ | 20,011
Subordinated debt, net of issuance cost | ​ | ​ | 24,657 | ​ | ​ | — | ​ | ​ | 25,375 | ​ | ​ | — | ​ | ​ | 25,375
Accrued interest payable | ​ | ​ | 712 | ​ | ​ | 7 | ​ | ​ | 591 | ​ | ​ | 114 | ​ | ​ | 712
Secured borrowing | ​ | ​ | 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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