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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

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