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Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Significant Fair Value Of Assets And Liabilities Measured On Recurring And Non Recurring Basis

			Fair Value Measurements at December 31, 2021 Using:
			Carrying Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
			(in thousands)
Measured on a recurring basis:
Assets:
Investment securities:
Debt securities available-for-sale:
U.S. Government agency securities			$	2,290					$	—					$	2,290					$	—
Mortgage-backed securities:
Pass-through certificates:
GSE			581,406						—						581,406						—
REMICs:
GSE			391,710						—						391,710						—
			973,116						—						973,116						—
Other debt securities:
Municipal bonds			72						—						72						—
Corporate bonds			232,759						—						232,759						—
			232,831						—						232,831						—
Total debt securities available-for-sale			1,208,237						—						1,208,237						—
Trading securities			13,461						13,461						—						—
Equity securities (1)			328						328						—						—
Total			$	1,222,026					$	13,789					$	1,208,237					$	—
Measured on a non-recurring basis:
Assets:
Loans individually evaluated for impairment:
Real estate loans:
Commercial real estate			$	3,599					$	—					$	—					$	3,599
One-to-four family residential mortgage			169						—						—						169
Home equity and lines of credit			27						—						—						27
Total individually evaluated real estate loans			3,795						—						—						3,795
Commercial and industrial loans			12						—						—						12
Other real estate owned			100						—						—						100
Total			$	3,907					$	—					$	—					$	3,907

(1) Excludes investment measured at net asset value of $5.0 million at December 31, 2021, which has not been classified in the fair value hierarchy.

			Fair Value Measurements at December 31, 2020 Using:
			Carrying Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
			(in thousands)
Measured on a recurring basis:
Assets:
Investment securities:
Debt securities available-for-sale:
U.S Government agency securities			$	3,158					$	—					$	3,158					$	—
Mortgage-backed securities
Pass-through certificate
GSE			281,343						—						281,343						—
REMICs:
GSE			890,965						$	—					890,965						—
Non-GSE			4						—						4						—
			1,172,312						—						1,172,312						—
Other debt securities:
Municipal bonds			123						—						123						—
Corporate bonds			88,418						—						88,418						—
Asset-backed securities			794						—						794						—
			89,335						—						89,335						—
Total debt securities available-for sale			1,264,805						—						1,264,805						—
Trading securities			12,291						12,291						—						—
Equity securities			253						253						—						—
Total			$	1,277,349					$	12,544					$	1,264,805					$	—
Measured on a non-recurring basis:
Assets:
Impaired loans:
Real estate loans:
Commercial real estate			$	5,268					$	—					$	—					$	5,268
Multifamily			16						—						—						16
Home equity and lines of credit			28						—						—						28
Total impaired real estate loans			5,312						—						—						5,312
Commercial and industrial loans			13						—						—						13
Total			$	5,325					$	—					$	—					$	5,325

Level 3 Assets Measured At Fair Value On A Non-Recurring Basis

The following table presents qualitative information for Level 3 assets measured at fair value on a non-recurring basis at December 31, 2021 (dollars in thousands):   

Fair Value

Valuation Methodology

Unobservable Inputs

Range of Inputs

(in thousands)

Individually evaluated loans

$

3,807

Appraisals

Discount for costs to sell

7.0%

Discount for quick sale

10.0%

Discounted cash flows

Interest rates

4.88% - 6.25%

Other real estate owned

100

Appraisals

Discount for costs to sell

7.0%

The following table presents qualitative information for Level 3 assets measured at fair value on a non-recurring basis at December 31, 2020 (dollars in thousands):   

Fair Value

Valuation Methodology

Unobservable Inputs

Range of Inputs

(in thousands)

Impaired loans

$

5,325

Appraisals

Discount for costs to sell

7.0%

Discount for quick sale

10.0%

Discounted cash flows

Interest rates

4.88% - 6.25%

Estimated Fair Values Of Significant Financial Instruments

The estimated fair values of the Company’s significant financial instruments at December 31, 2021 and 2020, are presented in the following tables (in thousands):

			December 31, 2021
									Estimated Fair Value
			Carrying Value						Level 1						Level 2						Level 3						Total
Financial assets:
Cash and cash equivalents			$	91,068					$	91,068					$	—					$	—					$	91,068
Trading securities			13,461						13,461						—						—						13,461
Debt securities available-for-sale			1,208,237						—						1,208,237						—						1,208,237
Debt securities held-to-maturity			5,283						—						5,475						—						5,475
Equity securities (1)			328						328						—						—						328
FHLBNY stock, at cost			22,336						—						22,336						—						22,336
Net loans held-for-investment			3,767,644						—						—						3,904,026						3,904,026
Derivative assets			923						—						923						—						923
Financial liabilities:
Deposits			$	4,169,334					$	—					$	4,172,125					$	—					$	4,172,125
Borrowed funds			421,755						—						426,235						—						426,235
Advance payments by borrowers for taxes and insurance			24,909						—						24,909						—						24,909
Derivative liabilities			925						—						925						—						925

(1) Excludes investments measured at net asset value in the amount of $5.0 million at December 31, 2021, which have not been classified in the fair value hierarchy.

			December 31, 2020
									Estimated Fair Value
			Carrying Value						Level 1						Level 2						Level 3						Total
Financial assets:
Cash and cash equivalents			$	87,544					$	87,544					$	—					$	—					$	87,544
Trading securities			12,291						12,291						—						—						12,291
Debt securities available-for-sale			1,264,805						—						1,264,805						—						1,264,805
Debt securities held-to-maturity			7,234						—						7,574						—						7,574
Equity securities			253						253						—						—						253
FHLBNY stock, at cost			28,641						—						28,641						—						28,641
Loans held-for-sale			19,895						—						—						19,895						19,895
Net loans held-for-investment			3,785,631						—						—						3,842,054						3,842,054
Derivative assets			1,498						—						1,498						—						1,498
Financial liabilities:
Deposits			$	4,076,551					$	—					$	4,082,538					$	—					$	4,082,538
Borrowed funds			591,789						—						609,900						—						609,900
Advance payments by borrowers for taxes and insurance			19,677						—						19,677						—						19,677
Derivative liabilities			1,502						—						1,502						—						1,502

X

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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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).

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