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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Significant Fair Value of Assets and Liabilities Measured on Recurring and Non Recurring Basis

			Fair Value Measurements at June 30, 2022 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			$	74,803					$	—					$	74,803					$	—
Mortgage-backed securities:
Pass-through certificates:
GSE			513,426						—						513,426						—
REMICs:
GSE			307,813						—						307,813						—
			821,239						—						821,239						—
Other debt securities:
Municipal bonds			52						—						52						—
Corporate bonds			190,774						—						190,774						—
			190,826						—						190,826						—
Total debt securities available-for-sale			1,086,868						—						1,086,868						—
Trading securities			10,401						10,401						—						—
Equity securities (1)			296						296						—						—
Total			$	1,097,565					$	10,697					$	1,086,868					$	—
Measured on a non-recurring basis:
Assets:
Loans individually evaluated for impairment:
Real estate loans:
Commercial real estate			$	2,812					$	—					$	—					$	2,812
Home equity and lines of credit			26						—						—						26
Total individually evaluated real estate loans			2,838						—						—						2,838
Commercial and industrial loans			64						—						—						64
Total			$	2,902					$	—					$	—					$	2,902

(1) Excludes investment measured at net asset value of $7.5 million at June 30, 2022, which has not been classified in the fair value hierarchy.

			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 impaired 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.

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 June 30, 2022 and December 31, 2021 (dollars in thousands):

Fair Value

Valuation Methodology

Unobservable Inputs

Range of Inputs

June 30, 2022

December 31, 2021

June 30, 2022

December 31, 2021

Individually evaluated loans

$

2,902

$

3,807

Appraisals

Discount for costs to sell

7.0%

7.0%

Discount for quick sale

10.0%

10.0%

Discounted cash flows

Interest rates

4.88% to 7.50%

4.88% to 6.25%

Other real estate owned

—

100

Appraisals

Discount for costs to sell

7.0%

7.0%

Estimated Fair Values of Significant Financial Instruments

The estimated fair values of the Company’s significant financial instruments at June 30, 2022 and December 31, 2021, are presented in the following tables (in thousands):

			June 30, 2022
									Estimated Fair Value
			Carrying Value						Level 1						Level 2						Level 3						Total
Financial assets:
Cash and cash equivalents			$	110,232					$	110,232					$	—					$	—					$	110,232
Trading securities			10,401						10,401						—						—						10,401
Debt securities available-for-sale			1,086,868						—						1,086,868						—						1,086,868
Debt securities held-to-maturity			5,201						—						4,977						—						4,977
Equity securities (1)			296						296						—						—						296
FHLBNY stock, at cost			19,942						—						19,942						—						19,942
Net loans held-for-investment			4,072,826						—						—						3,952,108						3,952,108
Derivative assets			3,872						—						3,872						—						3,872
Financial liabilities:
Deposits			$	4,418,002					$	—					$	4,418,885					$	—					$	4,418,885
Borrowed funds			347,016						—						336,183						—						336,183
Subordinated debentures			60,917						—						56,003						—						56,003
Advance payments by borrowers for taxes and insurance			29,458						—						29,458						—						29,458
Derivative liabilities			3,873						—						3,873						—						3,873

(1) Excludes investment measured at net asset value of $7.5 million at June 30, 2022, which has not been classified in the fair value hierarchy.

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

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).

+ References

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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