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Fair Value (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Assets Measured at Fair Value on Recurring Basis

The following tables detail the assets that are carried at fair value and measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022, and indicate the level within the fair value hierarchy utilized to determine the fair value:

						September 30, 2023
Description		Total				Level 1				Level 2				Level 3
		(in thousands)
Available-for-Sale Securities, at fair value:
U.S. Government Bonds		$	2,713			$	2,713			$	—			$	—
Corporate bonds			23,190				729				22,461				—
Mortgage-Backed Securities:
Collateralized Mortgage Obligations			32,989				—				32,989				—
FHLMC Certificates			8,537				—				8,537				—
FNMA Certificates			49,219				—				49,219				—
GNMA Certificates			105				—				105				—
Mortgage Loans Held for Sale, at fair value			14,103				—				14,103				—
		$	130,856			$	3,442			$	127,414			$	—

						December 31, 2022
Description		Total				Level 1				Level 2				Level 3
		(in thousands)
Available-for-Sale Securities, at fair value:
U.S. Government Bonds		$	2,689			$	2,689			$	—			$	—
Corporate bonds			23,359				730				22,629				—
Mortgage-Backed Securities:
Collateralized Mortgage Obligations			37,777				—				37,777				—
FHLMC Certificates			9,634				—				9,634				—
FNMA Certificates			55,928				—				55,928				—
GNMA Certificates			118				—				118				—
Mortgage Loans Held for Sale, at fair value			1,979				—				1,979				—
Derivatives from interest rate lock commitments			22				—				—				22
		$	131,506			$	3,419			$	128,065			$	22

Assets Measured at Fair Value on Nonrecurring Basis

The following tables detail the assets carried at fair value and measured at fair value on a nonrecurring basis as of September 30, 2023 and December 31, 2022 and indicate the fair value hierarchy utilized to determine the fair value:

		September 30, 2023
		Total				Level 1				Level 2				Level 3
		(in thousands)
Impaired loans		$	9,396			$	—			$	—			$	9,396

		December 31, 2022
		Total				Level 1				Level 2				Level 3
		(in thousands)
Impaired loans		$	17,952			$	—			$	—			$	17,952

Estimated Fair Values of Financial Instruments

As of September 30, 2023 and December 31, 2022, the carrying values and estimated fair values of the Company's financial instruments were as follows:

		Carrying				Fair Value Measurements
		Amount				Level 1				Level 2				Level 3				Total
		(in thousands)
September 30, 2023
Financial assets:
Cash and cash equivalents		$	117,012			$	117,012			$	—			$	—			$	117,012
Available-for-sale securities, at fair value			116,753				3,442				113,311				—				116,753
Held-to-maturity securities, at amortized cost, net			471,065				—				444,864				—				444,864
Placements with banks			996				—				996				—				996
Loans held for sale, at fair value			14,103				—				14,103				—				14,103
Loans receivable, net			1,787,607				—				—				1,720,035				1,720,035
Accrued interest receivable			16,624				—				16,624				—				16,624
FHLBNY stock			18,870				18,870				—				—				18,870
Financial liabilities:
Deposits:
Demand deposits			265,862				265,862				—				—				265,862
Interest-bearing deposits			593,559				593,559				—				—				593,559
Certificates of deposit			541,711				—				529,450				—				529,450
Advance payments by borrowers for taxes and insurance			13,743				—				13,743				—				13,743
Borrowings			675,100				—				654,847				—				654,847
Accrued interest payable			8,385				—				8,385				—				8,385

		Carrying				Fair Value Measurements
		Amount				Level 1				Level 2				Level 3				Total
		(in thousands)
December 31, 2022
Financial assets:
Cash and cash equivalents		$	54,360			$	54,360			$	—			$	—			$	54,360
Available-for-sale securities, at fair value			129,505				3,419				126,086				—				129,505
Held-to-maturity securities, at amortized cost			510,820				—				495,851				—				495,851
Placements with banks			1,494				—				1,494				—				1,494
Loans held for sale, at fair value			1,979				—				1,979				—				1,979
Loans receivable, net			1,493,127				—				—				1,430,864				1,430,864
Accrued interest receivable			15,049				—				15,049				—				15,049
FHLBNY stock			24,661				24,661				—				—				24,661
Financial liabilities:
Deposits:
Demand deposits			289,149				289,149				—				—				289,149
Interest-bearing deposits			504,973				504,973				—				—				504,973
Certificates of deposit			458,290				—				450,224				—				450,224
Advance payments by borrowers for taxes and insurance			9,724				—				9,724				—				9,724
Borrowings			517,375				—				503,406				—				503,406
Accrued interest payable			1,390				—				1,390				—				1,390

Schedule of Beginning and Ending Balances for Debt Securities Available-for-Sale Recognized at Fair Value On Recurring Basis

The following table reconciles, at September 30, 2023 and December 31, 2022, the beginning and ending balances for debt securities available-for-sale that are recognized at fair value on a recurring basis, in the Consolidated Statements of Financial Condition, using significant unobservable inputs.

	September 30,				December 31,
	2023				2022
	(in thousands)
Beginning balance	$	—			$	4,929
Total loss included in earnings		—				(344	)
Transfer out of level 3		—				(4,585	)
Ending balance	$	—			$	—

X

- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

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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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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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).

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