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FAIR VALUE (Tables)

6 Months Ended

Dec. 31, 2020

FAIR VALUE

Schedule of financial assets and financial liabilities measured at fair value on a recurring basis

Assets and liabilities measured at fair value on a recurring basis are summarized below (dollars in thousands):

					Fair Value Measurements at
					December 31, 2020 Using
								Significant
					Quoted Prices in			Other			Significant
					Active Markets for			Observable			Unobservable
					Identical Assets			Inputs			Inputs
		Fair Value			(Level 1)			(Level 2)			(Level 3)
Assets:
Available for sale securities:
U.S. Government and agency obligations		$	107,315		$	107,315		$	—		$	—
Municipal obligations			22,305			—			22,305			—
Other debt securities			820			—			820
Total debt securities			130,440			107,315			23,125			—
Equity securities			2,472			2,472			—			—
Derivative assets			36,431			—			36,431			—
Total		$	169,343		$	109,787		$	59,556		$	—
Liabilities:
Derivative liabilities		$	419		$	—		$	419		$	—
Total		$	419		$	—		$	419		$	—

					Fair Value Measurements at
					June 30, 2020 Using
								Significant
					Quoted Prices in			Other			Significant
					Active Markets for			Observable			Unobservable
					Identical Assets			Inputs			Inputs
		Fair Value			(Level 1)			(Level 2)			(Level 3)
Assets:
Available for sale securities:
U.S. Government and agency obligations		$	61,511		$	61,511		$	—		$	—
Municipal obligations			13,385			—			13,385			—
Other debt securities			872			—			872
Total debt securities			75,768			61,511			14,257			—
Equity securities			8,533			5,528			3,005			—
Derivative assets			42,922			—			42,922			—
Total		$	127,223		$	67,039		$	60,184		$	—

Schedule of assets and liabilities measured at fair value on a non-recurring basis

Assets and liabilities measured at fair value on a non-recurring basis are summarized below (dollars in thousands):

					Fair Value Measurements Using
								Significant
					Quoted Prices in			Other			Significant
					Active Markets for			Observable			Unobservable
					Identical Assets			Inputs			Inputs
		Fair Value			(Level 1)			(Level 2)			(Level 3)
December 31, 2020
Impaired loans:
Commercial loans		$	1,268		$	—		$	—		$	1,268
OREO			161			—			—			161
June 30, 2020
Impaired loans:
Commercial loans		$	775		$	—		$	—		$	775
OREO			260			—			—			260

Schedule of carrying and estimated fair values of financial assets and liabilities

The carrying and estimated fair values of financial assets and liabilities were as follows (dollars in thousands):

		December 31, 2020
									Fair Value Measurements Using
											Significant
								Active Markets			Other			Significant
								for Identical			Observable			Unobservable
		Carrying			Estimated			Assets			Inputs			Inputs
		Amount			Fair Value			(Level 1)			(Level 2)			(Level 3)
Financial assets
Cash and cash equivalents		$	196,005		$	196,005		$	196,005		$	—		$	—
Securities available for sale			130,440			130,440			107,315			23,125			—
Securities held to maturity			11,575			11,631			—			11,631			—
Equity securities			2,472			2,472			2,472			—			—
FHLBNY stock			1,010			1,010			—			1,010			—
Net loans receivable			1,111,477			1,141,629			—			—			1,141,629
Accrued interest receivable			4,152			4,152			—			4,152			—
Derivative assets			36,431			36,431			—			36,431			—
Financial liabilities
Deposits
Savings, money market, and demand accounts		$	1,222,508		$	1,222,508		$	—		$	1,222,508		$	—
Time deposits			100,243			101,193			—			101,193			—
Mortgagors’ escrow deposits			4,819			4,819			—			4,819			—
Accrued interest payable			24			24			—			24			—
Derivative liabilities			419			419			—			419			—

		June 30, 2020
									Fair Value Measurements Using
											Significant
								Active Markets			Other			Significant
								for Identical			Observable			Unobservable
		Carrying			Estimated			Assets			Inputs			Inputs
		Amount			Fair Value			(Level 1)			(Level 2)			(Level 3)
Financial assets
Cash and cash equivalents		$	156,903		$	156,903		$	156,903		$	—		$	—
Securities available for sale			75,768			75,768			61,511			14,257			—
Securities held to maturity			6,822			6,917			—			6,917			—
Equity securities			8,533			8,533			5,528			3,005			—
FHLBNY stock			1,010			1,010			—			1,010			—
Net loans receivable			1,148,399			1,180,002			—			—			1,180,002
Accrued interest receivable			3,467			3,467			—			3,467			—
Derivative assets			42,922			42,922			—			42,922			—
Financial liabilities
Deposits
Savings, money market, and demand accounts		$	1,150,591		$	1,150,591		$	—		$	1,150,591		$	—
Time deposits			119,559			120,921			—			120,921			—
Mortgagors’ escrow deposits			6,044			6,044			—			6,044			—
Accrued interest payable			35			35			—			35			—

X

- Definition

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-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

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-Name Accounting Standards Codification
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-Section 50
-Paragraph 2
-Subparagraph (a)
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- Definition

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).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-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

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-Publisher FASB
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-Section 50
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-Subparagraph (a)
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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=118260190&loc=d3e13467-108611

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