XML 37 R25.htm IDEA: XBRL DOCUMENT v3.20.2

FAIR VALUE (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

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

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

									Fair Value Measurement at September 30, 2020 Using
Financial Assets:			Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Mortgage-backed securities, residential			$	326,268					$	—					$	326,268					$	—
Obligations of states and political subdivisions			43,260						—						43,260						—
Corporate bonds and notes			7,064						—						7,064						—
SBA loan pools			19,708						—						19,708						—
Total available for sale securities			$	396,300					$	—					$	396,300					$	—
Equity investments, at fair value			$	2,291					$	1,629					$	—					$	662
Derivative assets			16,886						—						16,886						—
Financial Liabilities:
Derivative liabilities			$	17,097					$	—					$	16,886					$	211

There were no transfers between Level 1 and Level 2 during the three and nine month periods ended September 30, 2020.

									Fair Value Measurement at December 31, 2019 Using
Financial Assets:			Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Mortgage-backed securities, residential			$	225,234					$	—					$	225,234					$	—
Obligations of states and political subdivisions			42,845						—						42,845						—
Corporate bonds and notes			250						—						250						—
SBA loan pools			15,761						—						15,761						—
Total available for sale securities			$	284,090					$	—					$	284,090					$	—
Equity investments, at fair value			$	1,442					$	1,442					$	—					$	—
Derivative assets			6,466						—						6,466						—
Financial Liabilities:
Derivative liabilities			$	6,831					$	—					$	6,466					$	365

Reconciliation of all assets measured at fair value

The table below presents a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three month periods ended September 30, 2020 and 2019 (in thousands):

																		Assets (Liabilities)
												Derivative Liabilities
																		September 30, 2020						September 30, 2019
Balance of recurring Level 3 assets at July 1																		$	(211)					$	(365)
Derivative instruments entered into																		—						(7)
Total gains or losses for the period:
Included in earnings - other non-interest income																		—						(54)
Included in other comprehensive income																		—						—
Transfers out of Level 3																		—						—
Balance of recurring Level 3 assets at September 30																		$	(211)					$	(426)

The table below presents a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine month periods ended September 30, 2020 and September 30, 2019 (in thousands):

																		Assets (Liabilities)
												Derivative Liabilities
																		September 30, 2020						September 30, 2019
Balance of recurring Level 3 assets at January 1																		$	(365)					$	(140)
Derivative instruments entered into																		(15)						(42)
Total gains or losses for the period:
Included in earnings - other non-interest income																		169						(244)
Included in other comprehensive income																		—						—
Transfers out of Level 3																		—						—
Balance of recurring Level 3 assets at September 30																		$	(211)					$	(426)

Reconciliation of liabilities measured at fair value

The table below presents a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three month periods ended September 30, 2020 and 2019 (in thousands):

																		Assets (Liabilities)
												Derivative Liabilities
																		September 30, 2020						September 30, 2019
Balance of recurring Level 3 assets at July 1																		$	(211)					$	(365)
Derivative instruments entered into																		—						(7)
Total gains or losses for the period:
Included in earnings - other non-interest income																		—						(54)
Included in other comprehensive income																		—						—
Transfers out of Level 3																		—						—
Balance of recurring Level 3 assets at September 30																		$	(211)					$	(426)

The table below presents a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the nine month periods ended September 30, 2020 and September 30, 2019 (in thousands):

																		Assets (Liabilities)
												Derivative Liabilities
																		September 30, 2020						September 30, 2019
Balance of recurring Level 3 assets at January 1																		$	(365)					$	(140)
Derivative instruments entered into																		(15)						(42)
Total gains or losses for the period:
Included in earnings - other non-interest income																		169						(244)
Included in other comprehensive income																		—						—
Transfers out of Level 3																		—						—
Balance of recurring Level 3 assets at September 30																		$	(211)					$	(426)

Nonrecurring fair value measurement, valuation techniques

The following table presents information related to Level 3 recurring fair value measurements at September 30, 2020 and December 31, 2019 (in thousands):

Description

Fair Value at September 30, 2020

Valuation Technique

Unobservable Inputs

Range [Weighted Average] at September 30, 2020

Derivative liabilities

$

211

Historical trend

Credit default rate

0.59% - 6.59% [1.18%]

Description

Fair Value at December 31, 2019

Valuation Technique

Unobservable Inputs

Range [Weighted Average] at December 31, 2019

Derivative liabilities

$

365

Historical trend

Credit default rate

7.30% - 7.30% [7.30%]

The following tables present information related to Level 3 non-recurring fair value measurement at September 30, 2020 and December 31, 2019 (in thousands):

Description

Fair Value at September 30, 2020

Valuation Technique

Unobservable Inputs

Range [Weighted Average] at September 30, 2020

Impaired loans:

Commercial mortgages:

Commercial mortgages

$

512

Sales comparison

Discount to appraised value

13.30% - 13.30% [13.30%]

$

512

OREO:

Commercial mortgages:

Commercial mortgages

$

416

Sales comparison

Discount to appraised value

42.28% - 42.28% [42.28%]

Residential mortgages

126

Sales comparison

Discount to appraised value

20.80% - 20.80% [20.80%]

Consumer loans:

Home equity lines and loans

44

Sales comparison

Discount to appraised value

20.80% - 20.80% [20.80%]

$

586

Description

Fair Value at December 31, 2019

Valuation Technique

Unobservable Inputs

Range [Weighted Average] at December 31, 2019

Impaired loans:

Commercial mortgages:

Commercial mortgages

$

1,554

Sales comparison

Discount to appraised value

10.00% - 10.00% [10.00%]

$

1,554

OREO:

Commercial mortgages:

Commercial mortgages

$

111

Sales comparison

Discount to appraised value

20.80% - 20.80% [20.80%]

Residential mortgages

284

Sales comparison

Discount to appraised value

20.80% - 35.29% [24.09%]

Consumer loans:

Home equity lines and loans

122

Sales comparison

Discount to appraised value

20.80% - 20.80% [20.80%]

$

517

Summary 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 (in thousands):

									Fair Value Measurement at September 30, 2020 Using
Financial Assets:			Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Impaired Loans:
Commercial mortgages:
Commercial mortgages			$	512					$	—					$	—					$	512
Total impaired loans			$	512					$	—					$	—					$	512
Other real estate owned:
Commercial mortgages:
Commercial mortgages			$	416					$	—					$	—					$	416
Residential mortgages			126						—						—						126
Consumer loans:
Home equity lines and loans			44						—						—						44
Total other real estate owned, net			$	586					$	—					$	—					$	586

									Fair Value Measurement at December 31, 2019 Using
Financial Assets:			Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Impaired Loans:
Commercial mortgages:
Commercial mortgages			$	1,554					$	—					$	—					$	1,554
Total impaired loans			$	1,554					$	—					$	—					$	1,554
Other real estate owned:
Commercial mortgages:
Commercial mortgages			$	111					$	—					$	—					$	111
Residential mortgages			284						—						—						284
Consumer loans:
Home equity lines and loans			122						—						—						122
Total other real estate owned, net			$	517					$	—					$	—					$	517

Carrying value and estimated fair value of financial instruments

The carrying amounts and estimated fair values of other financial instruments, at September 30, 2020 and December 31, 2019, are as follows (in thousands):

			September 30, 2020
Financial assets:			Carrying Amount						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Estimated Fair Value (1)
Cash and due from financial institutions			$	35,327					$	35,327					$	—					$	—					$	35,327
Interest-earning deposits in other financial institutions			114,575						114,575						—						—						114,575
Equity investments			2,291						1,629						—						662						2,291
Securities held to maturity			3,047						—						2,684						409						3,093
FHLBNY and FRBNY stock			3,150						—						—						—						N/A
Loans, net and loans held for sale			1,515,962						—						—						1,522,274						1,522,274
Accrued interest receivable			6,230						1						1,194						5,035						6,230
Derivative Assets			16,886						—						16,886						—						16,886
Financial liabilities:
Deposits:
Demand, savings, and insured money market accounts			$	1,718,686					$	1,718,686					$	—					$	—					$	1,718,686
Time deposits			205,503						—						208,491						—						208,491
Accrued interest payable			260						10						250						—						260
Derivative Liabilities			17,097						—						16,886						211						17,097

(1) Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument.  These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision.  Changes in assumptions could significantly affect the estimates.

			December 31, 2019
Financial assets:			Carrying Amount						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Estimated Fair Value (1)
Cash and due from financial institutions			$	25,203					$	25,203					$	—					$	—					$	25,203
Interest-earning deposits in other financial institutions			96,701						96,701						—						—						96,701
Equity investments			2,174						2,174						—						—						2,174
Securities available for sale			284,090						—						284,090						—						284,090
Securities held to maturity			3,115						—						2,094						1,045						3,139
FHLBNY and FRBNY stock			3,099						—						—						—						N/A
Loans, net and loans held for sale			1,286,926						—						—						1,285,215						1,285,215
Accrued interest receivable			4,633						63						885						3,685						4,633
Derivative Asset			6,466						—						6,466						—						6,466
Financial liabilities:
Deposits:
Demand, savings, and insured money market accounts			$	1,410,962					$	1,410,962					$	—					$	—					$	1,410,962
Time deposits			161,176						—						163,761						—						163,761
Accrued interest payable			299						27						272						—						299
Derivative Liabilities			6,831						—						6,466						365						6,831

(1) Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument.  These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision.  Changes in assumptions could significantly affect the estimates.

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ 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 (bbb)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

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

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ 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 (c)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258

+ Details

Name:	us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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://www.xbrl.org/2003/role/disclosureRef
-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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration