XML 37 R25.htm IDEA: XBRL DOCUMENT
v3.21.2

FAIR VALUE (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2021
Fair Value Disclosures [Abstract] |
Schedule 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 June 30, 2021 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)
Obligations of U.S. Government and U.S. Government sponsored enterprises | $ | 20,519 |  |  | $ | 20,519 |  |  | $ | — |  |  | $ | — |
Mortgage-backed securities, residential | 553,595 |  |  | — |  |  | 553,595 |  |  | — |
Obligations of states and political subdivisions | 42,672 |  |  | — |  |  | 42,672 |  |  | — |
Corporate bonds and notes | 10,094 |  |  | — |  |  | 10,094 |  |  | — |
SBA loan pools | 60,714 |  |  | — |  |  | 60,714 |  |  | — |
Total available for sale securities | $ | 687,594 |  |  | $ | 20,519 |  |  | $ | 667,075 |  |  | $ | — |
Equity investments, at fair value | $ | 2,193 |  |  | $ | 2,193 |  |  | $ | — |  |  | $ | — |
Derivative assets | 10,704 |  |  | — |  |  | 10,704 |  |  | — |
Financial Liabilities: |  |  |  |  |  |  |
Derivative liabilities | $ | 11,098 |  |  | $ | — |  |  | $ | 11,098 |  |  | $ | — |
There were no transfers between Level 1 and Level 2 during the three and six month periods ended June 30, 2021.
|  | Fair Value Measurement at December 31, 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 | $ | 467,866 |  |  | $ | — |  |  | $ | 467,866 |  |  | $ | — |
Obligations of states and political subdivisions | 43,405 |  |  | — |  |  | 43,405 |  |  | — |
Corporate bonds and notes | 9,035 |  |  | — |  |  | 9,035 |  |  | — |
SBA loan pools | 34,305 |  |  | — |  |  | 34,305 |  |  | — |
Total available for sale securities | $ | 554,611 |  |  | $ | — |  |  | $ | 554,611 |  |  | $ | — |
Equity investments, at fair value | $ | 1,880 |  |  | $ | 1,880 |  |  | $ | — |  |  | $ | — |
Derivative assets | 14,345 |  |  | — |  |  | 14,345 |  |  | — |
Financial Liabilities: |  |  |  |  |  |  |
Derivative liabilities | $ | 14,702 |  |  | $ | — |  |  | $ | 14,702 |  |  | $ | — |
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 (in thousands):
|  |  | Fair Value Measurement at June 30, 2021 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) |  |
Other real estate owned: |  |  |  |  |  |  |  |  |
Residential mortgages | $ | 156 |  |  | $ | — |  |  | $ | — |  |  | $ | 156 |  |  |
Total other real estate owned, net | $ | 156 |  |  | $ | — |  |  | $ | — |  |  | $ | 156 |  |  |
|  |  | Fair Value Measurement at December 31, 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) |  |
Other real estate owned: |  |  |  |  |  |  |  |  |
Commercial mortgages: |  |  |  |  |  |  |  |  |
Commercial mortgages | $ | 111 |  |  | $ | — |  |  | $ | — |  |  | $ | 111 |  |  |
Residential mortgages | 126 |  |  | — |  |  | — |  |  | 126 |  |  |
Total other real estate owned, net | $ | 237 |  |  | $ | — |  |  | $ | — |  |  | $ | 237 |  |  |
Schedule of Nonrecurring Fair Value Measurement, Valuation Techniques | The following tables present information related to Level 3 non-recurring fair value measurement at June 30, 2021 and December 31, 2020 (in thousands):
Description |  | Fair Value at June 30, 2021 |  | Valuation Technique |  | Unobservable Inputs |  | Range [Weighted Average] at June 30, 2021
Impaired loans: |  |  |  |  |  |  |  |
OREO: |  |  |  |  |  |  |  |
Commercial mortgages: |  |  |  |  |  |  |  |
Residential mortgages |  | $ | 156 |  |  | Sales comparison |  | Discount to appraised value |  | 20.80% - 20.80% [20.80%]
|  | $ | 156 |  |  |  |  |  |  |
Description |  | Fair Value at December 31, 2020 |  | Valuation Technique |  | Unobservable Inputs |  | Range [Weighted Average] at December 31, 2020
Impaired loans: |  |  |  |  |  |  |  |
OREO: |  |  |  |  |  |  |  |
Commercial mortgages: |  |  |  |  |  |  |  |
Commercial mortgages |  | $ | 111 |  |  | Sales comparison |  | Discount to appraised value |  | 20.80% - 20.80% [20.80%]
Residential mortgages |  | 126 |  |  | Sales comparison |  | Discount to appraised value |  | 20.80% - 20.80% [20.80%]
|  | $ | 237 |  |  |  |  |  |  |
Schedule of Carrying Value and Estimated Fair Value of Financial Instruments | The carrying amounts and estimated fair values of other financial instruments, at June 30, 2021 and December 31, 2020, are as follows (in thousands):
| June 30, 2021
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 | $ | 27,439 |  |  | $ | 27,439 |  |  | $ | — |  |  | $ | — |  |  | $ | 27,439 |
Interest-earning deposits in other financial institutions | 29,358 |  |  | 29,358 |  |  | — |  |  | — |  |  | 29,358 |
Equity investments | 2,856 |  |  | 2,856 |  |  | — |  |  | — |  |  | 2,856 |
Securities available for sale | 687,594 |  |  | 20,519 |  |  | 667,075 |  |  | — |  |  | 687,594 |
Securities held to maturity | 2,981 |  |  | — |  |  | 1,662 |  |  | 1,338 |  |  | 3,000 |
FHLBNY and FRBNY stock | 3,562 |  |  | — |  |  | — |  |  | — |  |  | N/A
Loans, net and loans held for sale | 1,537,323 |  |  | — |  |  | — |  |  | 1,530,753 |  |  | 1,530,753 |
Accrued interest receivable | 6,388 |  |  | 21 |  |  | 1,544 |  |  | 4,823 |  |  | 6,388 |
Derivative Assets | 10,704 |  |  | — |  |  | 10,704 |  |  | — |  |  | 10,704 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |
Demand, savings, and insured money market accounts | $ | 1,896,904 |  |  | $ | 1,896,904 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,896,904 |
Time deposits | 241,283 |  |  | — |  |  | 243,299 |  |  | — |  |  | 243,299 |
Accrued interest payable | 269 |  |  | 10 |  |  | 259 |  |  | — |  |  | 269 |
Derivative Liabilities | 11,098 |  |  | — |  |  | 11,098 |  |  | — |  |  | 11,098 |
(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, 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 | $ | 29,467 |  |  | $ | 29,467 |  |  | $ | — |  |  | $ | — |  |  | $ | 29,467 |
Interest-earning deposits in other financial institutions | 79,071 |  |  | 79,071 |  |  | — |  |  | — |  |  | 79,071 |
Equity investments | 2,542 |  |  | 2,542 |  |  | — |  |  | — |  |  | 2,542 |
Securities available for sale | 554,611 |  |  | — |  |  | 554,611 |  |  | — |  |  | 554,611 |
Securities held to maturity | 2,469 |  |  | — |  |  | 2,175 |  |  | 326 |  |  | 2,501 |
FHLBNY and FRBNY stock | 3,150 |  |  | — |  |  | — |  |  | — |  |  | N/A
Loans, net and loans held for sale | 1,515,709 |  |  | — |  |  | — |  |  | 1,514,318 |  |  | 1,514,318 |
Accrued interest receivable | 6,271 |  |  | — |  |  | 1,356 |  |  | 4,915 |  |  | 6,271 |
Derivative Asset | 14,345 |  |  | — |  |  | 14,345 |  |  | — |  |  | 14,345 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |
Demand, savings, and insured money market accounts | $ | 1,752,043 |  |  | $ | 1,752,043 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,752,043 |
Time deposits | 285,731 |  |  | — |  |  | 288,398 |  |  | — |  |  | 288,398 |
Accrued interest payable | 262 |  |  | 11 |  |  | 251 |  |  | — |  |  | 262 |
Derivative Liabilities | 14,702 |  |  | — |  |  | 14,702 |  |  | — |  |  | 14,702 |
(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=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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=123874694&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=123874694&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=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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=123594938&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=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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 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=123874694&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=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration