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v3.22.2.2

FAIR VALUE (Tables) | 9 Months Ended
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Sep. 30, 2022
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 September 30, 2022 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)
U.S. Treasury notes and bonds | $ | 55,050 |  |  | $ | 55,050 |  |  | $ | — |  |  | $ | — |
Mortgage-backed securities, residential | 440,634 |  |  | — |  |  | 440,634 |  |  | — |
Obligations of states and political subdivisions | 36,880 |  |  | — |  |  | 36,880 |  |  | — |
Corporate bonds and notes | 24,237 |  |  | — |  |  | 24,237 |  |  | — |
SBA loan pools | 83,551 |  |  | — |  |  | 83,551 |  |  | — |
Total available for sale securities | $ | 640,352 |  |  | $ | 55,050 |  |  | $ | 585,302 |  |  | $ | — |
Equity investments, at fair value | $ | 2,184 |  |  | $ | 2,184 |  |  | $ | — |  |  | $ | — |
Derivative assets | 28,600 |  |  | — |  |  | 28,600 |  |  | — |
Financial Liabilities: |  |  |  |  |  |  |
Derivative liabilities | $ | 28,603 |  |  | $ | — |  |  | $ | 28,603 |  |  | $ | — |
There were no transfers between Level 1 and Level 2 during the three and nine month periods ended September 30, 2022.
|  | Fair Value Measurement at December 31, 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)
U.S. Treasury notes and bonds | $ | 60,431 |  |  | $ | 60,431 |  |  | $ | — |  |  | $ | — |
Mortgage-backed securities, residential | 577,361 |  |  | — |  |  | 577,361 |  |  | — |
Obligations of states and political subdivisions | 42,303 |  |  | — |  |  | 42,303 |  |  | — |
Corporate bonds and notes | 22,848 |  |  | — |  |  | 22,848 |  |  | — |
SBA loan pools | 89,083 |  |  | — |  |  | 89,083 |  |  | — |
Total available for sale securities | $ | 792,026 |  |  | $ | 60,431 |  |  | $ | 731,595 |  |  | $ | — |
Equity investments, at fair value | $ | 2,404 |  |  | $ | 2,404 |  |  | $ | — |  |  | $ | — |
Derivative assets | 9,498 |  |  | — |  |  | 9,498 |  |  | — |
Financial Liabilities: |  |  |  |  |  |  |
Derivative liabilities | $ | 9,726 |  |  | $ | — |  |  | $ | 9,726 |  |  | $ | — |
Information Related To Level 3 Non-Recurring Fair Value Measurement | Assets and liabilities measured at fair value on a non-recurring basis are summarized below (in thousands):
|  |  | Fair Value Measurement at September 30, 2022 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) |  | Total Gains (Losses)
Other real estate owned: |  |  |  |  |  |  |  |  |
Residential mortgages | $ | 124 |  |  | $ | — |  |  | $ | — |  |  | $ | 124 |  |  | $ | — |
Consumer loans: |  |  |  |  |  |  |  |  |
Home equity lines and loans | 60 |  |  | — |  |  | — |  |  | 60 |  |  | — |
Total other real estate owned, net | $ | 184 |  |  | $ | — |  |  | $ | — |  |  | $ | 184 |  |  | $ | — |
|  |  | Fair Value Measurement at December 31, 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) |  | Total Gains (Losses)
Other real estate owned: |  |  |  |  |  |  |  |  |
Residential mortgages | $ | 143 |  |  | $ | — |  |  | $ | — |  |  | $ | 143 |  |  | $ | — |
Total other real estate owned, net | $ | 143 |  |  | $ | — |  |  | $ | — |  |  | $ | 143 |  |  | $ | — |
The following tables present information related to Level 3 non-recurring fair value measurement at September 30, 2022 and December 31, 2021 (in thousands):
Description |  | Fair Value at September 30, 2022 |  | Valuation Technique |  | Unobservable Inputs |  | Range [Weighted Average] at September 30, 2022
OREO: |  |  |  |  |  |  |  |
Residential mortgages |  | $ | 124 |  |  | Sales comparison |  | Discount to appraised value |  | 20.80% - 20.80% [20.80%]
Consumer loans: |  |  |  |  |  |  |  |
Home equity lines and loans |  | 60 |  |  | Sales comparison |  | Discount to appraised value |  | 20.80% - 20.80% [20.80%]
|  | $ | 184 |  |  |  |  |  |  |
Description |  | Fair Value at December 31, 2021 |  | Valuation Technique |  | Unobservable Inputs |  | Range [Weighted Average] at December 31, 2021
OREO: |  |  |  |  |  |  |  |
Residential mortgages |  | $ | 143 |  |  | Sales comparison |  | Discount to appraised value |  | 20.80% - 20.80% [20.80%]
|  | $ | 143 |  |  |  |  |  |  |
Schedule of Carrying Value and Estimated Fair Value of Financial Instruments | The carrying amounts and estimated fair values of other financial instruments, at September 30, 2022 and December 31, 2021, are as follows (in thousands):
| September 30, 2022
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 | $ | 32,262 |  |  | $ | 32,262 |  |  | $ | — |  |  | $ | — |  |  | $ | 32,262 |
Interest-earning deposits in other financial institutions | 10,161 |  |  | 10,161 |  |  | — |  |  | — |  |  | 10,161 |
Equity investments | 2,677 |  |  | 2,677 |  |  | — |  |  | — |  |  | 2,677 |
Securities available for sale | 640,352 |  |  | 55,050 |  |  | 585,302 |  |  | — |  |  | 640,352 |
Securities held to maturity | 3,210 |  |  | — |  |  | 957 |  |  | 1,981 |  |  | 2,938 |
FHLBNY and FRBNY stock | 3,872 |  |  | — |  |  | — |  |  | — |  |  | N/A
Loans, net and loans held for sale | 1,724,124 |  |  | — |  |  | — |  |  | 1,697,283 |  |  | 1,697,283 |
Accrued interest receivable | 7,112 |  |  | 142 |  |  | 1,842 |  |  | 5,128 |  |  | 7,112 |
Derivative Assets | 28,600 |  |  | — |  |  | 28,600 |  |  | — |  |  | 28,600 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |
Demand, savings, and insured money market accounts | $ | 1,982,676 |  |  | $ | 1,982,676 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,982,676 |
Time deposits | 349,864 |  |  | — |  |  | 348,585 |  |  | — |  |  | 348,585 |
Accrued interest payable | 343 |  |  | 28 |  |  | 315 |  |  | — |  |  | 343 |
Derivative Liabilities | 28,603 |  |  | — |  |  | 28,603 |  |  | — |  |  | 28,603 |
(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, 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 | $ | 17,365 |  |  | $ | 17,365 |  |  | $ | — |  |  | $ | — |  |  | $ | 17,365 |
Interest-earning deposits in other financial institutions | 9,616 |  |  | 9,616 |  |  | — |  |  | — |  |  | 9,616 |
Equity investments | 2,964 |  |  | 2,964 |  |  | — |  |  | — |  |  | 2,964 |
Securities available for sale | 792,026 |  |  | 60,431 |  |  | 731,595 |  |  | — |  |  | 792,026 |
Securities held to maturity | 3,790 |  |  | — |  |  | 1,639 |  |  | 2,157 |  |  | 3,796 |
FHLBNY and FRBNY stock | 4,218 |  |  | — |  |  | — |  |  | — |  |  | N/A
Loans, net and loans held for sale | 1,497,620 |  |  | — |  |  | — |  |  | 1,480,967 |  |  | 1,480,967 |
Accrued interest receivable | 5,985 |  |  | 106 |  |  | 1,746 |  |  | 4,133 |  |  | 5,985 |
Derivative Asset | 9,498 |  |  | — |  |  | 9,498 |  |  | — |  |  | 9,498 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |
Demand, savings, and insured money market accounts | $ | 1,959,076 |  |  | $ | 1,959,076 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,959,076 |
Time deposits | 196,357 |  |  | — |  |  | 197,658 |  |  | — |  |  | 197,658 |
Accrued interest payable | 210 |  |  | 10 |  |  | 200 |  |  | — |  |  | 210 |
Derivative Liabilities | 9,726 |  |  | — |  |  | 9,726 |  |  | — |  |  | 9,726 |
(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.

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- 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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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