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FAIR VALUE OF ASSETS AND LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Summary of fair value of assets and liabilities

The following table summarizes the fair value of assets and liabilities as of June 30, 2023:

												Fair Value Measurements at June 30, 2023, Using
												Quoted Prices in Active Markets for Identical Assets						Significant Other Observable Inputs						Significant Unobservable Inputs
						Total						(Level 1)						(Level 2)						(Level 3)
						(In thousands)
Measured on a recurring basis:
Financial assets
Securities available-for-sale:
U.S. Treasury note						$	44,110					$	44,110					$	—					$	—
Corporate bonds						75,000						—						75,000						—
U.S. Government agency obligations						14,697						11,220						3,477						—
Obligations issued by U.S. states and their political subdivisions						16,134						—						16,134						—
Mortgage-backed securities:
Residential one-to-four family						133,592						—						133,592						—
Multifamily						13,171						—						13,171						—
Asset-backed securities						4,219						—						4,219						—
Total securities available-for-sale						300,923						55,330						245,593						—
Derivatives						12,527						—						12,527						—
Total financial assets measured on a recurring basis						$	313,450					$	55,330					$	258,120					$	—
Financial Liabilities
Derivatives						$	77					$	—					$	77					$	—

The following table summarizes the fair value of assets and liabilities as of December 31, 2022:

												Fair Value Measurements at December 31, 2022, Using
												Quoted Prices in Active Markets for Identical Assets						Significant Other Observable Inputs						Significant Unobservable Inputs
						Total						(Level 1)						(Level 2)						(Level 3)
						(In thousands)
Measured on a recurring basis:
Financial assets
Securities available-for-sale:
U.S. Treasury note						$	43,759					$	43,759					$	—					$	—
Corporate bonds						76,298						—						76,298						—
U.S. Government agency obligations						15,423						11,295						4,128						—
Obligations issued by U.S. states and their political subdivisions						16,268						—						16,268						—
Mortgage-backed securities:
Residential one-to-four family						140,186						—						140,186						—
Multifamily						18,158						—						18,158						—
Asset-backed securities						4,156						—						4,156						—
Total securities available-for-sale						314,248						55,054						259,194						—
Derivatives						11,091						—						11,091						—
Total financial assets measured on a recurring basis						$	325,339					$	55,054					$	270,285					$	—
Financial Liabilities
Derivatives						$	—					$	—					$	—					$	—
Measured on a nonrecurring basis:
Nonfinancial assets
Assets held for sale						$	917					$	—					$	917					$	—

Summary of carrying amounts and fair value of financial instruments not carried at fair value

The following tables present the book value, fair value, and placement in the fair value hierarchy of financial instruments not recorded at fair values in their entirety on a recurring basis on the Company’s consolidated balance sheets at June 30, 2023 and December 31, 2022. The fair value measurements presented are consistent with Topic 820, Fair Value Measurement, in which fair value represents exit price. These tables exclude financial instruments for which the carrying amount approximates fair value. Financial instruments for which the carrying amount approximates fair value include cash and cash equivalents, other investments, non-maturity deposits, overnight borrowings, and accrued interest, which are excluded from the table below.

												Fair Value Measurements at June 30, 2023, Using
												Quoted Prices in Active Markets for Identical Assets						Significant Other Observable Inputs						Significant Unobservable Inputs
						Book Value						(Level 1)						(Level 2)						(Level 3)
						(In thousands)
Financial assets
Securities held-to-maturity						$	33,615					$	—					$	27,986					$	—
Loans, net						1,567,332						—						—						1,349,811
Financial liabilities
Time deposits						521,074						—						513,745						—
FHLB advances						399,500						—						403,841						—
												Fair Value Measurements at December 31, 2022, Using
												Quoted Prices in Active Markets for Identical Assets						Significant Other Observable Inputs						Significant Unobservable Inputs
						Book Value						(Level 1)						(Level 2)						(Level 3)
						(In thousands)
Measured on a recurring basis:
Financial assets
Securities held-to-maturity						$	33,705					$	—					$	29,115					$	—
Loans, net						1,531,727						—						—						1,332,882
Financial liabilities
Time deposits						416,260						—						408,904						—
FHLB advances						310,500						—						318,688						—

X

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2C
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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X

- Definition

Tabular disclosure of information about fair value of asset and liability not measured at fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2E

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