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Fair Values of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2018

Fair Value of Financial Instruments [Abstract]

Fair Value Measurements, Recurring


					(Level 1)			(Level 2)
					Quoted Prices in			Significant			(Level 3)
					Active Markets			Other			Significant
					for Identical			Observable			Unobservable
Description		Total			Assets			Inputs			Inputs
As of June 30, 2018:
Securities
     Residential mortgage backed securities		$	123,618		$	-		$	123,618		$	-
     Municipal obligations			3,673			-			3,673			-
     Preferred stock			8,134			8,134			-			-
Total Securities			135,425			8,134			127,291			-

As of December 31, 2017:
Securities
     Residential mortgage backed securities		$	111,793		$	-		$	111,793		$	-
     Municipal obligations			2,502			-			2,502			-
     Preferred stock			8,294			8,294			-			-
Total Securities			122,589			8,294			114,295			-



Fair Value Measurements, Nonrecurring




					(Level 1)			(Level 2)
					Quoted Prices in			Significant			(Level 3)
					Active Markets			Other			Significant
					for Identical			Observable			Unobservable
Description		Total			Assets			Inputs			Inputs
As of June 30, 2018
Impaired Loans		$	8,857		$	-		$	-		$	8,857
Other real estate owned		$	1,178		$	-		$	-		$	1,178

As of December 31, 2017:
Impaired Loans		$	10,369		$	-		$	-		$	10,369
Other real estate owned		$	532		$	-		$	-		$	532



Quantitative Information about Level 3 Fair Value Measurements


Quantitative Information about Level 3 Fair Value Measurements
		Fair Value	Valuation	Unobservable	Range
		Estimate	Techniques	Input
June 30, 2018:
Impaired Loans	$	8,857	Appraisal of collateral (1)	Appraisal adjustments (2)	0%-10%


Other real estate owned	$	1,178	Appraisal of collateral (1)	Appraisal adjustments (2)	0%-10%

















		Fair Value	Valuation	Unobservable	Range
		Estimate	Techniques	Input
December 31, 2017:
Impaired Loans	$	10,369	Appraisal of collateral (1)	Appraisal adjustments (2)	0%-10%


Other real estate owned	$	532	Appraisal of collateral (1)	Appraisal adjustments (2)	0%-10%




(1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not objectively determinable.

(2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal.

Carrying Values and Estimated Fair Values of Financial Instruments


			As of June 30, 2018

								Quoted Prices in Active			Significant			Significant
		Carrying						Markets for Identical Assets			Other Observable Inputs			Unobservable Inputs
		Value			Fair Value			(Level 1)			(Level 2)			(Level 3)

		(In Thousands)
Financial assets:
Cash and cash equivalents		$	180,445		$	180,445		$	180,445		$	-		$	-
Interest-earning time deposits			980			980			980			-			-
Debt securities available for sale			127,291			127,291			-			127,291			-
Equity investments			8,134			8,134			8,134			-			-
Loans held for sale			1,405			1,405			-			1,405			-
Loans receivable, net			2,119,829			2,070,306			-			-			2,070,306
FHLB of New York stock, at cost			16,744			16,744			-			16,744			-
Accrued interest receivable			7,563			7,563			-			7,563			-

Financial liabilities:
Deposits			1,984,876			1,991,258			935,885			1,055,373			-
Borrowings			320,005			316,414			-			316,414			-
Subordinated debentures			4,124			4,078			-			4,078			-
Accrued interest payable			1,174			1,174			-			1,174			-










			As of December 31, 2017

								Quoted Prices in Active			Significant			Significant
		Carrying						Markets for Identical Assets			Other Observable Inputs			Unobservable Inputs
		Value			Fair Value			(Level 1)			(Level 2)			(Level 3)

		(In Thousands)
Financial assets:
Cash and cash equivalents		$	124,235		$	124,235		$	124,235		$	-		$	-
Interest-earning time deposits			980			980			980			-			-
Debt securities available for sale			114,295			114,295			-			114,295			-
Equity investments			8,294			8,294			8,294			-			-
Loans held for sale			1,295			1,295			-			1,295			-
Loans receivable, net			1,643,677			1,643,626			-			-			1,643,626
FHLB of New York stock, at cost			10,211			10,211			-			10,211			-
Accrued interest receivable			6,153			6,153			-			6,153			-

Financial liabilities:
Deposits			1,569,370			1,578,382			903,155			673,227			-
Borrowings			185,000			182,947			-			182,947			-
Subordinated debentures			4,124			4,078			-			4,078			-
Accrued interest payable			791			791			-			791			-



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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs.

+ References

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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).

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