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Fair Values of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Fair Values 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 September 30, 2020:
Securities
Debt Securities Available for Sale		$	119,643		$	-		$	119,643		$	-
Marketable Equities		$	14,501		$	14,501		$	-		$	-
Total Securities		$	134,144		$	14,501		$	119,643		$	-
As of December 31, 2019:
Securities
Debt Securities Available for Sale		$	91,613		$	-		$	91,613		$	-
Marketable Equities		$	2,500		$	2,500		$	-		$	-
Total Securities		$	94,113		$	2,500		$	91,613		$	-

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 September 30, 2020
Impaired Loans		$	4,562		$	-		$	-		$	4,562
Other real estate owned		$	1,623		$	-		$	-		$	1,623
As of December 31, 2019:
Impaired Loans		$	4,001		$	-		$	-		$	4,001
Other real estate owned		$	1,623		$	-		$	-		$	1,623

Quantitative Information about Level 3 Fair Value Measurements

Quantitative Information about Level 3 Fair Value Measurements
		Fair Value	Valuation	Unobservable
		Estimate	Techniques	Input	Range
September 30, 2020:
Impaired Loans	$	4,562	Appraisal of collateral (1)	Appraisal adjustments (2)	0%-10%
Other real estate owned	$	1,623	Appraisal of collateral (1)	Appraisal adjustments (2)	0%-10%

		Fair Value	Valuation	Unobservable
		Estimate	Techniques	Input	Range
December 31, 2019:
Impaired Loans	$	4,001	Appraisal of collateral (1)	Appraisal adjustments (2)	0%-10%
Other real estate owned	$	1,623	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 September 30, 2020
								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		$	160,551		$	160,551		$	160,551		$	-		$	-
Interest-earning time deposits			735			735			-			735			-
Debt securities available for sale			119,643			119,643			-			119,643			-
Equity investments			14,501			14,501			14,501			-			-
Loans held for sale			1,510			1,510			-			1,510			-
Loans receivable, net			2,391,990			2,426,106			-			-			2,426,106
FHLB of New York stock, at cost			13,160			13,160			-			13,160			-
Accrued interest receivable			17,746			17,746			-			17,746			-
Other Real Estate Owned			1,623			1,623			-			-			1,623
Financial liabilities:
Deposits			2,273,338			2,280,198			1,497,649			782,549			-
Borrowings			259,600			262,270			-			262,270			-
Subordinated debentures			36,984			37,364			-			37,364			-
Accrued interest payable			1,485			1,485			-			1,485			-

			As of December 31, 2019
								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		$	550,353		$	550,353		$	550,353		$	-		$	-
Interest-earning time deposits			735			735			-			735			-
Debt securities available for sale			91,613			91,613			-			91,613			-
Equity investments			2,500			2,500			2,500			-			-
Loans held for sale			917			917			-			917			-
Loans receivable, net			2,178,407			2,199,497			-			-			2,199,497
FHLB of New York stock, at cost			13,821			13,821			-			13,821			-
Accrued interest receivable			8,318			8,318			-			8,318			-
Other Real Estate Owned			1,623			1,623			-			-			1,623
Financial liabilities:
Deposits			2,362,063			2,375,089			1,231,658			1,143,431			-
Borrowings			245,800			245,176			-			245,176			-
Subordinated debentures			36,810			36,947			-			36,947			-
Accrued interest payable			2,708			2,708			-			2,708			-

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.

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-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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- 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).

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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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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

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-Topic 820
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