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Fair Value Measurements and Fair Values of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Measurements and 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
		(In Thousands)
As of December 31, 2020:
Securities Available for Sale
Debt Securities Available for Sale		$	99,756		$	-		$	99,756		$	-
Marketable Equities			17,717			17,717			-			-
Total Securities Available for Sale		$	117,473		$	17,717		$	99,756		$	-
As of December 31, 2019:
Securities Available for Sale
Debt Securities Available for Sale		$	91,613		$	-		$	91,613		$	-
Marketable Equities			2,500			2,500			-			-
Total Securities Available for Sale		$	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
		(In Thousands)
As of December 31, 2020:
Impaired loans		$	10,130		$	-		$	-		$	10,130
Other real estate owned		$	414		$	-		$	-		$	414
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

The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized adjusted Level 3 inputs to determine fair value, (Dollars in thousands):

Quantitative Information about Level 3 Fair Value Measurements
		Fair Value	Valuation	Unobservable	Range
		Estimate	Techniques	Input
December 31, 2020:
Impaired Loans	$	10,130	Appraisal of collateral (1)	Appraisal adjustments (2)	0%-10%
Other Real Estate Owned	$	414	Appraisal of collateral (1)	Appraisal adjustments (2)	0%-10%

Quantitative Information about Level 3 Fair Value Measurements
		Fair Value	Valuation	Unobservable	Range
		Estimate	Techniques	Input
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 identifiable.

(2)Appraisals may be adjusted by management for qualitative factors such as age of appraisal, expected condition of property, 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 December 31, 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		$	261,229		$	261,229		$	261,229		$	-		$	-
Interest-earning time deposits			735			735			-			735			-
Debt securities available for sale			99,756			99,756			-			99,756			-
Equity investments			17,717			17,717			17,717			-			-
Loans held for sale			3,530			3,530			-			3,530			-
Loans receivable, net			2,295,021			2,309,118			-			-			2,309,118
FHLB of New York stock, at cost			11,324			11,324			-			11,324			-
Accrued interest receivable			12,924			12,924			-			12,924			-
Financial liabilities:
Deposits			2,318,050			2,323,561			1,627,871			695,690			-
Debt			191,161			194,899			-			194,899			-
Subordinated debentures			37,042			37,252			-			37,252			-
Accrued interest payable			1,463			1,463			-			1,463			-

			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			-
Financial liabilities:
Deposits			2,362,063			2,375,089			1,231,658			1,143,431			-
Debt			245,800			247,176			-			247,176			-
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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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).

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