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Fair Values of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2021

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, 2021:
Securities
Debt Securities Available for Sale		$	82,603		$	-		$	82,603		$	-
Marketable Equities		$	23,534		$	23,534		$	-		$	-
Total Securities		$	106,137		$	23,534		$	82,603		$	-
As of December 31, 2020:
Securities
Debt Securities Available for Sale		$	99,756		$	-		$	99,756		$	-
Marketable Equities		$	17,717		$	17,717		$	-		$	-
Total Securities		$	117,473		$	17,717		$	99,756		$	-

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, 2021
Impaired Loans		$	16,943		$	-		$	-		$	16,943
Other real estate owned		$	-		$	-		$	-		$	-
As of December 31, 2020:
Impaired Loans		$	10,130		$	-		$	-		$	10,130
Other real estate owned		$	414		$	-		$	-		$	414

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, 2021:
Impaired Loans	$	16,943	Appraisal of collateral (1)	Appraisal adjustments (2)	0%-10%
Other real estate owned	$	-	Appraisal of collateral (1)	Appraisal adjustments (2)	0%-10%

		Fair Value	Valuation	Unobservable
		Estimate	Techniques	Input	Range
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%

(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, 2021
								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		$	442,938		$	442,938		$	442,938		$	-		$	-
Interest-earning time deposits			735			735			-			735			-
Debt securities available for sale			82,603			82,603			-			82,603			-
Equity investments			23,534			23,534			23,534			-			-
Loans held for sale			913			913			-			913			-
Loans receivable, net			2,289,854			2,237,471			-			-			2,237,471
FHLB of New York stock, at cost			8,193			8,193			-			8,193			-
Accrued interest receivable			10,388			10,388			-			10,388			-
Financial liabilities:
Deposits			2,541,405			2,429,607			1,750,043			679,564			-
Borrowings			118,573			120,049			-			120,049			-
Subordinated debentures			37,217			45,913			-			45,913			-
Accrued interest payable			660			660			-			660			-

			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			-
Other Real Estate Owned			-			-			-			-			-
Financial liabilities:
Deposits			2,318,050			2,323,561			1,627,871			695,690			-
Borrowings			191,161			194,899			-			194,899			-
Subordinated debentures			37,042			37,252			-			37,252			-
Accrued interest payable			1,463			1,463			-			1,463			-

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
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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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