XML 36 R27.htm IDEA: XBRL DOCUMENT
v3.22.1

Fair Value of Financial Instruments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2022
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 March 31, 2022: |  |  |  |  |  |  |  |  |  |  |  |
Securities |  |  |  |  |  |  |  |  |  |  |  |
Debt Securities Available for Sale |  | $ | 86,307 |  | $ | - |  | $ | 86,307 |  | $ | -
Marketable Equities |  | $ | 21,269 |  | $ | 21,269 |  | $ | - |  | $ | -
Total Securities |  | $ | 107,576 |  | $ | 21,269 |  | $ | 86,307 |  | $ | -
As of December 31, 2021: |  |  |  |  |  |  |  |  |  |  |  |
Securities |  |  |  |  |  |  |  |  |  |  |  |
Debt Securities Available for Sale |  | $ | 85,186 |  | $ | - |  | $ | 85,186 |  | $ | -
Marketable Equities |  | $ | 25,187 |  | $ | 25,187 |  | $ | - |  | $ | -
Total Securities |  | $ | 110,373 |  | $ | 25,187 |  | $ | 85,186 |  | $ | -
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 March 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Impaired Loans |  | $ | 7,130 |  | $ | - |  | $ | - |  | $ | 7,130
Other real estate owned |  | $ | 75 |  | $ | - |  | $ | - |  | $ | 75
As of December 31, 2021: |  |  |  |  |  |  |  |  |  |  |  |
Impaired Loans |  | $ | 14,796 |  | $ | - |  | $ | - |  | $ | 14,796
Other real estate owned |  | $ | 75 |  | $ | - |  | $ | - |  | $ | 75
Quantitative Information about Level 3 Fair Value Measurements |
Quantitative Information about Level 3 Fair Value Measurements
|  | Fair Value | Valuation | Unobservable |
|  | Estimate | Techniques | Input | Range
March 31, 2022: |  |  |  |  |
Impaired Loans | $ | 7,130 | Appraisal of collateral (1) | Appraisal adjustments (2) | 0%-10%
Other real estate owned | $ | 75 | Appraisal of collateral (1) | Appraisal adjustments (2) | 0%-10%
|  | Fair Value | Valuation | Unobservable |
|  | Estimate | Techniques | Input | Range
December 31, 2021: |  |  |  |  |
Impaired Loans | $ | 14,796 | Appraisal of collateral (1) | Appraisal adjustments (2) | 0%-10%
Other real estate owned | $ | 75 | 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 March 31, 2022
|  |  |  |  |  |  |  | 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 |  | $ | 396,653 |  | $ | 396,653 |  | $ | 396,653 |  | $ | - |  | $ | -
Interest-earning time deposits |  |  | 735 |  |  | 735 |  |  | - |  |  | 735 |  |  | -
Debt securities available for sale |  |  | 86,307 |  |  | 86,307 |  |  | - |  |  | 86,307 |  |  | -
Equity investments |  |  | 21,269 |  |  | 21,269 |  |  | 21,269 |  |  | - |  |  | -
Loans held for sale |  |  | 325 |  |  | 325 |  |  | - |  |  | 325 |  |  | -
Loans receivable, net |  |  | 2,395,930 |  |  | 2,333,896 |  |  | - |  |  | - |  |  | 2,333,896
FHLB of New York stock, at cost |  |  | 6,128 |  |  | 6,128 |  |  | - |  |  | 6,128 |  |  | -
Accrued interest receivable |  |  | 9,593 |  |  | 9,593 |  |  | - |  |  | 9,593 |  |  | -
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 2,631,175 |  |  | 2,532,283 |  |  | 1,949,169 |  |  | 583,114 |  |  | -
Borrowings |  |  | 71,848 |  |  | 68,572 |  |  | - |  |  | 68,572 |  |  | -
Subordinated debentures |  |  | 37,333 |  |  | 43,354 |  |  | - |  |  | 43,354 |  |  | -
Accrued interest payable |  |  | 553 |  |  | 553 |  |  | - |  |  | 553 |  |  | -
|  |  | As of December 31, 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 |  | $ | 411,629 |  | $ | 411,629 |  | $ | 411,629 |  | $ | - |  | $ | -
Interest-earning time deposits |  |  | 735 |  |  | 735 |  |  | - |  |  | 735 |  |  | -
Debt securities available for sale |  |  | 85,186 |  |  | 85,186 |  |  | - |  |  | 85,186 |  |  | -
Equity investments |  |  | 25,187 |  |  | 25,187 |  |  | 25,187 |  |  | - |  |  | -
Loans held for sale |  |  | 952 |  |  | 952 |  |  | - |  |  | 952 |  |  | -
Loans receivable, net |  |  | 2,304,942 |  |  | 2,313,204 |  |  | - |  |  | - |  |  | 2,313,204
FHLB of New York stock, at cost |  |  | 6,084 |  |  | 6,084 |  |  | - |  |  | 6,084 |  |  | -
Accrued interest receivable |  |  | 9,183 |  |  | 9,183 |  |  | - |  |  | 9,183 |  |  | -
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 2,561,402 |  |  | 2,520,191 |  |  | 1,881,121 |  |  | 639,070 |  |  | -
Debt |  |  | 71,711 |  |  | 71,214 |  |  | - |  |  | 71,214 |  |  | -
Subordinated debentures |  |  | 37,275 |  |  | 45,020 |  |  | - |  |  | 45,020 |  |  | -
Accrued interest payable |  |  | 1,051 |  |  | 1,051 |  |  | - |  |  | 1,051 |  |  | -

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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FinancialInstrumentsOwnedAtFairValueAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration