XML 36 R27.htm IDEA: XBRL DOCUMENT v3.22.2

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2022:
Securities
Debt Securities Available for Sale		$	86,749		$	-		$	86,749		$	-
Marketable Equities		$	18,968		$	18,968		$	-		$	-
Total Securities		$	105,717		$	18,968		$	86,749		$	-
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 June 30, 2022
Impaired Loans		$	4,390		$	-		$	-		$	4,390
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
June 30, 2022:
Impaired Loans	$	4,390	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 June 30, 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		$	206,172		$	206,172		$	206,172		$	-		$	-
Interest-earning time deposits			735			735			-			735			-
Debt securities available for sale			86,749			86,749			-			86,749			-
Equity investments			18,968			18,968			18,968			-			-
Loans held for sale			5			5			-			5			-
Loans receivable, net			2,620,630			2,495,331			-			-			2,495,331
FHLB of New York stock, at cost			6,781			6,781			-			6,781			-
Accrued interest receivable			10,315			10,315			-			10,315			-
Financial liabilities:
Deposits			2,655,030			2,404,341			1,874,751			529,590			-
Borrowings			86,986			83,035			-			83,035			-
Subordinated debentures			37,391			42,249			-			42,249			-
Accrued interest payable			1,005			1,005			-			1,005			-

			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