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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 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 September 30, 2022:
Securities
Debt Securities Available for Sale		$	92,751		$	-		$	92,751		$	-
Marketable Equities		$	18,408		$	18,408		$	-		$	-
Total Securities		$	111,159		$	18,408		$	92,751		$	-
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 September 30, 2022
Impaired Loans		$	4,900		$	-		$	-		$	4,900
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
September 30, 2022:
Impaired Loans	$	4,900	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 September 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		$	221,024		$	221,024		$	221,024		$	-		$	-
Interest-earning time deposits			735			735			-			735			-
Debt securities available for sale			92,751			92,751			-			92,751			-
Equity investments			18,408			18,408			18,408			-			-
Loans held for sale			-			-			-			-			-
Loans receivable, net			2,787,015			2,604,820			-			-			2,604,820
FHLB of New York stock, at cost			12,388			12,388			-			12,388			-
Accrued interest receivable			11,093			11,093			-			11,093			-
Financial liabilities:
Deposits			2,712,946			2,400,813			1,749,373			651,440			-
Borrowings			212,123			206,426			-			206,426			-
Subordinated debentures			37,450			40,502			-			40,502			-
Accrued interest payable			837			837			-			837			-

			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

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-Publisher FASB
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-Topic 820
-SubTopic 10
-Section 50
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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).

+ References

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- 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.

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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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-Section 50
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