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v3.23.1

Fair Value of Financial Instruments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
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, 2023: |  |  |  |  |  |  |  |  |  |  |  |
Securities |  |  |  |  |  |  |  |  |  |  |  |
Debt Securities Available for Sale |  | $ | 86,988 |  | $ | - |  | $ | 86,988 |  | $ | -
Marketable Equities |  | $ | 14,458 |  | $ | 14,458 |  | $ | - |  | $ | -
Total Securities |  | $ | 101,446 |  | $ | 14,458 |  | $ | 86,988 |  | $ | -
As of December 31, 2022: |  |  |  |  |  |  |  |  |  |  |  |
Securities |  |  |  |  |  |  |  |  |  |  |  |
Debt Securities Available for Sale |  | $ | 91,715 |  | $ | - |  | $ | 91,715 |  | $ | -
Marketable Equities |  | $ | 17,686 |  | $ | 17,686 |  | $ | - |  | $ | -
Total Securities |  | $ | 109,401 |  | $ | 17,686 |  | $ | 91,715 |  | $ | -
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, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Individually Evaluated Loans |  | $ | 3,591 |  | $ | - |  | $ | - |  | $ | 3,591
Other real estate owned |  | $ | 75 |  | $ | - |  | $ | - |  | $ | 75
As of December 31, 2022: |  |  |  |  |  |  |  |  |  |  |  |
Individually Evaluated Loans |  | $ | 5,587 |  | $ | - |  | $ | - |  | $ | 5,587
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, 2023: |  |  |  |  |
Individually Evaluated Loans | $ | 3,591 | 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, 2022: |  |  |  |  |
Individually Evaluated Loans | $ | 5,587 | 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, 2023
|  |  |  |  |  |  |  | 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 |  | $ | 261,075 |  | $ | 261,075 |  | $ | 261,075 |  | $ | - |  | $ | -
Interest-earning time deposits |  |  | 735 |  |  | 735 |  |  | - |  |  | 735 |  |  | -
Debt securities available for sale |  |  | 86,988 |  |  | 86,988 |  |  | - |  |  | 86,988 |  |  | -
Equity investments |  |  | 14,458 |  |  | 14,458 |  |  | 14,458 |  |  | - |  |  | -
Loans receivable, net |  |  | 3,231,864 |  |  | 3,179,864 |  |  | - |  |  | - |  |  | 3,179,864
FHLB of New York stock, at cost |  |  | 26,875 |  |  | 26,875 |  |  | - |  |  | 26,875 |  |  | -
Accrued interest receivable |  |  | 14,717 |  |  | 14,717 |  |  | - |  |  | 14,717 |  |  | -
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 2,867,209 |  |  | 2,570,016 |  |  | 1,695,835 |  |  | 874,181 |  |  | -
Borrowings |  |  | 532,399 |  |  | 528,408 |  |  | - |  |  | 528,408 |  |  | -
Subordinated debentures |  |  | 37,566 |  |  | 40,681 |  |  | - |  |  | 40,681 |  |  | -
Accrued interest payable |  |  | 3,072 |  |  | 3,072 |  |  | - |  |  | 3,072 |  |  | -
|  |  | As of December 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 |  | $ | 229,359 |  | $ | 229,359 |  | $ | 229,359 |  | $ | - |  | $ | -
Interest-earning time deposits |  |  | 735 |  |  | 735 |  |  | - |  |  | 735 |  |  | -
Debt securities available for sale |  |  | 91,715 |  |  | 91,715 |  |  | - |  |  | 91,715 |  |  | -
Equity investments |  |  | 17,686 |  |  | 17,686 |  |  | 17,686 |  |  | - |  |  | -
Loans held for sale |  |  | 658 |  |  | 658 |  |  | - |  |  | 658 |  |  | -
Loans receivable, net |  |  | 3,045,331 |  |  | 2,876,925 |  |  | - |  |  | - |  |  | 2,876,925
FHLB of New York stock, at cost |  |  | 20,113 |  |  | 20,113 |  |  | - |  |  | 20,113 |  |  | -
Accrued interest receivable |  |  | 13,455 |  |  | 13,455 |  |  | - |  |  | 13,455 |  |  | -
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 2,811,607 |  |  | 2,499,978 |  |  | 1,713,754 |  |  | 786,224 |  |  | -
Debt |  |  | 382,261 |  |  | 377,227 |  |  | - |  |  | 377,227 |  |  | -
Subordinated debentures |  |  | 37,508 |  |  | 40,113 |  |  | - |  |  | 40,113 |  |  | -
Accrued interest payable |  |  | 3,073 |  |  | 3,073 |  |  | - |  |  | 3,073 |  |  | -

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- 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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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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). + 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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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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. + 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 https://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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- 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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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