FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2019

FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

	Fair Value Measurement using:
			Quoted Prices
			in Active		Significant
			Markets		Other		Significant
	Carrying		For Identical		Observable		Unobservable
	Amount		Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)
At September 30, 2019
Residential mortgage securities	$	192,005	$	—	$	192,005	$	—
Commercial mortgage securities		33,360		—		33,360		—
U.S. Government agency securities		25,309		—		25,309		—
CRA Mutual Fund		2,223		2,223				—
	Fair Value Measurement using:
			Quoted Prices
			in Active		Significant
			Markets		Other		Significant
	Carrying		For Identical		Observable		Unobservable
	Amount		Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)
At December 31, 2018
Residential mortgage securities	$	23,513	$	—	$	23,513	$	—
Commercial mortgage securities		5,849		—		5,849		—
Municipal bond		1,077		—		1,077		—
CRA Mutual Fund		2,110		2,110		—		—

Schedule of carrying amount and estimated fair values of financial instruments

Carrying amount and estimated fair values of financial instruments at September 30, 2019 and December 31, 2018 were as follows (dollars in thousands):

			Fair Value Measurement Using:
			Quoted Prices
			in Active		Significant
			Markets		Other		Significant
	Carrying		For Identical		Observable		Unobservable		Total Fair
At September 30, 2019	Amount		Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		Value
Assets:
Cash and due from banks	$	11,270	$	11,270	$	-	$	-	$	11,270
Overnight deposits		424,170		424,170		-		-		424,170
Securities available for sale		250,674				250,674		-		250,674
Securities held to maturity		3,938		-		3,914		-		3,914
Equity securities - non-trading		2,223		2,223						2,223
Loans, net		2,472,253		-		-		2,464,480		2,464,480
Other investments
FRB Stock		7,298		N/A		N/A		N/A		N/A
FHLB Stock		8,123		N/A		N/A		N/A		N/A
SBA Loan Fund		5,000		N/A		N/A		N/A		N/A
Disability Fund		500		-		500		-		500
Accrued interest receivable		8,273		-		588		7,685		8,273
Financial liabilities:
Non-interest-bearing demand deposits	$	1,041,102	$	1,041,102	$	-	$	-	$	1,041,102
Money market and savings deposits		1,556,828		1,556,828						1,556,828
Time deposits		107,276		-		107,754		-		107,754
Federal Home Loan Bank of New York advances		144,000		-		144,107		-		144,107
Trust preferred securities payable		20,620		-		-		20,014		20,014
Subordinated debt, net of issuance cost		24,587		-		25,625		-		25,625
Accrued interest payable		958		4		734		220		958

			Fair Value Measurement Using:
			Quoted Prices
			in Active		Significant
			Markets		Other		Significant
	Carrying		For Identical		Observable		Unobservable		Total Fair
At December 31, 2018	Amount		Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		Value
Assets:
Cash and due from banks	$	9,246	$	9,246	$	—	$	—	$	9,246
Overnight deposits		223,704		223,704		—		—		223,704
Debt securities available for sale		30,439		—		30,439		—		30,349
Securities held to maturity		4,571		—		4,403		—		4,403
Marketable equity securities		2,110		2,110		—		—		2,110
Loans, net		1,846,274		—		—		1,796,462		1,796,462
Other investments
FRB Stock		7,250		N/A		N/A		N/A		N/A
FHLB Stock		9,537		N/A		N/A		N/A		N/A
SBA Loan Fund		5,000		N/A		N/A		N/A		N/A
Disability Fund		500		—		500		—		500
Accrued interest receivable		5,507		—		127		5,380		5,507
Financial liabilities:
Non-interest-bearing demand deposits	$	798,563	$	798,563	$	—	$	—	$	798,563
Money market and savings deposits		764,990		764,990		—		—		764,990
Time deposits		97,001		—		96,859		—		96,859
Federal Home Loan Bank of New York advances		185,000		—		184,999		—		184,999
Trust preferred securities payable		20,620		—		—		19,821		19,821
Subordinated debt, net of issuance cost		24,545		—		25,125		—		25,125
Accrued interest payable		1,282		13		1,044		225		1,282