FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2020

FAIR VALUE OF FINANCIAL INSTRUMENTS

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 March 31, 2020
Residential mortgage securities	$	169,114	$	—	$	169,114	$	—
Commercial mortgage securities		30,740		—		30,740		—
CRA Mutual Fund		2,272		2,272		—		—
Interest rate cap derivative		1,892		—		1,892		—
	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, 2019
Residential mortgage securities	$	177,263	$	—	$	177,263	$	—
Commercial mortgage securities		32,472		—		32,472		—
U.S. Government agency securities		25,207		—		25,207		—
CRA Mutual Fund		2,224		2,224		—		—

Schedule of carrying amount and estimated fair values of financial instruments

Carrying amount and estimated fair values of financial instruments at March 31, 2020 and December 31, 2019 were as follows (in thousands):

			Fair Value Measurement Using:
			Quoted Prices
			in Active		Significant
			Markets		Other		Significant
	Carrying		For Identical		Observable		Unobservable		Total Fair
At March 31, 2020	Amount		Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		Value
Financial Assets:
Cash and due from banks	$	12,501	$	12,501	$	—	$	—	$	12,501
Overnight deposits		569,927		569,927		—		—		569,927
Securities available for sale		199,854		—		199,854		—		199,854
Securities held to maturity		3,520		—		3,588		—		3,588
Equity investments		2,272		2,272		—		—		2,272
Loans, net		2,735,175		—		—		2,732,185		2,732,185
Other investments		—		—		—		—		—
FRB Stock		7,335		N/A		N/A		N/A		N/A
FHLB Stock		8,122		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
Time deposits at banks		498		498		—		—		498
Interest rate cap derivative		1,892		—		1,892		—		1,892
Accrued interest receivable		9,108		—		503		8,605		9,108
Financial liabilities:
Non-interest-bearing demand deposits	$	1,250,584	$	1,250,584	$	—	$	—	$	1,250,584
Money market and savings deposits		1,673,452		1,673,452		—		—		1,673,452
Time deposits		97,656		—		98,846		—		98,846
Federal Home Loan Bank of New York advances		144,000		—		144,813		—		144,813
Trust preferred securities payable		20,620		—		—		20,024		20,024
Subordinated debt, net of issuance cost		24,615		—		24,125		—		24,125
Accrued interest payable		1,146		9		941		196		1,146

			Fair Value Measurement Using:
			Quoted Prices
			in Active		Significant
			Markets		Other		Significant
	Carrying		For Identical		Observable		Unobservable		Total Fair
At December 31, 2019	Amount		Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		Value
Financial Assets:
Cash and due from banks	$	9,619	$	9,619	$	—	$	—	$	9,619
Overnight deposits		381,104		381,104		—		—		381,104
Securities available for sale		234,942		—		234,942		—		234,942
Securities held to maturity		3,722		—		3,712		—		3,712
Equity investments		2,224		2,224		—		—		2,224
Loans, net		2,646,677		—		—		2,609,233		2,609,233
Other investments
FRB Stock		7,317		N/A		N/A		N/A		N/A
FHLB Stock		8,122		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
Time deposits at banks		498		498		—		—		498
Accrued interest receivable		8,862		—		544		8,318		8,862
Financial liabilities:
Non-interest-bearing demand deposits	$	1,090,479	$	1,090,479	$	—	$	—	$	1,090,479
Money market and savings deposits		1,589,920		1,589,920		—		—		1,589,920
Time deposits		110,375		—		110,800		—		110,800
Federal Home Loan Bank of New York advances		144,000		—		144,229		—		144,229
Trust preferred securities payable		20,620		—		—		20,011		20,011
Subordinated debt, net of issuance cost		24,601		—		25,375		—		25,375
Accrued interest payable		1,229		14		1,009		206		1,229