FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2020

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of Assets and Liabilities measured at fair value on a recurring basis

Assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands):

	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, 2020
Residential mortgage securities	$	194,688	$	—	$	194,688	$	—
Commercial mortgage securities		33,492		—		33,492		—
U.S. Government agency securities		37,916		—		37,916		—
CRA Mutual Fund		2,313		2,313		—		—
Derivative assets - interest rate cap		770		—		770		—
	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 December 31, 2020 and 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 December 31, 2020	Amount		Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		Value
Assets:
Cash and due from banks	$	8,692	$	8,692	$	—	$	—	$	8,692
Overnight deposits		855,613		855,613		—		—		855,613
Securities available for sale		266,096		—		266,096		—		266,096
Securities held to maturity		2,760		—		2,827		—		2,827
Equity investments		2,313		2,313		—		—		2,313
Loans, net		3,101,646		—		—		3,094,998		3,094,998
Other investments
FRB Stock		7,381		N/A		N/A		N/A		N/A
FHLB Stock		2,718		N/A		N/A		N/A		N/A
SBA Loan Fund		—		N/A		N/A		N/A		N/A
Disability Fund		1,000		—		1,000		—		1,000
CRA - CD		498		498		—		—		498
Derivative assets - interest rate cap		770		—		770		—		770
Accrued interest receivable		13,249		—		414		12,835		13,249
Financial liabilities:
Non-interest-bearing demand deposits	$	1,715,042	$	1,715,042	$	—	$	—	$	1,715,042
Money market and savings deposits		2,011,409		2,011,409		—		—		2,011,409
Time deposits		92,062		—		93,157		—		93,157
Federal Home Loan Bank of New York advances		—		—		—		—		—
Trust preferred securities payable		20,620		—		—		20,001		20,001
Subordinated debt, net of issuance cost		24,657		—		25,375		—		25,375
Accrued interest payable		712		7		591		114		712
Secured borrowings		36,964		—		36,964		—		36,964

			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
Assets:
Cash and due from banks	$	8,116	$	8,116	$	—	$	—	$	8,116
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
CRA - CD		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
Secured borrowings		42,972		—		42,972		—		42,972