FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2021

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, 2021
Residential mortgage-backed securities	$	366,770	$	—	$	366,770	$	—
Commercial mortgage-backed securities		30,452		—		30,452		—
Asset-backed securities		4,973		—		4,973		—
U.S. Government agency		66,423		—		66,423		—
Securities issued by states and political subdivisions in the U.S		11,370		—		11,370		—
CRA Mutual Fund		2,281		2,281		—		—
Derivative assets - interest rate cap		2,962		—		2,962		—
	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		—

Schedule of carrying amount and estimated fair values of financial instruments

Carrying amount and estimated fair values of financial instruments at March 31, 2021 and December 31, 2020 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, 2021	Amount		Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		Value
Financial Assets:
Cash and due from banks	$	9,432	$	9,432	$	—	$	—	$	9,432
Overnight deposits		1,125,589		1,125,589		—		—		1,125,589
Securities available for sale		479,988		—		479,988		—		479,988
Securities held to maturity		2,492		—		2,557		—		2,557
Equity investments		2,281		2,281		—		—		2,281
Loans, net		3,202,162		—		—		3,224,617		3,224,617
Other investments
FRB Stock		7,422		N/A		N/A		N/A		N/A
FHLB Stock		2,718		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		2,962		—		2,962		—		2,962
Accrued interest receivable		13,982		—		615		13,367		13,982
Financial liabilities:
Non-interest-bearing demand deposits	$	2,167,899	$	2,167,899	$	—	$	—	$	2,167,899
Money market and savings deposits		2,173,460		2,173,460		—		—		2,173,460
Time deposits		85,358		—		86,228		—		86,228
Trust preferred securities payable		20,620		—		—		20,003		20,003
Subordinated debt, net of issuance cost		24,670		—		25,500		—		25,500
Accrued interest payable		563		5		446		112		563
Secured borrowings		36,475		—		36,982		—		36,982

			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
Financial 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
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	$	1,726,135	$	1,726,135	$	—	$	—	$	1,726,135
Money market and savings deposits		2,011,409		2,011,409		—				2,011,409
Time deposits		92,062		—		93,157		—		93,157
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