XML 37 R28.htm IDEA: XBRL DOCUMENT v3.22.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Significant Fair Value of Assets and Liabilities Measured on Recurring and Non Recurring Basis
 
Fair Value Measurements at March 31, 2022 Using:
 Carrying ValueQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
 (in thousands)
Measured on a recurring basis: 
Assets:    
Investment securities:    
Debt securities available-for-sale:    
U.S. Government agency$75,620 $— $75,620 $— 
Mortgage-backed securities:    
Pass-through certificates:
GSE564,390 — 564,390 — 
REMICs:
GSE311,103 — 311,103 — 
875,493 — 875,493 — 
Other debt securities:    
Municipal bonds52 — 52 — 
Corporate bonds203,112 — 203,112 — 
203,164 — 203,164 — 
Total debt securities available-for-sale1,154,277 — 1,154,277 — 
Trading securities12,156 12,156 — — 
Equity securities (1)
368 368 — — 
Total$1,166,801 $12,524 $1,154,277 $— 
Measured on a non-recurring basis:    
Assets:    
Loans individually evaluated for impairment:    
Real estate loans:    
Commercial real estate$3,401 $— $— $3,401 
Home equity and lines of credit26 — — 26 
Total individually evaluated real estate loans3,427 — — 3,427 
Commercial and industrial loans64 — — 64 
Other real estate owned100 — — 100 
Total$3,591 $— $— $3,591 
(1) Excludes investment measured at net asset value of $7.5 million at March 31, 2022, which has not been classified in the fair value hierarchy.
 Fair Value Measurements at December 31, 2021 Using:
 Carrying ValueQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
 (in thousands)
Measured on a recurring basis: 
Assets:    
Investment securities:    
Debt securities available-for-sale:    
U.S. Government agency securities$2,290 $— $2,290 $— 
Mortgage-backed securities:    
Pass-through certificates:
GSE581,406 — 581,406 — 
REMICs:
GSE391,710 — 391,710 — 
973,116 — 973,116 — 
Other debt securities:    
Municipal bonds72 — 72 — 
Corporate bonds232,759 — 232,759 — 
232,831 — 232,831 — 
Total debt securities available-for-sale1,208,237 — 1,208,237 — 
Trading securities13,461 13,461 — — 
Equity securities (1)
328 328 — — 
Total$1,222,026 $13,789 $1,208,237 $— 
Measured on a non-recurring basis:    
Assets:    
Loans individually evaluated for impairment:    
Real estate loans:    
Commercial real estate$3,599 $— $— $3,599 
One-to-four family residential mortgage169 — — 169 
Home equity and lines of credit27 — — 27 
Total impaired real estate loans3,795 — — 3,795 
Commercial and industrial loans12 — — 12 
Other real estate owned100 — — 100 
Total$3,907 $— $— $3,907 
(1) Excludes investment measured at net asset value of $5.0 million at December 31, 2021, which has not been classified in the fair value hierarchy.
Level 3 Assets Measured at Fair Value on a Non-Recurring Basis The following table presents qualitative information for Level 3 assets measured at fair value on a non-recurring basis at March 31, 2022 and December 31, 2021 (dollars in thousands):
Fair ValueValuation MethodologyUnobservable
Inputs		Range of Inputs
 March 31, 2022December 31, 2021  March 31, 2022December 31, 2021
Individually evaluated loans$3,491 $3,807 AppraisalsDiscount for costs to sell7.0%7.0%
  Discount for quick sale10.0%10.0%
 Discounted cash flowsInterest rates
4.88% to 7.50%
4.88% to 6.25%
Other real estate owned100 100 AppraisalsDiscount for costs to sell7.0%7.0%
Estimated Fair Values of Significant Financial Instruments
The estimated fair values of the Company’s significant financial instruments at March 31, 2022 and December 31, 2021, are presented in the following tables (in thousands):
 March 31, 2022
  Estimated Fair Value
 Carrying ValueLevel 1Level 2Level 3Total
Financial assets:     
Cash and cash equivalents$135,514 $135,514 $— $— $135,514 
Trading securities12,156 12,156 — — 12,156 
Debt securities available-for-sale1,154,277 — 1,154,277 — 1,154,277 
Debt securities held-to-maturity5,243 — 5,182 — 5,182 
Equity securities (1)
368 368 — — 368 
FHLBNY stock, at cost21,211 — 21,211 — 21,211 
Net loans held-for-investment3,859,307 — — 3,838,452 3,838,452 
Derivative assets2,643 — 2,643 — 2,643 
Financial liabilities:     
Deposits$4,302,866 $— $4,305,018 $— $4,305,018 
Borrowed funds397,877 — 391,323 — 391,323 
Advance payments by borrowers for taxes and insurance30,032 — 30,032 — 30,032 
Derivative liabilities2,645 — 2,645 — 2,645 
(1) Excludes investment measured at net asset value of $7.5 million at March 31, 2022, which has not been classified in the fair value hierarchy.
 December 31, 2021
  Estimated Fair Value
 Carrying ValueLevel 1Level 2Level 3Total
Financial assets:     
Cash and cash equivalents$91,068 $91,068 $— $— $91,068 
Trading securities13,461 13,461 — — 13,461 
Debt securities available-for-sale1,208,237 — 1,208,237 — 1,208,237 
Debt securities held-to-maturity5,283 — 5,475 — 5,475 
Equity securities (1)
328 328 — — 328 
FHLBNY stock, at cost22,336 — 22,336 — 22,336 
Net loans held-for-investment3,767,644 — — 3,904,026 3,904,026 
Derivative assets923 — 923 — 923 
Financial liabilities:     
Deposits$4,169,334 $— $4,172,125 $— $4,172,125 
Borrowed funds421,755 — 426,235 — 426,235 
Advance payments by borrowers for taxes and insurance24,909 — 24,909 — 24,909 
Derivative liabilities925 — 925 — 925 
(1) Excludes investment measured at net asset value of $5.0 million at December 31, 2021, which has not been classified in the fair value hierarchy.