FAIR VALUE (Tables)

6 Months Ended

Jun. 30, 2022

Summary of carrying amounts and estimated fair values of financial instruments not Measured at Fair Value

The carrying amounts and estimated fair values of financial instruments not measured at fair value, at June 30, 2022 and December 31, 2021, were as follows:

	Carrying		Fair		Fair Value Measurement Placement
	Amount		Value		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
June 30, 2022
Financial instruments - assets
Cash and due from banks	$	7,604	$	7,604	$	7,604	$	—	$	—
Investment securities held-to-maturity		86,432		79,858		—		79,858		—
Loans and loans held for sale		631,170		595,775		—		—		595,775
Financial instruments - liabilities
Certificates of deposit		367,866		369,394		—		369,394		—
Borrowings		115,279		114,670		—		114,670		—

	Carrying		Fair		Fair Value Measurement Placement
	Amount		Value		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
December 31, 2021
Financial instruments - assets
Cash and due from banks	$	105,069	$	105,069	$	105,069	$	—	$	—
Investment securities held-to-maturity		74,053		74,081		—		74,081		—
Loans and loans held for sale		571,363		569,845		—		—		569,845
Financial instruments - liabilities
Certificates of deposit		366,396		365,452		—		365,452		—
Borrowings		85,052		86,657		—		86,657		—

Fair Value, Recurring

Summary of fair value, assets measured on recurring and nonrecurring basis

Assets measured at fair value on a recurring basis are summarized below:

	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
As of June 30, 2022
Securities available for sale:
U.S. treasury bills	$	9,870,432	$	9,870,432	$	—	$	—
U.S. government and agency obligations		5,567,109		—		5,567,109		—
Corporate bonds		17,609,769		—		17,609,769		—
MBSs - residential		41,383,955		—		41,383,955		—
MBSs - commercial		23,076,428		—		23,076,428		—
	$	97,507,693	$	9,870,432	$	87,637,261	$	—
As of December 31, 2021
Securities available for sale:
U.S. government and agency obligations	$	2,981,730	$	—	$	2,981,730
Corporate bonds		7,397,618		—		7,397,618		—
MBSs - residential		21,760,245		—		21,760,245		—
MBSs - commercial		9,699,205		—		9,699,205		—
	$	41,838,798	$	—	$	41,838,798	$	—