FAIR VALUE (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

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 at June 30, 2021 Using
Financial Assets:	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Obligations of U.S. Government and U.S. Government sponsored enterprises	$	20,519	$	20,519	$	—	$	—
Mortgage-backed securities, residential	553,595		—		553,595		—
Obligations of states and political subdivisions	42,672		—		42,672		—
Corporate bonds and notes	10,094		—		10,094		—
SBA loan pools	60,714		—		60,714		—
Total available for sale securities	$	687,594	$	20,519	$	667,075	$	—
Equity investments, at fair value	$	2,193	$	2,193	$	—	$	—
Derivative assets	10,704		—		10,704		—
Financial Liabilities:
Derivative liabilities	$	11,098	$	—	$	11,098	$	—

There were no transfers between Level 1 and Level 2 during the three and six month periods ended June 30, 2021.

			Fair Value Measurement at December 31, 2020 Using
Financial Assets:	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Mortgage-backed securities, residential	$	467,866	$	—	$	467,866	$	—
Obligations of states and political subdivisions	43,405		—		43,405		—
Corporate bonds and notes	9,035		—		9,035		—
SBA loan pools	34,305		—		34,305		—
Total available for sale securities	$	554,611	$	—	$	554,611	$	—
Equity investments, at fair value	$	1,880	$	1,880	$	—	$	—
Derivative assets	14,345		—		14,345		—
Financial Liabilities:
Derivative liabilities	$	14,702	$	—	$	14,702	$	—

Schedule of Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

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

			Fair Value Measurement at June 30, 2021 Using
Financial Assets:	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Other real estate owned:
Residential mortgages	$	156	$	—	$	—	$	156
Total other real estate owned, net	$	156	$	—	$	—	$	156

			Fair Value Measurement at December 31, 2020 Using
Financial Assets:	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Other real estate owned:
Commercial mortgages:
Commercial mortgages	$	111	$	—	$	—	$	111
Residential mortgages	126		—		—		126
Total other real estate owned, net	$	237	$	—	$	—	$	237

Schedule of Nonrecurring Fair Value Measurement, Valuation Techniques

The following tables present information related to Level 3 non-recurring fair value measurement at June 30, 2021 and December 31, 2020 (in thousands):

Description	Fair Value at June 30, 2021		Valuation Technique	Unobservable Inputs	Range [Weighted Average] at June 30, 2021
Impaired loans:
OREO:
Commercial mortgages:
Residential mortgages	$	156	Sales comparison	Discount to appraised value	20.80% - 20.80% [20.80%]
	$	156

Description	Fair Value at December 31, 2020		Valuation Technique	Unobservable Inputs	Range [Weighted Average] at December 31, 2020
Impaired loans:
OREO:
Commercial mortgages:
Commercial mortgages	$	111	Sales comparison	Discount to appraised value	20.80% - 20.80% [20.80%]
Residential mortgages	126		Sales comparison	Discount to appraised value	20.80% - 20.80% [20.80%]
	$	237

Schedule of Carrying Value and Estimated Fair Value of Financial Instruments

The carrying amounts and estimated fair values of other financial instruments, at June 30, 2021 and December 31, 2020, are as follows (in thousands):

	June 30, 2021
Financial assets:	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Estimated Fair Value (1)
Cash and due from financial institutions	$	27,439	$	27,439	$	—	$	—	$	27,439
Interest-earning deposits in other financial institutions	29,358		29,358		—		—		29,358
Equity investments	2,856		2,856		—		—		2,856
Securities available for sale	687,594		20,519		667,075		—		687,594
Securities held to maturity	2,981		—		1,662		1,338		3,000
FHLBNY and FRBNY stock	3,562		—		—		—		N/A
Loans, net and loans held for sale	1,537,323		—		—		1,530,753		1,530,753
Accrued interest receivable	6,388		21		1,544		4,823		6,388
Derivative Assets	10,704		—		10,704		—		10,704
Financial liabilities:
Deposits:
Demand, savings, and insured money market accounts	$	1,896,904	$	1,896,904	$	—	$	—	$	1,896,904
Time deposits	241,283		—		243,299		—		243,299
Accrued interest payable	269		10		259		—		269
Derivative Liabilities	11,098		—		11,098		—		11,098

(1) Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument.  These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision.  Changes in assumptions could significantly affect the estimates.

	December 31, 2020
Financial assets:	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Estimated Fair Value (1)
Cash and due from financial institutions	$	29,467	$	29,467	$	—	$	—	$	29,467
Interest-earning deposits in other financial institutions	79,071		79,071		—		—		79,071
Equity investments	2,542		2,542		—		—		2,542
Securities available for sale	554,611		—		554,611		—		554,611
Securities held to maturity	2,469		—		2,175		326		2,501
FHLBNY and FRBNY stock	3,150		—		—		—		N/A
Loans, net and loans held for sale	1,515,709		—		—		1,514,318		1,514,318
Accrued interest receivable	6,271		—		1,356		4,915		6,271
Derivative Asset	14,345		—		14,345		—		14,345
Financial liabilities:
Deposits:
Demand, savings, and insured money market accounts	$	1,752,043	$	1,752,043	$	—	$	—	$	1,752,043
Time deposits	285,731		—		288,398		—		288,398
Accrued interest payable	262		11		251		—		262
Derivative Liabilities	14,702		—		14,702		—		14,702

(1) Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument.  These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision.  Changes in assumptions could significantly affect the estimates.