FAIR VALUES (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

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


			Fair Value Measurement at December 31, 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)
U.S. treasury notes and bonds	$	60,431	$	60,431	$	—	$	—
Mortgage-backed securities, residential	$	577,361	$	—	$	577,361	$	—

Obligations of states and political subdivisions	42,303		—		42,303		—
Corporate bonds and notes	22,848		—		22,848		—
SBA loan pools	89,083		—		89,083		—

Total available for sale securities	$	792,026	$	60,431	$	731,595	$	—

Equity Investments	$	2,404	$	2,404	$	—	$	—
Derivative assets	9,498		—		9,498		—

Financial Liabilities:
Derivative liabilities	$	9,726	$	—	$	9,726	$	—


			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	$	1,880	$	1,880	$	—	$	—
Derivative assets	14,702		—		14,702		—

Financial Liabilities:
Derivative liabilities	$	15,059	$	—	$	15,059	$	—

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


			Fair Value Measurement at December 31, 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)		Total Gains (Losses)









Other real estate owned:


Residential mortgages	143		—		—		143		—


Total other real estate owned, net	$	143	$	—	$	—	$	143	$	—


			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)		Total Gains (Losses)









Other real estate owned:


Commercial mortgages:
Commercial mortgages	$	111	$	—	$	—	$	111	$	—
Residential mortgages	126		—		—		126		—


Total other real estate owned, net	$	237	$	—	$	—	$	237	$	—

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

Asset

Fair Value at December 31, 2021

Valuation Technique

Unobservable Inputs

Range
[Weighted Average]
at December 31, 2021

OREO:

Residential mortgages

143

Sales comparison

Discount to appraised value

20.80% - 20.80%

[20.80%]

143

Asset

Fair Value at December 31, 2020

Valuation Technique

Unobservable Inputs

Range
[Weighted Average]
at December 31, 2020

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

Carrying Value and Estimated Fair Value of Other Financial Instruments

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


			Fair Value Measurements at December 31, 2021 Using
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	$	17,365	$	17,365	$	—	$	—	$	17,365
Interest-bearing deposits in other financial institutions	9,616		9,616		—		—		9,616
Equity investments	2,964		2,964		—		—		2,964
Securities available for sale	792,026		60,431		731,595		—		792,026
Securities held to maturity	3,790		—		1,639		2,157		3,796
FHLBNY and FRBNY stock	4,218		—		—		—		N/A
Loans, net and loans held for sale	1,497,620		—		—		1,480,967		1,480,967
Accrued interest receivable	5,985		106		1,746		4,133		5,985
Derivative assets	9,498		—		9,498		—		9,498

Financial liabilities:
Deposits:
Demand, savings, and insured money market accounts	$	1,959,076	$	1,959,076	$	—	$	—	$	1,959,076
Time deposits	196,357		—		197,658		—		197,658



Accrued interest payable	210		10		200		—		210
Derivative liabilities	9,726		—		9,726		—		9,726

(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.


			Fair Value Measurements at December 31, 2020 Using
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-bearing 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 assets	14,702		—		14,702		—		14,702

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	15,059		—		15,059		—		15,059