FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2020

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 June 30, 2020
Residential mortgage securities	$	142,183	$	—	$	142,183	$	—
Commercial mortgage securities		22,174		—		22,174		—
U.S. Government agency securities		25,002				25,002
CRA Mutual Fund		2,301		2,301		—		—
Interest rate cap derivative		989		—		989		—
	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, 2019
Residential mortgage securities	$	177,263	$	—	$	177,263	$	—
Commercial mortgage securities		32,472		—		32,472		—
U.S. Government agency securities		25,207		—		25,207		—
CRA Mutual Fund		2,224		2,224		—		—

Schedule of carrying amount and estimated fair values of financial instruments

Carrying amount and estimated fair values of financial instruments at June 30, 2020 and December 31, 2019 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 June 30, 2020	Amount		Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		Value
Financial Assets:
Cash and due from banks	$	9,529	$	9,529	$	—	$	—	$	9,529
Overnight deposits		813,147		813,147		—		—		813,147
Securities available for sale		189,359		—		189,359		—		189,359
Securities held to maturity		3,319		—		3,406		—		3,406
Equity investments		2,301		2,301		—		—		2,301
Loans, net		2,859,769		—		—		2,858,854		2,858,854
Other investments
FRB Stock		7,335		N/A		N/A		N/A		N/A
FHLB Stock		7,398		N/A		N/A		N/A		N/A
Disability Fund		500		—		500		—		500
Time deposits at banks		498		498		—		—		498
Interest rate cap derivative		989		—		989		—		989
Accrued interest receivable		11,148		—		375		10,773		11,148
Financial liabilities:
Non-interest-bearing demand deposits	$	1,526,439	$	1,526,439	$	—	$	—	$	1,526,439
Money market and savings deposits		1,769,419		1,769,419		—		—		1,769,419
Time deposits		98,881		—		100,209		—		100,209
Federal Home Loan Bank of New York advances		104,000		—		104,384		—		104,384
Trust preferred securities payable		20,620		—		—		20,082		20,082
Subordinated debt, net of issuance cost		24,629		—		25,000		—		25,000
Accrued interest payable		1,199		6		1,029		164		1,199

			Fair Value Measurement Using:
			Quoted Prices
			in Active		Significant
			Markets		Other		Significant
	Carrying		For Identical		Observable		Unobservable		Total Fair
At December 31, 2019	Amount		Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)		Value
Financial Assets:
Cash and due from banks	$	8,116	$	8,116	$	—	$	—	$	8,116
Overnight deposits		381,104		381,104		—		—		381,104
Securities available for sale		234,942		—		234,942		—		234,942
Securities held to maturity		3,722		—		3,712		—		3,712
Equity investments		2,224		2,224		—		—		2,224
Loans, net		2,646,677		—		—		2,609,233		2,609,233
Other investments
FRB Stock		7,317		N/A		N/A		N/A		N/A
FHLB Stock		8,122		N/A		N/A		N/A		N/A
SBA Loan Fund		5,000		N/A		N/A		N/A		N/A
Disability Fund		500		—		500		—		500
Time deposits at banks		498		498		—		—		498
Accrued interest receivable		8,862		—		544		8,318		8,862
Financial liabilities:
Non-interest-bearing demand deposits	$	1,090,479	$	1,090,479	$	—	$	—	$	1,090,479
Money market and savings deposits		1,589,920		1,589,920		—		—		1,589,920
Time deposits		110,375		—		110,800		—		110,800
Federal Home Loan Bank of New York advances		144,000		—		144,229		—		144,229
Trust preferred securities payable		20,620		—		—		20,011		20,011
Subordinated debt, net of issuance cost		24,601		—		25,375		—		25,375
Accrued interest payable		1,229		14		1,009		206		1,229