FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2022

Summary of carrying amounts and estimated fair values of financial instruments

The carrying amounts and estimated fair values of financial instruments, at December 31, 2022 and December 31, 2021 are as follows:

	Carrying		Fair		Fair Value Measurement Placement
	Amount		Value		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
December 31, 2022
Financial instruments -assets
Investment securities held-to-    maturity	$	77,427	$	70,700	$	—	$	70,700	$	—
Loans		719,026		658,250		—		—		658,250
Financial instruments - liabilities
Certificates of deposit		492,593		491,638		—		491,638		—
Borrowings		102,319		98,885		—		98,885		—
December 31, 2021
Financial instruments -- assets
Investment securities held-to-    maturity	$	74,053	$	74,081	$	—	$	74,081	$	—
Loans		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)
December 31, 2022
Securities available for sale:
U.S. treasury bills	$	4,927,608	$	4,927,608	$	—	$	—
U.S. government and agency obligations		5,465,154		—		5,465,154		—
Corporate bonds		15,506,047		—		15,506,047		—
MBS – residential		39,649,045		—		39,649,045		—
MBS – commercial		19,552,724		—		19,552,724		—
Cash flow hedge		324,062				324,062
	$	85,424,640	$	4,927,608	$	80,497,032	$	—
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		—
MBS – residential		21,760,245		—		21,760,245		—
MBS – commercial		9,699,205		—		9,699,205		—
	$	41,838,798	$	—	$	41,838,798	$	—