FAIR VALUE OF ASSETS AND LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Summary of fair value of assets and liabilities

The following table summarizes the fair value of assets and liabilities as of September 30, 2021:

			Fair Value Measurements at September 30, 2021, Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
Measured on a recurring basis:
Financial assets
Securities available for sale:
U.S. Treasury Note	$	6,773	$	6,773	$	—	$	—
Domestic Corporate Bonds	88,118		—		88,118		—
U.S. Government agency obligations	25,240		19,318		5,922		—
Obligations issued by U.S. states and their political subdivisions	22,264		—		22,264		—
Mortgage-backed securities:
Residential one-to-four family	122,803		—		122,803		—
Multifamily	42,214		—		42,214		—
Asset-backed securities	6,734		$	—	6,734		—
	$	314,146	$	26,091	$	288,055	$	—
Financial Liabilities
Derivatives	$	(1,520)	$	—	$	(1,520)	$	—
Measured on a nonrecurring basis:
Nonfinancial assets
Assets held for sale	$	5,225	$	—	$	5,225	$	—
Real estate owned	624		—		624		—

In June 2021, certain REO was designated to held for sale and were transferred at cost basis in the amount of $892 thousand, and is therefore not included in the above table.

The following table summarizes the fair value of assets and liabilities as of December 31, 2020:

			Fair Value Measurements at December 31, 2020, Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
Measured on a recurring basis:
Financial assets
Securities available for sale
U.S. Treasury Note	$	10,000	$	10,000	$	—	$	—
Domestic Corporate Bonds	59,341		—		59,341		—
U.S. Government agency obligations	19,675		12,417		7,258		—
Obligations issued by U.S. states and their political subdivisions	24,795		—		24,795		—
Mortgage-backed securities:
Residential one-to-four family	72,716		—		72,716		—
Multifamily	58,060		—		58,060		—
	$	244,587	$	22,417	$	222,170	$	—
Financial Liabilities
Derivatives	$	(5,545)	$	—	$	(5,545)	$	—
Measured on a nonrecurring basis:
Nonfinancial assets
Assets held for sale	$	5,295	$	—	$	5,295	$	—
Real estate owned	624		—		624		—

Summary of carrying amounts and fair value of financial instruments not carried at fair value

The carrying amounts and fair value of financial instruments not carried at fair value, at September 30, 2021 and December 31, 2020 are as follows:

			Fair Value Measurements at September 30, 2021, Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Book Value		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
Financial assets
Cash and due from banks	$	324,291	$	324,291	$	—	$	—
Securities held-to-maturity	23,325		—		23,147		—
Loans, net	1,238,975						1,235,172
Financial liabilities
Deposits other than time deposits	744,107		744,107
Time Deposits	521,510		—		521,294		—
Federal Home Loan advances	247,600				244,611
			Fair Value Measurements at December 31, 2020, Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Book Value		(Level 1)		(Level 2)		(Level 3)
	(In thousands)
Financial assets
Cash and due from banks	$	316,445	$	316,445	$	—	$	—
Securities held-to-maturity	7,005		—		6,978		—
Loans, net	1,267,114		—		—		1,290,740
Financial liabilities
Deposits other than time deposits	638,753		638,753		—		—
Time Deposits	717,431		—		725,110		—
Federal Home Loan advances	329,400				336,377		—