FAIR VALUE OF ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31, 2022:

			Fair Value Measurements at March 31, 2022, 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	$	45,273	$	45,273	$	—	$	—
Domestic Corporate Bonds	85,226		—		85,226		—
U.S. Government agency obligations	22,364		17,012		5,352		—
Obligations issued by U.S. states and their political subdivisions	19,198		—		19,198		—
Mortgage-backed securities:
Residential one-to-four family	168,339		—		168,339		—
Multifamily	29,213		—		29,213		—
Asset-backed securities	6,001		—		6,001		—
Total securities available for sale	375,614		62,285		313,329		—
Derivatives	5,312		—		5,312		—
Total financial assets measured on a recurring basis	$	380,926	$	62,285	$	318,641	$	—

The following table summarizes the fair value of assets and liabilities as of December 31, 2021:

			Fair Value Measurements at December 31, 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	$	36,832	$	36,832	$	—	$	—
Domestic Corporate Bonds	87,619		—		87,619		—
U.S. Government agency obligations	23,329		17,617		5,712		—
Obligations issued by U.S. states and their political subdivisions	20,324		—		20,324		—
Mortgage-backed securities:
Residential one-to-four family	114,401		—		114,401		—
Multifamily	35,916		—		35,916		—
Asset-backed securities	6,471		—		6,471		—
Total securities available for sale	$	324,892	$	54,449	$	270,443	$	—
Financial Liabilities
Derivatives	$	246	$	—	$	246	$	—

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

The following tables present the book value, fair value, and placement in the fair value hierarchy of financial instruments not recorded at fair values in their entirety on a recurring basis on the Company’s balance sheet at March 31, 2022 and December 31, 2021. The fair value measurements presented are consistent with Topic 820, Fair Value Measurement, in which fair value represents exit price. These tables exclude financial instruments for which the carrying amount approximates fair value. Financial instruments for which the carrying amount approximates fair value include cash and cash equivalents, restricted stock, non-maturity deposits, overnight borrowings, and accrued interest, which are excluded from the table below.

			Fair Value Measurements at March 31, 2022, 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
Securities held-to-maturity	$	29,838	$	—	$	27,992	$	—
Loans, net	1,328,021		—		—		1,316,254
Financial liabilities
Time Deposits	444,936		—		435,306		—
Federal Home Loan advances	185,500		—		176,543		—
			Fair Value Measurements at December 31, 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
Securities held-to-maturity	$	23,281	$	—	$	22,849	$	—
Loans, net	1,273,184		—		—		1,266,799
Financial liabilities
Time Deposits	473,795		—		470,732		—
Federal Home Loan advances	185,500		—		182,795		—