FAIR VALUE OF ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023:

			Fair Value Measurements at March 31, 2023, 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	$	44,295	$	44,295	$	—	$	—
Corporate bonds	76,522		—		76,522		—
U.S. Government agency obligations	14,911		10,227		4,684		—
Obligations issued by U.S. states and their political subdivisions	16,379		—		16,379		—
Mortgage-backed securities:
Residential one-to-four family	139,318		—		139,318		—
Multifamily	13,462		—		13,462		—
Asset-backed securities	4,196		—		4,196		—
Total securities available-for-sale	309,083		54,522		254,561		—
Derivatives	9,612		—		9,612		—
Total financial assets measured on a recurring basis	$	318,695	$	54,522	$	264,173	$	—
Financial Liabilities
Derivatives	$	965	$	—	$	965	$	—

The following table summarizes the fair value of assets and liabilities as of December 31, 2022:

			Fair Value Measurements at December 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:
Corporate bonds	$	43,759	$	43,759	$	—	$	—
U.S. Government agency obligations	76,298		—		76,298		—
Obligations issued by U.S. states and their political subdivisions	15,423		11,295		4,128		—
Mortgage-backed securities:	16,268		—		16,268		—
Residential one-to-four family
Multifamily	140,186		—		140,186		—
Asset-backed securities	18,158		—		18,158		—
Asset-backed securities	4,156		—		4,156		—
Total securities available-for-sale	314,248		55,054		259,194		—
Derivatives	11,091		—		11,091		—
Total financial assets measured on a recurring basis	325,339		55,054		270,285		—
Financial Liabilities
Derivatives	$	—	$	—	$	—	$	—
Measured on a nonrecurring basis:
Nonfinancial assets
Assets held for sale	$	917	$	—	$	917	$	—

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 consolidated balance sheets at March 31, 2023 and December 31, 2022. 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, other investments, non-maturity deposits, overnight borrowings, and accrued interest, which are excluded from the table below.

			Fair Value Measurements at March 31, 2023, 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	$	33,659	$	—	$	29,379	$	—
Loans, net	1,571,907		—		—		1,361,949
Financial liabilities
Time Deposits	422,911		—		415,944		—
FHLB advances	422,500		—		426,374		—
			Fair Value Measurements at December 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)
Measured on a recurring basis:
Financial assets
Securities held-to-maturity	$	33,705	$	—	$	29,115	$	—
Loans, net	1,531,727		—		—		1,332,882
Financial liabilities
Time Deposits	416,260		—		408,904		—
FHLB advances	310,500		—		3,186,988		—