Fair Value (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Summary of Changes in Derivatives From Interest Rate Lock Commitments are Measured at Fair Value

The table below presents the changes in derivatives from interest rate lock commitments that are measured at fair value on a recurring basis:

	(in thousands)
Balance as of December 31, 2021	$	172
Change in fair value of derivative instrument reported in earnings		(150	)
Balance as of December 31, 2022	$	22

Assets Measured at Fair Value on Recurring Basis

The following tables detail the assets that are carried at fair value and measured at fair value on a recurring basis as of December 31, 2022 and 2021, and indicate the level within the fair value hierarchy utilized to determine the fair value:

			December 31, 2022
Description	Total		Level 1		Level 2		Level 3
	(in thousands)
Available-for-Sale Securities, at fair value:
U.S. Government Bonds	$	2,689	$	2,689	$	—	$	—
Corporate bonds		23,359		730		22,629		—
Mortgage-Backed Securities:
Collateralized Mortgage Obligations		37,777		—		37,777		—
FHLMC Certificates		9,634				9,634
FNMA Certificates		55,928		—		55,928		—
GNMA Certificates		118		—		118		—
Mortgage Loans Held for Sale, at fair value		1,979		—		1,979		—
Derivatives from interest rate lock commitments		22		—		—		22
	$	131,506	$	3,419	$	128,065	$	22

			December 31, 2021
Description	Total		Level 1		Level 2		Level 3
	(in thousands)
Available-for-Sale Securities:
U.S. Government Bonds	$	2,934	$	—	$	2,934	$	—
Corporate bonds		21,184		—		16,255		4,929
Mortgage-Backed Securities:
Collateralized Mortgage Obligations		18,348		—		18,348		—
FNMA Certificates		70,699		—		70,699		—
GNMA Certificates		181		—		181		—
Mortgage Loans Held for Sale, at fair value		15,836		—		15,836		—
Derivatives from interest rate lock commitments		172		—		—		172
	$	129,354	$	—	$	124,253	$	5,101

Assets Measured at Fair Value on Nonrecurring Basis

The following tables detail the assets carried at fair value and measured at fair value on a nonrecurring basis as of December 31, 2022 and 2021 and indicate the fair value hierarchy utilized to determine the fair value:

	December 31, 2022
	Total		Level 1		Level 2		Level 3
	(in thousands)
Impaired loans	$	17,952	$	—	$	—	$	17,952

	December 31, 2021
	Total		Level 1		Level 2		Level 3
	(in thousands)
Impaired loans	$	17,651	$	—	$	—	$	17,651

Estimated Fair Values of Financial Instruments

As of December 31, 2022 and 2021, the carrying values and estimated fair values of the Company's financial instruments were as follows:

	Carrying		Fair Value Measurements
	Amount		Level 1		Level 2		Level 3		Total
	(in thousands)
December 31, 2022
Financial assets:
Cash and cash equivalents	$	54,360	$	54,360	$	—	$	—	$	54,360
Available-for-sale securities, at fair value		129,505		3,419		126,086		—		129,505
Held-to-maturity securities, at amortized cost		510,820		—		495,851		—		495,851
Placements with banks		1,494		—		1,494		—		1,494
Mortgage loans held for sale, at fair value		1,979		—		1,979		—		1,979
Loans receivable, net		1,493,127		—		—		1,430,864		1,430,864
Accrued interest receivable		15,049		—		15,049		—		15,049
FHLBNY stock		24,661		24,661		—		—		24,661
Financial liabilities:
Deposits:
Demand deposits		289,149		289,149		—		—		289,149
Interest-bearing deposits		586,645		586,645		—		—		586,645
Certificates of deposit		376,618		—		370,005		—		370,005
Advance payments by borrowers for taxes and insurance		9,724		—		9,724		—		9,724
Advances from FHLBNY		517,375		—		503,406		—		503,406
Accrued interest payable		1,390		—		1,390		—		1,390

	Carrying		Fair Value Measurements
	Amount		Level 1		Level 2		Level 3		Total
	(in thousands)
December 31, 2021
Financial assets:
Cash and cash equivalents	$	153,894	$	153,894	$	—	$	—	$	153,894
Available-for-sale securities, at fair value		113,346		—		108,417		4,929		113,346
Held-to-maturity securities, at amortized cost		934		—		914		—		914
Placements with banks		2,490		—		2,490		—		2,490
Mortgage loans held for sale, at fair value		15,836		—		15,836				15,836
Loans receivable, net		1,305,078		—		—		1,306,253		1,306,253
Accrued interest receivable		12,362		—		12,362		—		12,362
FHLBNY stock		6,001		6,001		—		—		6,001
Financial liabilities:
Deposits:
Demand deposits		274,956		274,956		—		—		274,956
Interest-bearing deposits		500,281		500,281		—		—		500,281
Certificates of deposit		429,479		—		431,339		—		431,339
Advance payments by borrowers for taxes and insurance		7,657		—		7,657		—		7,657
Advances from FHLBNY		106,255		—		106,680		—		106,680
Warehouse lines of credit		15,090		—		15,090		—		15,090
Accrued interest payable		228		—		228		—		228

Schedule of Beginning and Ending Balances for Debt Securities Available-for-Sale Recognized at Fair Value On Recurring Basis

The following table reconciles, at December 31, 2022 and 2021, the beginning and ending balances for debt securities available-for-sale that are recognized at fair value on a recurring basis, in the Consolidated Statements of Financial Condition, using significant unobservable inputs.

	December 31,
	2022			2021
	(in thousands)
Beginning balance	$	4,929		$	6,016
Total loss included in earnings		(344	)		(87	)
Securities sold		—			(1,000	)
Transfer out of level 3		(4,585	)		—
Ending balance	$	—		$	4,929