XML 42 R35.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Fair Value (Tables)
3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
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 March 31, 2024 and December 31, 2023, and indicate the level within the fair value hierarchy utilized to determine the fair value:

 

 

 

 

 

 

March 31, 2024

 

Description

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(in thousands)

 

Available-for-Sale Securities, at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government Bonds

 

$

2,780

 

 

$

2,780

 

 

$

—

 

 

$

—

 

Corporate bonds

 

 

23,520

 

 

 

—

 

 

 

23,520

 

 

 

—

 

Mortgage-Backed Securities:

 

 

 

 

 

 

 

 

 

 

 

 

Collateralized Mortgage Obligations

 

 

31,954

 

 

 

—

 

 

 

31,954

 

 

 

—

 

FHLMC Certificates

 

 

8,479

 

 

 

—

 

 

 

8,479

 

 

 

—

 

FNMA Certificates

 

 

49,210

 

 

 

—

 

 

 

49,210

 

 

 

—

 

GNMA Certificates

 

 

101

 

 

 

—

 

 

 

101

 

 

 

—

 

Mortgage Loans Held for Sale, at fair value

 

 

7,860

 

 

 

—

 

 

 

7,860

 

 

 

—

 

Interest rate swap

 

 

1,496

 

 

 

—

 

 

 

1,496

 

 

 

—

 

 

$

125,400

 

 

$

2,780

 

 

$

122,620

 

 

$

—

 

 

 

 

 

 

 

 

December 31, 2023

 

Description

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(in thousands)

 

Available-for-Sale Securities, at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Government Bonds

 

$

2,784

 

 

$

2,784

 

 

$

—

 

 

$

—

 

Corporate bonds

 

 

23,668

 

 

 

536

 

 

 

23,132

 

 

 

—

 

Mortgage-Backed Securities:

 

 

 

 

 

 

 

 

 

 

 

 

Collateralized Mortgage Obligations

 

 

33,148

 

 

 

—

 

 

 

33,148

 

 

 

—

 

FHLMC Certificates

 

 

8,681

 

 

 

—

 

 

 

8,681

 

 

 

—

 

FNMA Certificates

 

 

51,517

 

 

 

—

 

 

 

51,517

 

 

 

—

 

GNMA Certificates

 

 

104

 

 

 

—

 

 

 

104

 

 

 

—

 

Mortgage Loans Held for Sale, at fair value

 

 

9,980

 

 

 

—

 

 

 

9,980

 

 

 

—

 

Interest rate swap

 

 

4,435

 

 

 

—

 

 

 

4,435

 

 

 

—

 

 

$

134,317

 

 

$

3,320

 

 

$

130,997

 

 

$

—

 

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 March 31, 2024 and December 31, 2023 and indicate the fair value hierarchy utilized to determine the fair value:

 

 

 

March 31, 2024

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(in thousands)

 

Impaired loans

 

$

13,135

 

 

$

—

 

 

$

—

 

 

$

13,135

 

 

 

 

 

December 31, 2023

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(in thousands)

 

Impaired loans

 

$

12,726

 

 

$

—

 

 

$

—

 

 

$

12,726

 

Estimated Fair Values of Financial Instruments

As of March 31, 2024 and December 31, 2023, 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)

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

134,724

 

 

$

134,724

 

 

$

—

 

 

$

—

 

 

$

134,724

 

Available-for-sale securities, at fair value

 

 

116,044

 

 

 

2,780

 

 

 

113,264

 

 

 

—

 

 

 

116,044

 

Held-to-maturity securities, at amortized cost, net

 

 

452,955

 

 

 

—

 

 

 

438,113

 

 

 

—

 

 

 

438,113

 

Placements with banks

 

 

249

 

 

 

—

 

 

 

249

 

 

 

—

 

 

 

249

 

Mortgage loans held for sale, at fair value

 

 

7,860

 

 

 

—

 

 

 

7,860

 

 

 

—

 

 

 

7,860

 

Loans receivable, net

 

 

1,981,428

 

 

 

—

 

 

 

—

 

 

 

1,935,063

 

 

 

1,935,063

 

Accrued interest receivable

 

 

18,063

 

 

 

—

 

 

 

18,063

 

 

 

—

 

 

 

18,063

 

FHLBNY stock

 

 

23,892

 

 

 

23,892

 

 

 

—

 

 

 

—

 

 

 

23,892

 

Interest rate swap

 

 

1,496

 

 

 

—

 

 

 

1,496

 

 

 

—

 

 

 

1,496

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits

 

 

191,541

 

 

 

191,541

 

 

 

—

 

 

 

—

 

 

 

191,541

 

Interest-bearing deposits

 

 

765,977

 

 

 

765,977

 

 

 

—

 

 

 

—

 

 

 

765,977

 

Certificates of deposit

 

 

628,266

 

 

 

—

 

 

 

621,250

 

 

 

—

 

 

 

621,250

 

Advance payments by borrowers for taxes and insurance

 

 

13,245

 

 

 

—

 

 

 

13,245

 

 

 

—

 

 

 

13,245

 

Borrowings

 

 

680,421

 

 

 

—

 

 

 

667,493

 

 

 

—

 

 

 

667,493

 

Interest rate swap

 

 

1,496

 

 

 

—

 

 

 

1,496

 

 

 

—

 

 

 

1,496

 

Accrued interest payable

 

 

4,218

 

 

 

—

 

 

 

4,218

 

 

 

—

 

 

 

4,218

 

 

 

 

 

Carrying

 

 

Fair Value Measurements

 

 

 

Amount

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(in thousands)

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

139,190

 

 

$

139,190

 

 

$

—

 

 

$

—

 

 

$

139,190

 

Available-for-sale securities, at fair value

 

 

119,902

 

 

 

3,320

 

 

 

116,582

 

 

 

—

 

 

 

119,902

 

Held-to-maturity securities, at amortized cost

 

 

461,748

 

 

 

—

 

 

 

450,042

 

 

 

—

 

 

 

450,042

 

Placements with banks

 

 

249

 

 

 

—

 

 

 

249

 

 

 

—

 

 

 

249

 

Mortgage loans held for sale, at fair value

 

 

9,980

 

 

 

—

 

 

 

9,980

 

 

 

—

 

 

 

9,980

 

Loans receivable, net

 

 

1,895,886

 

 

 

—

 

 

 

—

 

 

 

1,844,507

 

 

 

1,844,507

 

Accrued interest receivable

 

 

18,010

 

 

 

—

 

 

 

18,010

 

 

 

—

 

 

 

18,010

 

FHLBNY stock

 

 

19,377

 

 

 

19,377

 

 

 

—

 

 

 

—

 

 

 

19,377

 

Interest rate swap

 

 

4,435

 

 

 

 

 

 

4,435

 

 

 

 

 

 

4,435

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand deposits (1)

 

 

185,151

 

 

 

185,151

 

 

 

—

 

 

 

—

 

 

 

185,151

 

Interest-bearing deposits (1)

 

 

721,643

 

 

 

721,643

 

 

 

—

 

 

 

—

 

 

 

721,643

 

Certificates of deposit

 

 

600,826

 

 

 

—

 

 

 

594,234

 

 

 

—

 

 

 

594,234

 

Advance payments by borrowers for taxes and insurance

 

 

10,778

 

 

 

—

 

 

 

10,778

 

 

 

—

 

 

 

10,778

 

Borrowings

 

 

684,421

 

 

 

—

 

 

 

674,155

 

 

 

—

 

 

 

674,155

 

Interest rate swap

 

 

4,435

 

 

 

—

 

 

 

4,435

 

 

 

—

 

 

 

4,435

 

Accrued interest payable

 

 

11,965

 

 

 

—

 

 

 

11,965

 

 

 

—

 

 

 

11,965

 

 

(1)
As of December 31, 2023, $58.2 million were reclassified from demand deposits to interest-bearing deposits.