Fair Value (Tables)

12 Months Ended

Dec. 31, 2021

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, 2020	$	166
Change in fair value of derivative instrument reported in earnings		6
Balance as of December 31, 2021	$	172

Assets Measured at Fair Value on Recurring Basis

Note 13. Fair Value (Continued)

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, 2021 and 2020, and indicate the level within the fair value hierarchy utilized to determine the fair value:

			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		—		21,184		—
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	$	—	$	129,182	$	172

			December 31, 2020
Description	Total		Level 1		Level 2		Level 3
	(in thousands)
Available-for-Sale Securities:
Corporate bonds	$	10,463	$	—	$	10,463	$	—
Mortgage-Backed Securities:
FHLMC Certificates		3,196		—		3,196		—
FNMA Certificates		3,567		—		3,567		—
GNMA Certificates		272		—		272		—
Mortgage Loans Held for Sale, at fair value		35,406		—		35,406		—
Derivatives from interest rate lock commitments		166		—		—		166
	$	53,070	$	—	$	52,904	$	166

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, 2021 and 2020 and indicate the fair value hierarchy utilized to determine the fair value:

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

	December 31, 2020
	Total		Level 1		Level 2		Level 3
	(in thousands)
Impaired loans	$	19,352	$	—	$	—	$	19,352

Estimated Fair Values of Financial Instruments

As of December 31, 2021 and 2020, the book balances 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, 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
Mortgage loan fundings payable		—		—		—		—		—
Accrued interest payable		228		—		228		—		228

	Carrying		Fair Value Measurements
	Amount		Level 1		Level 2		Level 3		Total
	(in thousands)
December 31, 2020
Financial assets:
Cash and cash equivalents	$	72,078	$	72,078	$	—	$	—	$	72,078
Available-for-sale securities		17,498		—		17,498		—		17,498
Held-to-maturity securities, at amortized cost		1,743		—		1,722		—		1,722
Placements with banks		2,739		—		2,739		—		2,739
Mortgage loans held for sale, at fair value		35,406		—		35,406		—		35,406
Loans receivable, net		1,158,640		—		—		1,182,971		1,182,971
Accrued interest receivable		11,396		—		11,396		—		11,396
FHLBNY stock		6,426		6,426		—		—		6,426
Financial liabilities:
Deposits:
Demand deposits		189,855		189,855		—		—		189,855
Interest-bearing deposits		432,737		432,737		—		—		432,737
Certificates of deposit		406,987		—		411,742		—		411,742
Advance payments by borrowers for taxes and insurance		7,019		—		7,019		—		7,019
Advances from FHLBNY		117,255		—		119,248		—		119,248
Warehouse lines of credit		29,961		—		29,961		—		29,961
Mortgage loan funding payable		1,483		—		1,483		—		1,483
Accrued interest payable		60		—		60		—		60