Metropolitan Bank Holding (MCB) 10-Q 5 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 04, 2020
Document And Entity Information (Abstract)
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Entity Registrant Name	METROPOLITAN BANK HOLDING CORP.
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		8,294,801
Entity Central Index Key	0001476034
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (unaudited) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets
Cash and due from banks	$ 12,501	$ 9,619
Overnight deposits	569,927	381,104
Total cash and cash equivalents	582,428	390,723
Investment securities available for sale, at fair value	199,854	234,942
Investment securities held to maturity (estimated fair value of $3,588 and $3,712 at March 31, 2020 and December 31, 2019 respectively)	3,520	3,722
Equity investment securities	2,272	2,224
Total securities	205,646	240,888
Other investments	21,455	21,437
Loans, net of deferred fees and unamortized costs	2,766,099	2,672,949
Allowance for loan losses	(30,924)	(26,272)
Net loans	2,735,175	2,646,677
Receivable from prepaid card programs, net	20,861	10,078
Accrued interest receivable	9,108	8,862
Premises and equipment, net	14,917	12,100
Prepaid expenses and other assets	10,855	11,406
Goodwill	9,733	9,733
Accounts receivable, net	1,834	5,668
Total assets	3,612,012	3,357,572
Deposits:
Noninterest-bearing demand deposits	1,250,584	1,090,479
Interest-bearing deposits	1,771,108	1,700,295
Total deposits	3,021,692	2,790,774
Federal Home Loan Bank of New York advances	144,000	144,000
Trust preferred securities	20,620	20,620
Subordinated debt, net of issuance cost	24,615	24,601
Secured borrowing	41,697	42,972
Accounts payable, accrued expenses and other liabilities	26,234	23,556
Accrued interest payable	1,146	1,229
Prepaid third-party debit cardholder balances	23,472	10,696
Total liabilities	3,303,476	3,058,448
Stockholders' equity:
Common stock, $0.01 par value, 25,000,000 shares authorized, 8,294,801 and 8,312,918 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively	82	82
Additional paid in capital	216,701	216,468
Retained earnings	87,461	81,364
Accumulated other comprehensive gain, net of tax effect	4,289	1,207
Total stockholders’ equity	308,536	299,124
Total liabilities and stockholders’ equity	3,612,012	3,357,572
Class B Preferred Stock
Stockholders' equity:
Class B preferred stock, $0.01 par value, authorized 2,000,000 shares, 272,636 issued and outstanding at March 31, 2020 and December 31, 2019	3	3
Total stockholders’ equity	$ 3	$ 3

CONSOLIDATED STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Securities held to maturity	$ 3,588	$ 3,712
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	8,294,801	8,312,918
Common stock, shares outstanding	8,294,801	8,312,918
Class B Preferred Stock
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	272,636	272,636
Preferred stock, shares outstanding	272,636	272,636

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Interest and dividend income:
Loans, including fees	$ 32,827	$ 25,050
Securities:
Taxable	1,372	233
Tax-exempt		7
Money market funds	30	34
Overnight deposits	1,593	1,409
Other interest and dividends	245	257
Total interest income	36,067	26,990
Interest expense:
Deposits	5,767	4,646
Borrowed funds	736	1,104
Trust preferred securities interest expense	190	257
Subordinated debt interest expense	405	405
Total interest expense	7,098	6,412
Net interest income	28,969	20,578
Provision (credit) for loan losses	4,790	(2,031)
Net interest income after provision for loan losses	24,179	22,609
Non-interest income:
Service charges on deposit accounts	1,081	819
Prepaid third-party debit card income	1,621	1,257
Other service charges and fees	627	278
Unrealized gain on equity securities	36	39
Gain on sale of securities	975
Total non-interest income	4,340	2,393
Non-interest expense:
Compensation and benefits	9,960	7,490
Bank premises and equipment	2,500	1,335
Professional fees	955	794
Technology costs	3,806	1,385
Other expenses	2,295	1,690
Total non-interest expense	19,516	12,694
Net income before income tax expense	9,003	12,308
Income tax expense	2,906	3,777
Net income	$ 6,097	$ 8,531
Earnings per common share:
Basic earnings per common share (in dollars per share)	$ 0.73	$ 1.03
Diluted earnings per common share (in dollars per share)	$ 0.72	$ 1.01

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)
Net income	$ 6,097	$ 8,531
Other comprehensive income (loss):
Unrealized holding gain (loss) arising during the period	6,539	385
Reclassification adjustment for gain included in net income	(975)
Tax effect	(1,756)	(127)
Net of tax	3,808	258
Unrealized gain (loss) on cash flow hedges:
Unrealized holding gain (loss) arising during the period	(1,060)
Tax effect	334
Net of tax	(726)
Total other comprehensive income	3,082	258
Comprehensive Income	$ 9,179	$ 8,789

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (unaudited) - USD ($) $ in Thousands	Class B Preferred StockPreviously Reported	Class B Preferred StockRestatement Adjustment	Class B Preferred Stock	Previously ReportedCommon Stock	Previously ReportedAdditional Paid-in Capital	Previously ReportedRetained Earnings	Previously ReportedAOCI (Loss), Net	Previously Reported	Restatement AdjustmentCommon Stock	Restatement AdjustmentAdditional Paid-in Capital	Restatement AdjustmentRetained Earnings	Restatement AdjustmentAOCI (Loss), Net	Restatement Adjustment	Common Stock	Additional Paid-in Capital	Retained Earnings	AOCI (Loss), Net	Total
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of adopting new accounting standard | ASU 2016-01																	$ (68)
Balance at Dec. 31, 2018	$ 3			$ 82	$ 213,490	$ 51,415	$ (473)	$ 264,517
Balance (in shares) at Dec. 31, 2018	272,636			8,217,274
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee and non-employee stock-based compensation															$ 686			$ 686
Employee and non-employee stock-based compensation (in shares)														106,423
Repurchase of shares for tax withholding for restricted stock vesting															(88)			(88)
Repurchase of shares for tax withholding for restricted stock vesting (in shares)														(2,881)
Net income																$ 8,531		8,531
Cumulative effect of adopting new accounting standard | ASU 2016-01																(68)	68
Cumulative effect of adopting new accounting standard | ASU 2014-09																(117)		(117)
Other comprehensive income																	258	258
Balance at Mar. 31, 2019		$ 3	$ 3						$ 82	$ 213,490	$ 51,230	$ (405)	$ 264,400	$ 82	214,088	59,761	(147)	273,787
Balance (in shares) at Mar. 31, 2019		272,636	272,636						8,217,274					8,320,816
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of adopting new accounting standard | ASU 2016-01																	0
Balance at Dec. 31, 2019			$ 3											$ 82	216,468	81,364	1,207	299,124
Balance (in shares) at Dec. 31, 2019			272,636											8,312,918
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock grants, net of forfeiture (in shares)														(12,244)
Employee and non-employee stock-based compensation															812			812
Repurchase of shares for tax withholding for restricted stock vesting															(579)			(579)
Repurchase of shares for tax withholding for restricted stock vesting (in shares)														(5,873)
Net income																6,097		6,097
Other comprehensive income																	3,082	3,082
Balance at Mar. 31, 2020			$ 3											$ 82	$ 216,701	$ 87,461	$ 4,289	$ 308,536
Balance (in shares) at Mar. 31, 2020			272,636											8,294,801

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net income	$ 6,097	$ 8,531
Adjustments to reconcile net income to net cash:
Net depreciation amortization and accretion	1,203	454
Provision (credit) for loan losses	4,790	(2,031)
Net change in deferred loan fees	(270)	731
Income tax	(1,423)
Gain on sale of available-for-sale securities	975
Employee and non-employee stock-based expense	812	686
Gain on sale of loans	(18)
Dividends earned on CRA fund	(12)
Unrealized gain/loss of equity securities	(36)	(39)
Net change in:
Accrued interest receivable	(246)	(889)
Accounts payable, accrued expenses and other liabilities	2,678	9,205
Prepaid third-party debit cardholder balances	12,776	7,838
Accrued interest payable	(83)	(298)
Accounts receivable, net	3,834	4,580
Receivable from prepaid card programs, net	(10,783)	(8,298)
Prepaid expenses and other assets	2,471	559
Net cash provided by operating activities	20,815	21,029
Cash flows from investing activities:
Loan originations, purchases and payments, net of recoveries	(102,966)	(233,318)
Proceeds from loans sold	9,968
Redemptions of other investments		1,350
Purchases of other investments	(18)	(2,715)
Proceeds from calls of securities available for sale	5,000
Proceeds from sales of securities available for sale	20,975	0
Proceeds from paydowns and maturities of securities available for sale	15,438	1,042
Proceeds from paydowns and maturities of securities held to maturity	194	172
Purchase of derivative contract	(2,980)
Purchase of premises and equipment, net	(3,785)	48
Net cash used in investing activities	(58,174)	(233,421)
Cash flows from financing activities:
Proceeds from FHLB advances		350,000
Repayments of FHLB advances		(320,000)
Redemption of common stock for tax withholdings for restricted stock vesting	(579)	(88)
Payments of secured borrowings	(1,275)
Net increase in deposits	230,918	305,576
Net cash provided by financing activities	229,064	335,488
Increase in cash and cash equivalents	191,705	123,096
Cash and cash equivalents at the beginning of the period	390,723	232,950
Cash and cash equivalents at the end of the period	582,428	356,046
Cash paid for:
Interest	7,181	6,395
Income Taxes	$ 1,850	$ 1,200

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2020
ORGANIZATION
ORGANIZATION	NOTE 1 - ORGANIZATION Metropolitan Bank Holding Corp., a New York corporation, (the “Company”) is a bank holding company whose principal activity is the ownership and management of Metropolitan Commercial Bank (the “Bank”), its wholly-owned subsidiary. The Bank’s primary market is the New York metropolitan area. The Bank offers a traditional range of services to individuals, businesses and others needing banking services. Its primary lending products are commercial real estate loans and commercial and industrial loans. Substantially all loans are secured by specific items of collateral including business assets, consumer assets, and commercial and residential real estate. Commercial loans are expected to be repaid from the cash flows from the operations of the business. The Bank’s primary deposit products are checking, savings, and term deposit accounts, and its deposit accounts are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to the maximum amounts allowed by law. The Company and the Bank are subject to the regulations of certain state and federal agencies and, accordingly, are periodically examined by those regulatory authorities. As a consequence of the extensive regulation of commercial banking activities, the Company’s business is affected by state and federal legislation and regulations.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2020
BASIS OF PRESENTATION
BASIS OF PRESENTATION	NOTE 2 – BASIS OF PRESENTATION The accounting and reporting policies of the Company conform with U.S. generally accepted accounting principles (“GAAP”) and predominant practices within the U.S. banking industry. All intercompany balances and transactions have been eliminated. The Unaudited Consolidated Financial Statements, which include the accounts of the Company and the Bank, have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10‑Q and Article 8 of Regulation S-X. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. The Unaudited Consolidated Financial Statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. In preparing the interim financial statements, management has made estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reported periods. The accounting and reporting policies of the Company conform with U.S generally accepted accounting principles and predominant practices within the U.S. banking industry. Certain prior-year amounts have been reclassified to conform to current year’s presentation. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results of operations that may be expected for the entire fiscal year or for any other period. Management believes that results of future periods are rendered particularly unpredictable due to the Novel Coronavirus (“COVID-19”). To prepare financial statements in conformity with GAAP, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the consolidated financial statements and the disclosures provided, and actual results could differ. Information available which could affect these judgments include, but are not limited to, changes in interest rates, changes in the performance of the economy, including COVID-19-related changes, and changes in the financial condition of borrowers. The Company has evaluated goodwill for impairment resulting from COVID-19 and has concluded that no impairment existed at March 31, 2020. Management will continue to monitor if a triggering event requiring further goodwill impairment testing has occurred. The Company could experience a material adverse effect on its business as a result of the impact of the COVID-19 pandemic, and the resulting governmental actions to curtail its spread. It is at least reasonably possible that information that was available at the date of the financial statements will change in the near term due to the COVID-19 pandemic and that the effect of the change would be material to the financial statements. The extent to which the COVID-19 pandemic will impact our estimates and assumptions is highly uncertain at this time. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Item 1A. Risk Factors” in this Report for further discussion on the impact of COVID-19. The unaudited consolidated financial statements presented in this report should be read in conjunction with the Company’s audited consolidated financial statements and notes to audited consolidated financial statements included in the Company’s Annual Report on Form 10‑K (“Annual Report”) for the year ended December 31, 2019 as filed with the Securities and Exchange Commission (“SEC”). The following accounting policy represents a material update and addition to the accounting policies previously disclosed in the Company’s Annual Report for the fiscal year ended December 31, 2019 as filed with the SEC. Derivatives: The Company has entered into an interest rate cap derivative that, based on the Company’s intentions and belief as to the likely effectiveness as a hedge, was designated as a cash flow hedge. A cash flow hedge is a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability. For a cash flow hedge, the gain or loss on the derivative is reported in accumulated other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. Changes in the fair value of the derivative that are not highly effective in hedging the changes in expected cash flows of the hedged item are recognized immediately in current earnings. The amounts are reclassified to earnings in the same income statement line item that is used to present the earnings effect of the hedged item when the hedged item affects earnings. The Company formally documents the relationship between derivatives and hedged items, as well as the risk management objective and the strategy for undertaking hedged transactions at the inception of the hedging relationship. The documentation includes linking the cash flow hedges to specific assets and liabilities on the balance sheet or to specific forecasted transactions or group of forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the cash flows of the hedged item, the derivative is settled or terminates, a hedged forecasted transaction is no longer probable, or treatment of the derivative as a hedge is no longer appropriate or intended. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in accumulated other comprehensive income are amortized into earnings over the same periods in which the hedged transactions will affect earnings. If the forecasted transaction is deemed probable to not occur, the derivative gain or loss reported in accumulated other comprehensive income is reclassified into current earnings.

SUMMARY OF RECENT ACCOUNTING PR

SUMMARY OF RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Mar. 31, 2020
SUMMARY OF RECENT ACCOUNTING PRONOUNCEMENTS
SUMMARY OF RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 3 – SUMMARY OF RECENT ACCOUNTING PRONOUNCEMENTS Pursuant to the Jumpstart Our Business Startups Act (“JOBS Act”), an Emerging Growth Company (“EGC”) is permitted to elect to adopt new accounting guidance using adoption dates of nonpublic entities. The Company elected delayed effective dates of recently issued accounting standards. Accounting Standards Update (ASU) 2014‑09, Revenue from Contracts with Customers (Topic 606) implements a common revenue standard that clarifies the principles for recognizing revenue. The core principle of ASU 2014‑09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract and (v) recognize revenue when (or as) the entity satisfies a performance obligation. In August 2016, the Financial Accounting Standards Board (“FASB”) deferred the effective date of the ASU by one year which resulted in ASU 2014‑09 being effective for the Company beginning January 1, 2019. The Company adopted the new revenue guidance as of January 1, 2019, using the five-step model prescribed by the ASU and described above. Management evaluated the Company’s revenue streams and recorded an adjustment to opening retained earnings of $117,000 in accordance with the modified retrospective method allowed by the ASU. In January 2016, the FASB issued ASU 2016‑01, an amendment to Recognition and Measurement of Financial Assets and Financial Liabilities (Subtopic 825‑10). The objectives of the ASU are to: (1) require equity investments to be measured at fair value, with changes in fair value recognized in net income, (2) simplify the impairment assessment of equity investments without readily determinable fair values, (3) eliminate the requirement to disclose methods and significant assumptions used to estimate fair value for financial instruments measured at amortized cost on the balance sheet, (4) require the use of the exit price notion when measuring the fair value of financial instruments, and (5) clarify the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. In February 2018, the FASB issued ASU 2018‑03, Technical Corrections and Improvements to Financial Instruments – Overall – Recognition and Measurement of Financial Assets and Liabilities, an amendment to ASU 2016‑01. The amendments clarify certain aspects of the guidance issued in ASU 2016‑01. The Company adopted these ASUs on January 1, 2019. The Company evaluated the impact of ASU 2016‑01 and 2018‑03 and recorded $68,000, net of tax, as an adjustment to opening retained earnings and accumulated other comprehensive income in accordance with the modified retrospective method allowed by the ASU. In February 2016, the FASB issued ASU 2016‑02, Leases (Topic 842). ASU 2016‑02 requires companies that lease valuable assets to recognize on their balance sheets the assets and liabilities generated by contracts longer than a year. In October 2019, the FASB approved a delay for the implementation of the ASU for non-public business entities (“PBE”) and smaller reporting companies (“SRC”). Accordingly, as an EGC and an SRC, the Company’s effective date for the implementation of the ASU will be December 31, 2021. Under ASU 2016‑02, the Company will recognize a right-of-use asset and a lease obligation liability on the consolidated balance sheet, which will increase the Company’s assets and liabilities. The Company is evaluating other potential impacts of ASU 2016‑02 on its consolidated financial statements. In June 2016, the FASB issued ASU No. 2016‑13, Financial Instruments – Credit Losses (Topic 326), which requires the measurement of all expected credit losses for financial assets held at the reporting date be based on historical experience, current condition, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. This guidance also amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. In October 2019, the FASB approved a delay for the implementation of the ASU for non-PBEs and SRCs. Accordingly, as an EGC and an SRC, the Company’s effective date for the implementation of the ASU will be January 1, 2023. Management has established a committee to evaluate the impact of ASU 2016‑13 on the Company’s financial statements. The Company expects to recognize a one-time cumulative adjustment to the allowance for loan losses as of the beginning of the reporting period in which the ASU takes effect but cannot yet determine the magnitude of the impact on the consolidated financial statements. In January 2017, the FASB issued ASU 2017‑04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which eliminates the second step in the goodwill impairment test, which requires an entity to determine the implied fair value of the reporting unit’s goodwill. Instead, an entity should recognize an impairment loss if the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit. The standard is effective for the Company beginning January 1, 2021, with early adoption permitted for goodwill impairment tests performed after January 1, 2017. Management expects that ASU 2017‑04 will not have a material impact on its consolidated financial statements.

INVESTMENT SECURITIES

INVESTMENT SECURITIES	3 Months Ended
	Mar. 31, 2020
INVESTMENT SECURITIES
INVESTMENT SECURITIES	NOTE 4 - INVESTMENT SECURITIES The following tables summarize the amortized cost and fair value of securities available for sale and securities held to maturity at March 31, 2020 and December 31, 2019 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive loss and gross unrecognized gains and losses (in thousands): Gross Gross Unrealized/ Unrealized/ Amortized Unrecognized Unrecognized At March 31, 2020 Cost Gains Losses Fair Value Debt securities available for sale: Residential mortgage securities $ 163,163 $ 5,951 $ — $ 169,114 Commercial mortgage securities 29,371 1,374 (5) 30,740 Total securities available-for-sale $ 192,534 $ 7,325 $ (5) $ 199,854 Held-to-maturity securities: Residential mortgage securities $ 3,520 $ 68 $ — $ 3,588 Total securities held-to-maturity $ 3,520 $ 68 $ — $ 3,588 Equity investments: CRA Mutual Fund $ 2,270 $ 2 $ — $ 2,272 Total non-trading equity investment securities $ 2,270 $ 2 $ — $ 2,272 Gross Gross Unrealized/ Unrealized/ Amortized Unrecognized Unrecognized At December 31, 2019 Cost Gains Losses Fair Value Debt securities available for sale: Residential mortgage securities $ 175,902 $ 1,478 $ (117) $ 177,263 Commercial mortgage securities 32,284 206 (18) 32,472 U.S. Government agency securities 25,000 207 — 25,207 Total securities available for sale $ 233,186 $ 1,891 $ (135) $ 234,942 Held-to-maturity securities: Residential mortgage securities 3,722 9 (19) 3,712 Total securities held to maturity $ 3,722 $ 9 $ (19) $ 3,712 Equity investments: CRA Mutual Fund 2,258 — (34) 2,224 Total non-trading equity investment securities $ 2,258 $ — $ (34) $ 2,224 For the three months ended March 31, 2020, U.S. Agency Securities classified as available-for-sale were called and sold in the amounts of $5.0 million and $21.0 million, respectively. There were no sales or calls of securities for the three months ended March 31, 2019. The proceeds from sales and calls of securities and associated gains for the three months ended March 31, 2020 are listed below (in thousands): Three months ended March 31, 2020 2019 Proceeds $ 20,975 $ — Gross gains $ 975 $ — Tax impact $ (387) $ — Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately. The following tables summarize, by contractual maturity, the amortized cost and fair value of debt securities at March 31, 2020 and December 31, 2019. There were no debt securities with a single contractual maturity at March 31, 2020. At March 31, 2020 Held-to-Maturity Available-for-Sale ( in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Within one year $ — $ — $ — $ — One to five years — — — — Five to ten years — — — — After ten years — — — — Total $ — $ — $ — $ — Residential mortgage securities $ 3,520 $ 3,588 163,163 169,114 Commercial mortgage securities — — 29,371 30,740 Total Securities $ 3,520 $ 3,588 $ 192,534 $ 199,854 At December 31, 2019 Held-to-Maturity Available-for-Sale ( in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Within one year $ — $ — $ — $ — One to five years — — — — Five to ten years — — 25,000 25,207 Due after ten years — — — — Total $ — $ — $ 25,000 $ 25,207 Residential mortgage securities $ 3,722 $ 3,712 $ 175,902 $ 177,263 Commercial mortgage securities — — 32,284 32,472 Total Securities $ 3,722 $ 3,712 $ 233,186 $ 234,942 There were no securities pledged as collateral at March 31, 2020. At December 31, 2019, there were $126.2 million of securities available for sale pledged as collateral for certain deposits. At March 31, 2020 and December 31, 2019, all of the residential mortgage securities and commercial mortgage securities held by the Bank were issued by U.S. Government-sponsored entities and agencies. Securities with unrealized/unrecognized losses at March 31, 2020 and December 31, 2019, aggregated by investment category and length of time that individual securities have been in a continuous unrealized/unrecognized loss position, are as follows (in thousands): Less than 12 Months 12 months or more Total Unrealized/ Unrealized/ Unrealized/ Estimated Unrecognized Estimated Unrecognized Estimated Unrecognized At March 31, 2020 Fair Value Losses Fair Value Losses Fair Value Losses Debt securities available for sale: Residential mortgage securities $ — $ — $ — $ — $ — $ — Commercial mortgage securities 388 (5) — — 388 (5) Total securities available for sale $ 388 $ (5) $ — $ — $ 388 $ (5) Held-to-Maturity Securities: Residential mortgage securities $ — $ — $ — $ — $ — $ — Total securities held to maturity $ — $ — $ — $ — $ — $ — Equity investments: CRA Mutual Fund $ — $ — $ — $ — $ — $ — Total equity investment securities $ — $ — $ — $ — $ — $ — Less than 12 Months 12 months or more Total Unrealized/ Unrealized/ Unrealized/ Estimated Unrecognized Estimated Unrecognized Estimated Unrecognized At December 31, 2019 Fair Value Losses Fair Value Losses Fair Value Losses Debt securities available for sale: Residential mortgage securities $ 22,850 $ (52) $ 6,728 $ (65) $ 29,578 $ (117) Commercial mortgage securities 9,911 (18) - - 9,911 (18) Total securities available-for-sale $ 32,761 $ (70) $ 6,728 $ (65) $ 39,489 $ (135) Held-to-Maturity Securities: Residential mortgage securities $ — $ — $ 1,470 $ (19) $ 1,470 $ (19) Total securities held to maturity $ — $ — $ 1,470 $ (19) $ 1,470 $ (19) Equity investments: CRA Mutual Fund $ — $ — $ 2,224 $ (34) $ 2,224 $ (34) Total equity investment securities $ — $ — $ 2,224 $ (34) $ 2,224 $ (34) The unrealized losses on securities are primarily due to the changes in market interest rates subsequent to purchase. The Bank does not consider these securities to be other-than-temporarily impaired at March 31, 2020 and December 31, 2019 since the decline in market value is attributable to changes in interest rates and not credit quality. In addition, the Bank does not intend to sell and does not believe that it is more likely than not that it will be required to sell these investments until there is a full recovery of the unrealized loss, which may be at maturity. As a result, no impairment loss was recognized during the three months ended March 31, 2020 or for the year ended December 31, 2019. At March 31, 2020 and December 31, 2019, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity.

LOANS AND ALLOWANCE FOR LOAN LO

LOANS AND ALLOWANCE FOR LOAN LOSSES	3 Months Ended
	Mar. 31, 2020
LOANS AND ALLOWANCE FOR LOAN LOSSES
LOANS AND ALLOWANCE FOR LOAN LOSSES	NOTE 5 – LOANS AND ALLOWANCE FOR LOAN LOSSES Loans, net of deferred costs and fees, consist of the following as of March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 December 31, 2019 Real estate Commercial $ 1,729,386 $ 1,668,236 Construction 41,162 30,827 Multifamily 379,342 375,611 One-to-four family 75,610 82,670 Total real estate loans 2,225,500 2,157,344 Commercial and industrial 482,187 448,619 Consumer 63,112 71,956 Total loans 2,770,799 2,677,919 Deferred fees (4,700) (4,970) Loans, net of deferred fees and unamortized costs 2,766,099 2,672,949 Allowance for loan losses (30,924) (26,272) Balance at the end of the period $ 2,735,175 $ 2,646,677 The portfolio segments in the tables below represent the categories that the Bank uses to determine its Allowance for Loan Losses (“ALLL”). As part of the determination of the ALLL for the first quarter of 2020, the Bank considered the effects of COVID-19 on macro-economic conditions such as sharply increasing unemployment rates and the shut-down of all non-essential businesses. The Bank also analyzed the impact of COVID-19 on its primary market, which is the New York metropolitan area, as well as the impact on the Bank’s market sectors and its specific clients (see “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Report for further discussion on the impact of COVID-19). As part of its estimation of an adjustment to the ALLL due to COVID-19, the Bank identified those market sectors or industries that were more likely to be affected, such as hospitality, transportation and outpatient care centers. To determine the potential impact on the Bank’s customers, particularly in these industries, management primarily relied on the results of semi-annual stress tests that have been performed for the Bank by a third-party. The scenarios used in these stress tests include significant revenue declines in a borrower’s business as well as reductions in its operating cash flows and the impact on its ability to repay its loans. Using the stress test results, management estimated the probability of default and loss-given-default for the various loan categories at March 31, 2020 and assigned a weighting to each scenario. Based on this analysis, management estimated the potential impact of a stressed environment, such as the one resulting from COVID-19, and the adjustment to the ALLL as of March 31, 2020. In addition to the stress tests, the Bank also established an additional qualitative loss factor solely related to the impact of COVID-19 and included that analysis in its ALLL calculations. As a result of management’s assessment, the Bank recorded an additional loan loss provision of $3.1 million in the first quarter of 2020. However, this is a period of great uncertainty. The impact of COVID-19 is likely to be felt over the next several quarters. As such, significant adjustments to the ALLL may be required as the full impact of COVID-19 on the Bank’s borrowers becomes known. The following tables present the activity in the ALLL by segment, including the impact of COVID-19 for the first quarter of 2020, for the three months ended March 31, 2020 and 2019 (in thousands): Commercial Commercial Multi One-to-four COVID-19 Three months ended March 31, 2020 Real Estate & Industrial Construction Family Family Consumer Impact Total Allowance for loan losses: Beginning balance $ 15,317 $ 7,070 $ 411 $ 2,453 $ 267 $ 754 $ — $ 26,272 Provision/(credit) for loan losses 574 1,098 138 65 (76) (65) 3,056 4,790 Loans charged-off — (13) — — — (188) — (201) Recoveries — 58 — — — 5 — 63 Total ending allowance balance $ 15,891 $ 8,213 $ 549 $ 2,518 $ 191 $ 506 $ 3,056 $ 30,924 Commercial Commercial Multi One-to-four Three months ended March 31, 2019 Real Estate & Industrial Construction Family Family Consumer Total Allowance for loan losses: Beginning balance $ 9,037 $ 6,257 $ 625 $ 2,047 $ 228 $ 748 $ 18,942 Provision/(credit) for loan losses 1,848 (4,077) 22 64 80 32 (2,031) Loans charged-off — (273) — — — (74) (347) Recoveries — 4,270 — — — — 4,270 Total ending allowance balance $ 10,885 $ 6,177 $ 647 $ 2,111 $ 308 $ 706 $ 20,834 Net charge-offs were $138,000 for the three months ended March 31, 2020, as compared to net recoveries of $3.9 million for the three months ended March 31, 2019. Included in the net recoveries during the three months ended March 31, 2019 were $4.2 million in recoveries related to taxi medallion loans charged-off in 2016 and 2017. The following tables present the balance in the ALLL and the recorded investment in loans by portfolio segment, including the impact of COVID-19 for the first quarter of 2020, based on impairment method as of March 31, 2020 and December 31, 2019 (in thousands): Commercial Commercial Multi One-to-four COVID-19 At March 31, 2020 Real Estate & Industrial Construction Family Family Consumer Impact Total Allowance for loan losses: Individually evaluated for impairment $ — $ 805 $ — $ — $ 60 $ 116 $ — $ 981 Collectively evaluated for impairment 15,891 7,408 549 2,518 131 390 3,056 29,943 Total ending allowance balance $ 15,891 $ 8,213 $ 549 $ 2,518 $ 191 $ 506 $ 3,056 $ 30,924 Loans: Individually evaluated for impairment $ 363 $ 5,801 $ — $ — $ 1,028 $ 369 $ — $ 7,561 Collectively evaluated for impairment 1,729,023 476,386 41,162 379,342 74,582 62,743 — 2,763,238 Total ending loan balance $ 1,729,386 $ 482,187 $ 41,162 $ 379,342 $ 75,610 $ 63,112 $ — $ 2,770,799 Commercial Commercial Multi One-to-four At December 31, 2019 Real Estate & Industrial Construction Family Family Consumer Total Allowance for loan losses: Individually evaluated for impairment $ — $ 805 $ — $ — $ 64 $ 311 $ 1,180 Collectively evaluated for impairment 15,317 6,265 411 2,453 203 443 25,092 Total ending allowance balance $ 15,317 $ 7,070 $ 411 $ 2,453 $ 267 $ 754 $ 26,272 Loans: Individually evaluated for impairment $ 367 $ 1,047 $ — $ — $ 3,384 $ 728 $ 5,526 Collectively evaluated for impairment 1,667,869 447,572 30,827 375,611 79,286 71,228 2,672,393 Total ending loan balance $ 1,668,236 $ 448,619 $ 30,827 $ 375,611 $ 82,670 $ 71,956 $ 2,677,919 The following tables present loans individually evaluated for impairment recognized as of March 31, 2020 and December 31, 2019 (in thousands): Unpaid Principal Allowance for Loan At March 31, 2020 Balance Recorded Investment Losses Allocated With an allowance recorded: One-to-four family $ 626 $ 496 $ 60 Consumer 373 369 116 Commercial & industrial 1,047 1,047 805 Total $ 2,046 $ 1,912 $ 981 Without an allowance recorded: One-to-four family $ 679 $ 532 $ — Commercial real estate 363 363 — Commercial & industrial 4,754 4,754 — Total $ 5,796 $ 5,649 $ — Unpaid Principal Allowance for Loan At December 31, 2019 Balance Recorded Investment Losses Allocated With an allowance recorded: One-to-four family $ 633 $ 503 $ 64 Consumer 731 728 311 Commercial & industrial 1,047 1,047 805 Total $ 2,411 $ 2,278 $ 1,180 Without an allowance recorded: One-to-four family 3,028 $ 2,881 $ — Commercial real estate 367 367 — Total $ 3,395 $ 3,248 $ — The recorded investment in loans excludes accrued interest receivable and loan origination fees. The following tables present the average recorded investment and interest income of loans individually evaluated for impairment recognized by class of loans as of and for the three months ended March 31, 2020 and 2019 (in thousands): Average Recorded Interest Income Three months ended March 31, 2020 Investment Recognized With an allowance recorded: One-to-four family $ 500 $ 5 Consumer 548 5 Commercial & industrial 1,047 — Total $ 2,095 $ 10 Without an allowance recorded: One-to-four family $ 1,706 $ 7 Commercial real estate 365 4 Commercial & industrial 2,377 — Total $ 4,448 $ 11 Average Recorded Interest Income Three months ended March 31, 2019 Investment Recognized With an allowance recorded: One-to-four family $ 263 $ 3 Consumer 97 2 Total $ 360 $ 5 Without an allowance recorded: Commercial real estate $ 381 $ 4 One-to-four family 811 11 Total $ 1,192 $ 15 For a loan to be considered impaired, management determines after review whether it is probable that the Bank will not be able to collect all amounts due according to the contractual terms of the loan agreement. Management applies its normal loan review procedures in making these judgments. Impaired loans include individually classified non-accrual loans and troubled debt restructurings (“TDRs”). Impairment is determined based on the present value of expected future cash flows discounted at the loan’s effective interest rate. For loans that are collateral dependent, the fair value of the collateral is used to determine the fair value of the loan. The fair value of the collateral is determined based on recent appraised values. The fair value of the collateral or present value of expected cash flows is compared to the carrying value to determine if any write-down or specific loan loss allowance allocation is required. For discussion on modification of loans to borrowers impacted by COVID-19, refer to the “Troubled Debt Restructuring” section herein. The following tables present the recorded investment in non-accrual loans and loans past due over 90 days and still accruing, by class of loans, as of March 31, 2020 and December 31, 2019 (in thousands): At March 31, 2020 Non-accrual Loans Past Due Over 90 Days Still Accruing Commercial & industrial $ 5,801 $ 205 One-to-four family — — Consumer 335 — Total $ 6,136 $ 205 At December 31, 2019 Non-accrual Loans Past Due Over 90 Days Still Accruing Commercial & industrial $ 1,047 $ 408 One-to-four family 2,345 — Consumer 693 — Total $ 4,085 $ 408 All TDRs at March 31, 2020 and December 31, 2019 were performing in accordance with their restructured terms. Interest income that would have been recorded for the three months ended March 31, 2020 and 2019, had non-accrual loans been current according to their original terms, was immaterial. The following tables present the aging of the recorded investment in past due loans by class of loans as of March 31, 2020 and December 31, 2019 (in thousands): Greater 30-59 60-89 than 90 Total past Current At March 31, 2020 Days Days days due loans Total Commercial real estate $ — $ — $ — $ — $ 1,729,386 $ 1,729,386 Commercial & industrial 379 162 6,006 6,547 475,640 482,187 Construction — — — — 41,162 41,162 Multifamily — — — — 379,342 379,342 One-to-four family — — — — 75,610 75,610 Consumer 102 — 335 437 62,675 63,112 Total $ 481 $ 162 $ 6,341 $ 6,984 $ 2,763,815 $ 2,770,799 Greater 30-59 60-89 than 90 Total past Current At December 31, 2019 Days Days days due loans Total Commercial real estate $ — $ — $ — $ — $ 1,668,236 $ 1,668,236 Commercial & industrial 346 — 1,455 1,801 446,818 448,619 Construction — — — — 30,827 30,827 Multifamily — — — — 375,611 375,611 One-to-four family — — — — 82,670 82,670 Consumer 636 14 693 1,343 70,613 71,956 Total $ 982 $ 14 $ 2,148 $ 3,144 $ 2,674,775 $ 2,677,919 Troubled Debt Restructurings: Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered TDRs and classified as impaired. On March 22, 2020, the banking regulators and the FASB issued guidance to financial institutions who are working with borrowers affected by COVID-19 (“COVID-19 Guidance”). The guidance indicated that regulatory agencies will not criticize institutions for working with borrowers and will not direct banks to automatically categorize all COVID-19 related loan modifications as TDRs. In addition, the COVID-19 Guidance noted that modification or deferral programs mandated by the federal or a state government related to COVID-19 would not be in the scope of Accounting Standards Codification Subtopic 310-40 – Receivables – Troubled Debt Restructurings by Creditors (“ASC 310-40”), such as a state program that requires all institutions within that state to suspend mortgage payments for a specified period. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law. Section 4013 of the CARES Act, “Temporary Relief from Troubled Debt Restructurings,” allows banks to temporarily suspend certain requirements under GAAP related to TDRs for a limited period of time to account for the effects of COVID-19. A bank may elect to account for modifications on certain loans under Section 4013 of the CARES Act or, if a loan modification is not eligible under Section 4013, a bank may use the criteria in the COVID-19 Guidance to determine when a loan modification is not a TDR in accordance with ASC 310-40. For further details on the COVID-19-specific requests for loan modifications and discussion on the impact of COVID-19 on the Bank, see “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Report. All loans classified as TDRs as of March 31, 2020 were restructured prior to the introduction of the COVID-19 Guidance. Loans that have been modified in accordance with the COVID-19 Guidance and the CARES Act, subsequent to March 31, 2020 and as of April 15, 2020, which is the latest practicable date for which the Bank has information, amounted to $401.7 million. Included in impaired loans at March 31, 2020 and December 31, 2019 were $1.4 million of loans modified as TDRs. The Bank allocated specific reserves amounting to $60,000 and $80,000 for TDRs as of March 31, 2020 and December 31, 2019, respectively. There were no loans modified as a TDR during the three months ended March 31, 2020 or the year ended December 31, 2019. The Bank has not committed to lend additional amounts as of March 31, 2020 to customers with outstanding loans that are classified as TDRs. During the three months ended March 31, 2020 and March 31, 2019 there were no payment defaults on any loans previously identified as TDRs. A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under the Bank’s internal underwriting policy. The following tables present the recorded investment in TDRs by class of loans as of March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 December 31, 2019 Troubled debt restructurings: Real Estate: Commercial real estate $ 363 $ 367 One-to-four family 1,028 1,039 Consumer 34 35 Total troubled debt restructurings $ 1,425 $ 1,441 Credit Quality Indicators: The Bank categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Bank generally analyzes all loans over $500,000, other than one-to-four family and consumer loans, individually by classifying the loans as to credit risk at least annually. For one-to-four family loans and consumer loans, the Bank evaluates credit quality based on the aging status of the loan and by performance status. An analysis is performed on a quarterly basis for loans classified as special mention, substandard, or doubtful. The Bank uses the following definitions for risk ratings: Special Mention - Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Substandard - Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful - Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loans not meeting the criteria above are considered to be pass-rated loans. Based on the most recent analysis performed, the risk category of loans by class of loans is as follows (in thousands): Special At March 31, 2020 Pass Mention Substandard Doubtful Total Commercial real estate $ 1,729,023 $ 363 $ — $ — $ 1,729,386 Commercial & industrial 476,181 — 4,959 1,047 482,187 Construction 41,162 — — — 41,162 Multifamily 379,342 — — — 379,342 Total $ 2,625,708 $ 363 $ 4,959 $ 1,047 $ 2,632,077 Special At December 31, 2019 Pass Mention Substandard Doubtful Total Commercial real estate $ 1,667,869 $ 367 $ — $ — $ 1,668,236 Commercial & industrial 446,612 — 960 1,047 448,619 Construction 30,827 — — — 30,827 Multi-family 375,611 — — — 375,611 Total $ 2,520,919 $ 367 $ 960 $ 1,047 $ 2,523,293

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2020
EARNINGS PER SHARE
EARNINGS PER SHARE	NOTE 6 – EARNINGS PER SHARE The computation of basic and diluted earnings per share is shown below (dollars in thousands, except share data): Three months ended March 31, 2020 2019 Basic Net income per consolidated statements of income $ 6,097 $ 8,531 Less: Earnings allocated to participating securities (65) (135) Net income available to common stockholders $ 6,032 $ 8,396 Weighted average common shares outstanding including participating securities 8,304,205 8,281,325 Less: Weighted average participating securities (88,246) (130,873) Weighted average common shares outstanding 8,215,959 8,150,452 Basic earnings per common share $ 0.73 $ 1.03 Diluted Net income allocated to common stockholders $ 6,032 $ 8,396 Weighted average common shares outstanding for basic earnings per common share 8,215,959 8,150,452 Add: Dilutive effects of assumed exercise of stock options 131,159 114,740 Add: Dilutive effects of assumed vesting of performance based restricted stock and restricted stock units 65,664 20,028 Average shares and dilutive potential common shares 8,412,782 8,285,220 Dilutive earnings per common share $ 0.72 $ 1.01 All stock options were considered in computing diluted earnings per common share for the three months ended March 31, 2020 and 2019.

STOCK COMPENSATION PLAN

STOCK COMPENSATION PLAN	3 Months Ended
	Mar. 31, 2020
STOCK COMPENSATION PLAN
STOCK COMPENSATION PLAN	NOTE 7 - STOCK COMPENSATION PLAN Equity Incentive Plan On May 28, 2019, the Company's 2019 Equity Incentive Plan (the “2019 EIP”) was approved by stockholders of the Company. Under the 2019 EIP, the maximum number of shares of stock that may be delivered to participants in the form of restricted stock, restricted stock units and stock options, including incentive stock options (“ISO”) and non-qualified stock options, is 340,000, plus any awards that are forfeited under the 2009 Equity Incentive Plan (the “2009 Plan”) after the effective date of the 2019 EIP, which was May 28, 2019. Under the 2009 Plan, there are 468,382 shares that are subject to outstanding and/or unexercised awards that have been granted and, if forfeited after May 28, 2019, such shares will be available to be granted under the 2019 EIP. The 2009 Plan expired on May 18, 2019 and, accordingly, the 628,719 shares that were unauthorized and unissued under the 2009 Plan have expired and may not be granted (and such shares of stock did not roll over to the 2019 EIP). Under the terms of the 2019 EIP, a stock option cannot have an exercise price that is less than 100% of the fair market value of the shares covered by the stock option on the date of grant. In the case of an ISO granted to a 10% stockholder, the exercise price shall not be less than 110% of the fair market value of the shares covered by the stock option on the date of grant. In no event shall the exercise period exceed ten years from the date of grant of the option, except, in the case of an ISO granted to a 10% stockholder, the exercise period shall not exceed five years from the date of grant. The 2019 EIP contains a double trigger change in control feature, providing for an acceleration of vesting upon an involuntary termination of employment simultaneous with or following a change in control. The fair value of each stock option award is estimated on the date of grant using a closed form option valuation (Black-Scholes) model. Expected volatilities based on historical volatilities of the Company’s common stock are not significant. The expected term of options granted is based on historical data and represents the period of time that options granted are expected to be outstanding, which takes into account that the options are not transferable. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. A summary of the status of the Company’s stock options and the changes during the three months ended March 31, 2020 is presented below: Three Months Ended March 31, 2020 Number of Weighted Average Options Exercise Price Outstanding, beginning of period 231,000 $ 18.00 Granted — — Exercised — — Cancelled/forfeited — — Outstanding, end of period 231,000 $ 18.00 Options vested and exercisable at end of period 231,000 $ 18.00 Weighted average remaining contractual life (years) 4.13 There was no unrecognized compensation cost related to stock options for the three months ended March 31, 2020 or the year ended December 31, 2019. There was no compensation cost related to stock options for the three months ended March 31, 2020 and 2019. The following table summarizes information about stock options outstanding at March 31, 2020: At March 31, 2020 Range of Average Weighted Average Weighted Average Weighted Average Exercise Prices Number Outstanding at Remaining Contractual Life Exercise Price Intrinsic Price per Share $10 – 20 231,000 4.13 $ 18.00 $ 8.93 $21 – 30 — — $ — $ — $10 – 30 231,000 4.13 $ 18.00 $ 8.93 There were no stock options exercised during the three months ended March 31, 2020. Restricted Stock Awards and Restricted Stock Units The Company issued restricted stock awards under the 2009 Plan and restricted stock units under the 2019 Plan (collectively, “restricted stock grants”) to certain key personnel. Each restricted stock grant vests based on the vesting schedule outlined in the restricted stock grant agreement. Restricted stock grants are subject to forfeiture if the holder is not employed by the Company on the vesting date. In the first quarter of 2020, 60,307 restricted stock units were issued to certain key personnel. These shares vest one-third each year for three years beginning December 15, 2020. Total compensation cost that has been charged against income for restricted stock grants was $354,000 and $229,000 for the three months ended March 31, 2020 and 2019, respectively. As of March 31, 2020, there was $3.8 million of total unrecognized compensation expense related to the restricted stock awards. The cost is expected to be recognized over a weighted-average period of 2.40 years. Additionally, on January 1, 2019, 38,900 restricted shares were granted to members of the Board of Directors in lieu of retainer fees for three years of service. These shares vest one-third each year for three years beginning December 31, 2019. Total expense for these awards was $100,000 for the three months ended March 31, 2020 and 2019. As of March 31, 2020, there was $700,000 of unrecognized expense related to these grants. The cost is expected to be recognized over a weighted-average period of 1.75 years. The following table summarizes the changes in the Company’s restricted stock grants for the three months ended March 31, 2020: Three Months Ended March 31, 2020 Weighted Average Number of Shares Grant Date Fair Value Outstanding, beginning of period 104,838 $ 29.86 Granted 60,307 45.29 Forfeited (12,244) 29.63 Vested (19,541) 19.39 Outstanding at end of period 133,360 $ 38.39 The total fair value of shares vested was $743,957 during the three months ended March 31, 2020. Performance Based Stock Awards During the first quarter of 2018, the Company established a long term incentive award program under the 2009 Plan. For each award, Performance Restricted Share Units (“PRSUs”) are eligible to be earned over a three-year performance period based on personal performance and the Company’s relative performance, in each case as compared to certain measurement goals that were established at the onset of the performance period. These awards were accounted for in accordance with guidance prescribed in ASC Topic 718, Compensation – Stock Compensation. 90,000 PRSUs were awarded under the program. The earned units will be granted at the end of the three-year performance period. The following table summarizes the changes in the Company’s non-vested PRSU awards for the three months ended March 31, 2020: For the three months ended March 31, 2020 Weighted average service inception date fair value of award shares $ 4,064,295 Minimum aggregate share payout 12,000 Maximum aggregate share payout 90,000 Likely aggregate share payout 90,000 Compensation expense recognized $ 358,000 Total compensation cost that has been charged against income for this plan was $358,000 for the three months ended March 31, 2020 and 2019.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2020
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 8 - FAIR VALUE OF FINANCIAL INSTRUMENTS The Company uses fair value measurements to record fair value adjustments to certain assets and to determine fair value disclosures. The Company did not have any liabilities that were measured at fair value at March 31, 2020 and December 31, 2019. Securities available-for-sale are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets or liabilities on a non-recurring basis, such as certain impaired loans and goodwill. These non-recurring fair value adjustments generally involve the write-down of individual assets due to impairment losses. Accounting guidance establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. Assets and Liabilities Measured on a Recurring Basis Assets measured on a recurring basis are limited to the Bank’s available-for-sale securities (“AFS”) portfolio, equity investments and interest rate cap derivative contract. The AFS portfolio is carried at estimated fair value with any unrealized gains and losses, net of taxes, reported as accumulated other comprehensive income or loss in shareholders’ equity. Equity investments are carried at estimated fair value with changes in fair value reported as unrealized gain/(loss) on the statement of operations. The interest rate cap derivative contract is carried at estimated fair value with changes in fair value reported as accumulated other comprehensive income or loss in shareholders’ equity. The fair values for substantially all of these assets are obtained monthly from an independent nationally recognized pricing service. On a quarterly basis, the Bank assesses the reasonableness of the fair values obtained by reference to a second independent nationally recognized pricing service. Based on the nature of these securities, the Bank’s independent pricing service provides prices which are categorized as Level 2 since quoted prices in active markets for identical assets are generally not available for the majority of securities in the Bank’s portfolio. Various modeling techniques are used to determine pricing for the Bank’s mortgage-backed securities, including option pricing and discounted cash flow models. The inputs to these models include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data. On an annual basis, the Bank obtains the models, inputs and assumptions utilized by its pricing service and reviews them for reasonableness. Assets measured at fair value on a recurring basis are summarized below (in thousands): Fair Value Measurement using: Quoted Prices in Active Significant Markets Other Significant Carrying For Identical Observable Unobservable Amount Assets (Level 1) Inputs (Level 2) Inputs (Level 3) At March 31, 2020 Residential mortgage securities $ 169,114 $ — $ 169,114 $ — Commercial mortgage securities 30,740 — 30,740 — CRA Mutual Fund 2,272 2,272 — — Interest rate cap derivative 1,892 — 1,892 — Fair Value Measurement using: Quoted Prices in Active Significant Markets Other Significant Carrying For Identical Observable Unobservable Amount Assets (Level 1) Inputs (Level 2) Inputs (Level 3) At December 31, 2019 Residential mortgage securities $ 177,263 $ — $ 177,263 $ — Commercial mortgage securities 32,472 — 32,472 — U.S. Government agency securities 25,207 — 25,207 — CRA Mutual Fund 2,224 2,224 — — There were no transfers between Level 1 and Level 2 during the three months ended March 31, 2020 and 2019. There were no material assets measured at fair value on a non-recurring basis at March 31, 2020 and December 31, 2019. The Bank has engaged an independent pricing service provider to provide the fair values of its financial assets and liabilities measured at amortized cost. This provider follows FASB’s exit pricing guidelines, as required by ASU 2016-01, when calculating the fair market value. Carrying amount and estimated fair values of financial instruments at March 31, 2020 and December 31, 2019 were as follows (in thousands): Fair Value Measurement Using: Quoted Prices in Active Significant Markets Other Significant Carrying For Identical Observable Unobservable Total Fair At March 31, 2020 Amount Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Value Financial Assets: Cash and due from banks $ 12,501 $ 12,501 $ — $ — $ 12,501 Overnight deposits 569,927 569,927 — — 569,927 Securities available for sale 199,854 — 199,854 — 199,854 Securities held to maturity 3,520 — 3,588 — 3,588 Equity investments 2,272 2,272 — — 2,272 Loans, net 2,735,175 — — 2,732,185 2,732,185 Other investments — — — — — FRB Stock 7,335 N/A N/A N/A N/A FHLB Stock 8,122 N/A N/A N/A N/A SBA Loan Fund 5,000 N/A N/A N/A N/A Disability Fund 500 — 500 — 500 Time deposits at banks 498 498 — — 498 Interest rate cap derivative 1,892 — 1,892 — 1,892 Accrued interest receivable 9,108 — 503 8,605 9,108 Financial liabilities: Non-interest-bearing demand deposits $ 1,250,584 $ 1,250,584 $ — $ — $ 1,250,584 Money market and savings deposits 1,673,452 1,673,452 — — 1,673,452 Time deposits 97,656 — 98,846 — 98,846 Federal Home Loan Bank of New York advances 144,000 — 144,813 — 144,813 Trust preferred securities payable 20,620 — — 20,024 20,024 Subordinated debt, net of issuance cost 24,615 — 24,125 — 24,125 Accrued interest payable 1,146 9 941 196 1,146 Fair Value Measurement Using: Quoted Prices in Active Significant Markets Other Significant Carrying For Identical Observable Unobservable Total Fair At December 31, 2019 Amount Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Value Financial Assets: Cash and due from banks $ 9,619 $ 9,619 $ — $ — $ 9,619 Overnight deposits 381,104 381,104 — — 381,104 Securities available for sale 234,942 — 234,942 — 234,942 Securities held to maturity 3,722 — 3,712 — 3,712 Equity investments 2,224 2,224 — — 2,224 Loans, net 2,646,677 — — 2,609,233 2,609,233 Other investments FRB Stock 7,317 N/A N/A N/A N/A FHLB Stock 8,122 N/A N/A N/A N/A SBA Loan Fund 5,000 N/A N/A N/A N/A Disability Fund 500 — 500 — 500 Time deposits at banks 498 498 — — 498 Accrued interest receivable 8,862 — 544 8,318 8,862 Financial liabilities: Non-interest-bearing demand deposits $ 1,090,479 $ 1,090,479 $ — $ — $ 1,090,479 Money market and savings deposits 1,589,920 1,589,920 — — 1,589,920 Time deposits 110,375 — 110,800 — 110,800 Federal Home Loan Bank of New York advances 144,000 — 144,229 — 144,229 Trust preferred securities payable 20,620 — — 20,011 20,011 Subordinated debt, net of issuance cost 24,601 — 25,375 — 25,375 Accrued interest payable 1,229 14 1,009 206 1,229

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
	Mar. 31, 2020
ACCUMULATED OTHER COMPREHENSIVE LOSS
ACCUMULATED OTHER COMPREHENSIVE LOSS	NOTE 9 - ACCUMULATED OTHER COMPREHENSIVE LOSS The following table presents changes in Accumulated Other Comprehensive Income, net of tax, for the three months ended March 31, 2020 and 2019 (in thousands): Three months ended March 31, 2020 2019 Beginning balance $ 1,207 $ (473) Cumulative effect of adopting new accounting standard ASU 2016-01, net of taxes — 68 Balance net of cumulative effect of adopting ASU 2016-01 $ 1,207 $ (405) Other comprehensive income, net of tax: Unrealized gain (loss) on securities available for sale Unrealized holding gain (loss) arising during the period $ 6,539 $ 385 Reclassification adjustment for gain included in net income (975) — Tax effect (1,756) (127) Net of tax $ 3,808 $ 258 Unrealized gain (loss) on cash flow hedges Unrealized holding gain (loss) arising during the period $ (1,060) $ — Tax effect 334 — Net of tax $ (726) $ — Net current period other comprehensive income $ 3,082 $ 258 Ending balance $ 4,289 $ (147) The following table shows the amounts reclassified out of each component of accumulated other comprehensive income for the gain on the sale of securities during the first quarter of 2020 (in thousands): March 31, 2020 2019 Affected line item in the Consolidated Statements of Operations Amounts reclassified from accumulated other comprehensive income $ 975 $ — Gain on sale of securities Income tax expense (387) — Income tax expense Total reclassifications, net of income tax $ 588 $ —

FINANCIAL INSTRUMENTS WITH OFF-

FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK	3 Months Ended
	Mar. 31, 2020
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK	NOTE 10 - FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK The Bank is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the financial statements. The Bank’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. The following off-balance-sheet financial instruments, whose contract amounts represent credit risk, are outstanding at March 31, 2020 and December 31, 2019 (in thousands): At March 31, 2020 At December 31, 2019 Variable Variable Fixed Rate Rate Fixed Rate Rate Undrawn lines of credit $ 15,695 $ 191,563 $ 17,204 $ 193,767 Letters of credit 45,259 — 47,743 — Total $ 60,954 $ 191,563 $ 64,947 $ 193,767 A commitment to extend credit is a legally binding agreement to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally expire within two years. At March 31, 2020, the Bank’s fixed rate loan commitments had interest rates ranging from 3.0% to 5.6% and the Bank’s variable rate loan commitments had interest rates ranging from 2.0% to 8.3%, with a maturity of one year or more. At December 31, 2019, the Bank’s fixed rate loan commitments had interest rates ranging from 3.0% to 5.6% and the Bank’s variable rate loan commitments had interest rates ranging from 3.5% to 9.8%, with a maturity of one year or more. The amount of collateral obtained, if any, by the Bank upon extension of credit is based on management’s credit evaluation of the borrower. Collateral held varies but may include mortgages on commercial and residential real estate, security interests in business assets, equipment, deposit accounts with the Bank or other financial institutions and securities. The Bank’s stand-by letters of credit amounted to $45.3 million and $47.7 million as of March 31, 2020 and December 31, 2019, respectively. The Bank’s stand-by letters of credit are collateralized by interest-bearing accounts of $27.7 million and $29.8 million as of March 31, 2020 and December 31, 2019, respectively. The stand-by letters of credit mature within one year.

REVENUE FROM CONTRACTS WITH CUS

REVENUE FROM CONTRACTS WITH CUSTOMERS	3 Months Ended
	Mar. 31, 2020
REVENUE FROM CONTRACTS WITH CUSTOMERS
REVENUE FROM CONTRACTS WITH CUSTOMERS	NOTE 11 – REVENUE FROM CONTRACTS WITH CUSTOMERS The Company adopted ASU 2014-09, Revenue from Contracts with Customers, as of January 1, 2019. All of the Company’s revenue from contracts with customers that are in the scope of the accounting guidance are recognized in non-interest income. The following table presents the Company’s sources of non-interest income, within the scope of the ASU, for the three and three months ended March 31, 2020 and March 31, 2019 (in thousands): Three months ended March 31, 2020 2019 Service charges on deposit accounts $ 1,081 $ 819 Prepaid third-party debit card income 1,621 1,257 Other service charges and fees 627 278 Total $ 3,329 $ 2,354 A description of the Company’s revenue streams accounted for under the accounting guidance follows: Debit card income: The Bank serves as a debit card issuer to, and contracts with, various program managers to issue debit cards to support various products including, but not limited to, healthcare marketing, general purpose reloadable cards, payroll cards, disbursement of government payments, payment of federal benefits and E-Wallet and push payments for sellers in online marketplaces. The Bank earns initial set-up fees for these programs as well as fees for transactions processed. The Bank receives transaction data at the end of each month for debit card services rendered, at which time revenue is recognized. Service charges on deposit accounts: The Bank offers business and personal retail products and services, which include, but are not limited to, online banking, mobile banking, ACH, and remote deposit capture. A standard deposit contract exists between the Bank and all deposit customers. The Bank earns fees from its deposit customers for transaction-based services (such as ATM use fees, stop payment charges, statement rendering, and ACH fees), account maintenance, and overdraft services. Transaction-based fees are recognized at the time the transaction is executed as that is the point in time the Bank fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance. Other service charges: The primary component of other service charges relates to foreign exchange (“FX”) conversion fees. The Bank outsources FX conversion for foreign currency transactions to correspondent banks. The Bank earns a portion of an FX conversion fee that the customer charges to process an FX conversion transaction. Revenue is recognized at the end of the month, once the customer has remitted the transaction information to the Bank.

DERIVATIVES

DERIVATIVES	3 Months Ended
	Mar. 31, 2020
DERIVATIVES
DERIVATIVES	NOTE 12 – DERIVATIVES In the first quarter of 2020, the Company entered into an interest rate cap derivative contract (“interest rate cap” or “contract”) as a part of its asset liability management strategy to help manage its interest rate risk position. The notional amount of the interest rate cap does not represent the amount exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the contract. The interest rate subject to the cap is 30-day LIBOR. The interest rate cap has a notional amount of $300.0 million as of March 31, 2020 and was designated as a cash flow hedge of certain deposit liabilities of the Bank. The hedge was determined to be effective during the first quarter of 2020. The Company expects the hedge to remain effective during the remaining term of the contract. The following table reflects the derivatives recorded on the balance sheet at March 31, 2020 (in thousands): At March 31, 2020 Notional Amount Fair Value Derivatives designated as hedges: Interest rate caps related to customer deposits $ 300,000 $ 1,892 Total included in Other Assets $ 300,000 $ 1,892 The effect of cash flow hedge accounting on accumulated other comprehensive income at March 31, 2020 is as follows (in thousands): At March 31, 2020 Amount of Loss Recognized in OCI, net of tax Location of Gain (Loss) Reclassified from OCI into Income Amount of Gain (Loss) Reclassified from OCI into Income Interest rate caps related to customer deposits $ (726) $ N/A $ —

SUMMARY OF RECENT ACCOUNTING _2

SUMMARY OF RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	3 Months Ended
	Mar. 31, 2020
SUMMARY OF RECENT ACCOUNTING PRONOUNCEMENTS
ORGANIZATION	ORGANIZATION Metropolitan Bank Holding Corp., a New York corporation, (the “Company”) is a bank holding company whose principal activity is the ownership and management of Metropolitan Commercial Bank (the “Bank”), its wholly-owned subsidiary. The Bank’s primary market is the New York metropolitan area. The Bank offers a traditional range of services to individuals, businesses and others needing banking services. Its primary lending products are commercial real estate loans and commercial and industrial loans. Substantially all loans are secured by specific items of collateral including business assets, consumer assets, and commercial and residential real estate. Commercial loans are expected to be repaid from the cash flows from the operations of the business. The Bank’s primary deposit products are checking, savings, and term deposit accounts, and its deposit accounts are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to the maximum amounts allowed by law. The Company and the Bank are subject to the regulations of certain state and federal agencies and, accordingly, are periodically examined by those regulatory authorities. As a consequence of the extensive regulation of commercial banking activities, the Company’s business is affected by state and federal legislation and regulations.
Derivatives	The following accounting policy represents a material update and addition to the accounting policies previously disclosed in the Company’s Annual Report for the fiscal year ended December 31, 2019 as filed with the SEC. Derivatives: The Company has entered into an interest rate cap derivative that, based on the Company’s intentions and belief as to the likely effectiveness as a hedge, was designated as a cash flow hedge. A cash flow hedge is a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability. For a cash flow hedge, the gain or loss on the derivative is reported in accumulated other comprehensive income and is reclassified into earnings in the same periods during which the hedged transaction affects earnings. Changes in the fair value of the derivative that are not highly effective in hedging the changes in expected cash flows of the hedged item are recognized immediately in current earnings. The amounts are reclassified to earnings in the same income statement line item that is used to present the earnings effect of the hedged item when the hedged item affects earnings. The Company formally documents the relationship between derivatives and hedged items, as well as the risk management objective and the strategy for undertaking hedged transactions at the inception of the hedging relationship. The documentation includes linking the cash flow hedges to specific assets and liabilities on the balance sheet or to specific forecasted transactions or group of forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the cash flows of the hedged item, the derivative is settled or terminates, a hedged forecasted transaction is no longer probable, or treatment of the derivative as a hedge is no longer appropriate or intended. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in accumulated other comprehensive income are amortized into earnings over the same periods in which the hedged transactions will affect earnings. If the forecasted transaction is deemed probable to not occur, the derivative gain or loss reported in accumulated other comprehensive income is reclassified into current earnings.

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2020
INVESTMENT SECURITIES
Schedule of amortized cost and fair value of securities available-for-sale and securities held-to-maturity	Gross Gross Unrealized/ Unrealized/ Amortized Unrecognized Unrecognized At March 31, 2020 Cost Gains Losses Fair Value Debt securities available for sale: Residential mortgage securities $ 163,163 $ 5,951 $ — $ 169,114 Commercial mortgage securities 29,371 1,374 (5) 30,740 Total securities available-for-sale $ 192,534 $ 7,325 $ (5) $ 199,854 Held-to-maturity securities: Residential mortgage securities $ 3,520 $ 68 $ — $ 3,588 Total securities held-to-maturity $ 3,520 $ 68 $ — $ 3,588 Equity investments: CRA Mutual Fund $ 2,270 $ 2 $ — $ 2,272 Total non-trading equity investment securities $ 2,270 $ 2 $ — $ 2,272 Gross Gross Unrealized/ Unrealized/ Amortized Unrecognized Unrecognized At December 31, 2019 Cost Gains Losses Fair Value Debt securities available for sale: Residential mortgage securities $ 175,902 $ 1,478 $ (117) $ 177,263 Commercial mortgage securities 32,284 206 (18) 32,472 U.S. Government agency securities 25,000 207 — 25,207 Total securities available for sale $ 233,186 $ 1,891 $ (135) $ 234,942 Held-to-maturity securities: Residential mortgage securities 3,722 9 (19) 3,712 Total securities held to maturity $ 3,722 $ 9 $ (19) $ 3,712 Equity investments: CRA Mutual Fund 2,258 — (34) 2,224 Total non-trading equity investment securities $ 2,258 $ — $ (34) $ 2,224
Schedule of Realized Gain (Loss) on Sales and Calls of Securities	The proceeds from sales and calls of securities and associated gains for the three months ended March 31, 2020 are listed below (in thousands): Three months ended March 31, 2020 2019 Proceeds $ 20,975 $ — Gross gains $ 975 $ — Tax impact $ (387) $ —
Schedule of amortized cost and fair value of debt securities classified by contractual maturity	At March 31, 2020 Held-to-Maturity Available-for-Sale ( in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Within one year $ — $ — $ — $ — One to five years — — — — Five to ten years — — — — After ten years — — — — Total $ — $ — $ — $ — Residential mortgage securities $ 3,520 $ 3,588 163,163 169,114 Commercial mortgage securities — — 29,371 30,740 Total Securities $ 3,520 $ 3,588 $ 192,534 $ 199,854 At December 31, 2019 Held-to-Maturity Available-for-Sale ( in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Within one year $ — $ — $ — $ — One to five years — — — — Five to ten years — — 25,000 25,207 Due after ten years — — — — Total $ — $ — $ 25,000 $ 25,207 Residential mortgage securities $ 3,722 $ 3,712 $ 175,902 $ 177,263 Commercial mortgage securities — — 32,284 32,472 Total Securities $ 3,722 $ 3,712 $ 233,186 $ 234,942
Schedule of securities with unrealized/unrecognized losses	Less than 12 Months 12 months or more Total Unrealized/ Unrealized/ Unrealized/ Estimated Unrecognized Estimated Unrecognized Estimated Unrecognized At March 31, 2020 Fair Value Losses Fair Value Losses Fair Value Losses Debt securities available for sale: Residential mortgage securities $ — $ — $ — $ — $ — $ — Commercial mortgage securities 388 (5) — — 388 (5) Total securities available for sale $ 388 $ (5) $ — $ — $ 388 $ (5) Held-to-Maturity Securities: Residential mortgage securities $ — $ — $ — $ — $ — $ — Total securities held to maturity $ — $ — $ — $ — $ — $ — Equity investments: CRA Mutual Fund $ — $ — $ — $ — $ — $ — Total equity investment securities $ — $ — $ — $ — $ — $ — Less than 12 Months 12 months or more Total Unrealized/ Unrealized/ Unrealized/ Estimated Unrecognized Estimated Unrecognized Estimated Unrecognized At December 31, 2019 Fair Value Losses Fair Value Losses Fair Value Losses Debt securities available for sale: Residential mortgage securities $ 22,850 $ (52) $ 6,728 $ (65) $ 29,578 $ (117) Commercial mortgage securities 9,911 (18) - - 9,911 (18) Total securities available-for-sale $ 32,761 $ (70) $ 6,728 $ (65) $ 39,489 $ (135) Held-to-Maturity Securities: Residential mortgage securities $ — $ — $ 1,470 $ (19) $ 1,470 $ (19) Total securities held to maturity $ — $ — $ 1,470 $ (19) $ 1,470 $ (19) Equity investments: CRA Mutual Fund $ — $ — $ 2,224 $ (34) $ 2,224 $ (34) Total equity investment securities $ — $ — $ 2,224 $ (34) $ 2,224 $ (34)

LOANS AND ALLOWANCE FOR LOAN _2

LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables)	3 Months Ended
	Mar. 31, 2020
LOANS AND ALLOWANCE FOR LOAN LOSSES
Schedule of Net loans	March 31, 2020 December 31, 2019 Real estate Commercial $ 1,729,386 $ 1,668,236 Construction 41,162 30,827 Multifamily 379,342 375,611 One-to-four family 75,610 82,670 Total real estate loans 2,225,500 2,157,344 Commercial and industrial 482,187 448,619 Consumer 63,112 71,956 Total loans 2,770,799 2,677,919 Deferred fees (4,700) (4,970) Loans, net of deferred fees and unamortized costs 2,766,099 2,672,949 Allowance for loan losses (30,924) (26,272) Balance at the end of the period $ 2,735,175 $ 2,646,677
Schedule of changes in the allowance for loan losses by portfolio segment	Commercial Commercial Multi One-to-four COVID-19 Three months ended March 31, 2020 Real Estate & Industrial Construction Family Family Consumer Impact Total Allowance for loan losses: Beginning balance $ 15,317 $ 7,070 $ 411 $ 2,453 $ 267 $ 754 $ — $ 26,272 Provision/(credit) for loan losses 574 1,098 138 65 (76) (65) 3,056 4,790 Loans charged-off — (13) — — — (188) — (201) Recoveries — 58 — — — 5 — 63 Total ending allowance balance $ 15,891 $ 8,213 $ 549 $ 2,518 $ 191 $ 506 $ 3,056 $ 30,924 Commercial Commercial Multi One-to-four Three months ended March 31, 2019 Real Estate & Industrial Construction Family Family Consumer Total Allowance for loan losses: Beginning balance $ 9,037 $ 6,257 $ 625 $ 2,047 $ 228 $ 748 $ 18,942 Provision/(credit) for loan losses 1,848 (4,077) 22 64 80 32 (2,031) Loans charged-off — (273) — — — (74) (347) Recoveries — 4,270 — — — — 4,270 Total ending allowance balance $ 10,885 $ 6,177 $ 647 $ 2,111 $ 308 $ 706 $ 20,834
Schedule of allowance for loan losses and the recorded investment in loans by portfolio segment	The following tables present the balance in the ALLL and the recorded investment in loans by portfolio segment, including the impact of COVID-19 for the first quarter of 2020, based on impairment method as of March 31, 2020 and December 31, 2019 (in thousands): Commercial Commercial Multi One-to-four COVID-19 At March 31, 2020 Real Estate & Industrial Construction Family Family Consumer Impact Total Allowance for loan losses: Individually evaluated for impairment $ — $ 805 $ — $ — $ 60 $ 116 $ — $ 981 Collectively evaluated for impairment 15,891 7,408 549 2,518 131 390 3,056 29,943 Total ending allowance balance $ 15,891 $ 8,213 $ 549 $ 2,518 $ 191 $ 506 $ 3,056 $ 30,924 Loans: Individually evaluated for impairment $ 363 $ 5,801 $ — $ — $ 1,028 $ 369 $ — $ 7,561 Collectively evaluated for impairment 1,729,023 476,386 41,162 379,342 74,582 62,743 — 2,763,238 Total ending loan balance $ 1,729,386 $ 482,187 $ 41,162 $ 379,342 $ 75,610 $ 63,112 $ — $ 2,770,799 Commercial Commercial Multi One-to-four At December 31, 2019 Real Estate & Industrial Construction Family Family Consumer Total Allowance for loan losses: Individually evaluated for impairment $ — $ 805 $ — $ — $ 64 $ 311 $ 1,180 Collectively evaluated for impairment 15,317 6,265 411 2,453 203 443 25,092 Total ending allowance balance $ 15,317 $ 7,070 $ 411 $ 2,453 $ 267 $ 754 $ 26,272 Loans: Individually evaluated for impairment $ 367 $ 1,047 $ — $ — $ 3,384 $ 728 $ 5,526 Collectively evaluated for impairment 1,667,869 447,572 30,827 375,611 79,286 71,228 2,672,393 Total ending loan balance $ 1,668,236 $ 448,619 $ 30,827 $ 375,611 $ 82,670 $ 71,956 $ 2,677,919
Schedule of loans determined to be impaired by class of loans	Unpaid Principal Allowance for Loan At March 31, 2020 Balance Recorded Investment Losses Allocated With an allowance recorded: One-to-four family $ 626 $ 496 $ 60 Consumer 373 369 116 Commercial & industrial 1,047 1,047 805 Total $ 2,046 $ 1,912 $ 981 Without an allowance recorded: One-to-four family $ 679 $ 532 $ — Commercial real estate 363 363 — Commercial & industrial 4,754 4,754 — Total $ 5,796 $ 5,649 $ — Unpaid Principal Allowance for Loan At December 31, 2019 Balance Recorded Investment Losses Allocated With an allowance recorded: One-to-four family $ 633 $ 503 $ 64 Consumer 731 728 311 Commercial & industrial 1,047 1,047 805 Total $ 2,411 $ 2,278 $ 1,180 Without an allowance recorded: One-to-four family 3,028 $ 2,881 $ — Commercial real estate 367 367 — Total $ 3,395 $ 3,248 $ —
Schedule of average recorded investment and interest income of loans	Average Recorded Interest Income Three months ended March 31, 2020 Investment Recognized With an allowance recorded: One-to-four family $ 500 $ 5 Consumer 548 5 Commercial & industrial 1,047 — Total $ 2,095 $ 10 Without an allowance recorded: One-to-four family $ 1,706 $ 7 Commercial real estate 365 4 Commercial & industrial 2,377 — Total $ 4,448 $ 11 Average Recorded Interest Income Three months ended March 31, 2019 Investment Recognized With an allowance recorded: One-to-four family $ 263 $ 3 Consumer 97 2 Total $ 360 $ 5 Without an allowance recorded: Commercial real estate $ 381 $ 4 One-to-four family 811 11 Total $ 1,192 $ 15
Schedule of recorded investment in non-accrual loans, loans past due over 90 days and still accruing by class of loans	At March 31, 2020 Non-accrual Loans Past Due Over 90 Days Still Accruing Commercial & industrial $ 5,801 $ 205 One-to-four family — — Consumer 335 — Total $ 6,136 $ 205 At December 31, 2019 Non-accrual Loans Past Due Over 90 Days Still Accruing Commercial & industrial $ 1,047 $ 408 One-to-four family 2,345 — Consumer 693 — Total $ 4,085 $ 408
Schedule of aging of the recorded investment in past due loans by class of loans	Greater 30-59 60-89 than 90 Total past Current At March 31, 2020 Days Days days due loans Total Commercial real estate $ — $ — $ — $ — $ 1,729,386 $ 1,729,386 Commercial & industrial 379 162 6,006 6,547 475,640 482,187 Construction — — — — 41,162 41,162 Multifamily — — — — 379,342 379,342 One-to-four family — — — — 75,610 75,610 Consumer 102 — 335 437 62,675 63,112 Total $ 481 $ 162 $ 6,341 $ 6,984 $ 2,763,815 $ 2,770,799 Greater 30-59 60-89 than 90 Total past Current At December 31, 2019 Days Days days due loans Total Commercial real estate $ — $ — $ — $ — $ 1,668,236 $ 1,668,236 Commercial & industrial 346 — 1,455 1,801 446,818 448,619 Construction — — — — 30,827 30,827 Multifamily — — — — 375,611 375,611 One-to-four family — — — — 82,670 82,670 Consumer 636 14 693 1,343 70,613 71,956 Total $ 982 $ 14 $ 2,148 $ 3,144 $ 2,674,775 $ 2,677,919
Schedule of recorded investment in TDRs by class of loans	The following tables present the recorded investment in TDRs by class of loans as of March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 December 31, 2019 Troubled debt restructurings: Real Estate: Commercial real estate $ 363 $ 367 One-to-four family 1,028 1,039 Consumer 34 35 Total troubled debt restructurings $ 1,425 $ 1,441
Schedule of risk category of loans by class of loans	Special At March 31, 2020 Pass Mention Substandard Doubtful Total Commercial real estate $ 1,729,023 $ 363 $ — $ — $ 1,729,386 Commercial & industrial 476,181 — 4,959 1,047 482,187 Construction 41,162 — — — 41,162 Multifamily 379,342 — — — 379,342 Total $ 2,625,708 $ 363 $ 4,959 $ 1,047 $ 2,632,077 Special At December 31, 2019 Pass Mention Substandard Doubtful Total Commercial real estate $ 1,667,869 $ 367 $ — $ — $ 1,668,236 Commercial & industrial 446,612 — 960 1,047 448,619 Construction 30,827 — — — 30,827 Multi-family 375,611 — — — 375,611 Total $ 2,520,919 $ 367 $ 960 $ 1,047 $ 2,523,293

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2020
EARNINGS PER SHARE
Schedule of earnings per common share	Three months ended March 31, 2020 2019 Basic Net income per consolidated statements of income $ 6,097 $ 8,531 Less: Earnings allocated to participating securities (65) (135) Net income available to common stockholders $ 6,032 $ 8,396 Weighted average common shares outstanding including participating securities 8,304,205 8,281,325 Less: Weighted average participating securities (88,246) (130,873) Weighted average common shares outstanding 8,215,959 8,150,452 Basic earnings per common share $ 0.73 $ 1.03 Diluted Net income allocated to common stockholders $ 6,032 $ 8,396 Weighted average common shares outstanding for basic earnings per common share 8,215,959 8,150,452 Add: Dilutive effects of assumed exercise of stock options 131,159 114,740 Add: Dilutive effects of assumed vesting of performance based restricted stock and restricted stock units 65,664 20,028 Average shares and dilutive potential common shares 8,412,782 8,285,220 Dilutive earnings per common share $ 0.72 $ 1.01

STOCK COMPENSATION PLAN (Tables

STOCK COMPENSATION PLAN (Tables)	3 Months Ended
	Mar. 31, 2020
STOCK COMPENSATION PLAN
Schedule of status of the stock option plan	Three Months Ended March 31, 2020 Number of Weighted Average Options Exercise Price Outstanding, beginning of period 231,000 $ 18.00 Granted — — Exercised — — Cancelled/forfeited — — Outstanding, end of period 231,000 $ 18.00 Options vested and exercisable at end of period 231,000 $ 18.00 Weighted average remaining contractual life (years) 4.13
Schedule of summary of stock options outstanding	At March 31, 2020 Range of Average Weighted Average Weighted Average Weighted Average Exercise Prices Number Outstanding at Remaining Contractual Life Exercise Price Intrinsic Price per Share $10 – 20 231,000 4.13 $ 18.00 $ 8.93 $21 – 30 — — $ — $ — $10 – 30 231,000 4.13 $ 18.00 $ 8.93
Schedule of changes in the non-vested restricted stock awards	Three Months Ended March 31, 2020 Weighted Average Number of Shares Grant Date Fair Value Outstanding, beginning of period 104,838 $ 29.86 Granted 60,307 45.29 Forfeited (12,244) 29.63 Vested (19,541) 19.39 Outstanding at end of period 133,360 $ 38.39
Summary of changes in the non-vested Performance Restricted Share Units awards	For the three months ended March 31, 2020 Weighted average service inception date fair value of award shares $ 4,064,295 Minimum aggregate share payout 12,000 Maximum aggregate share payout 90,000 Likely aggregate share payout 90,000 Compensation expense recognized $ 358,000

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2020
FAIR VALUE OF FINANCIAL INSTRUMENTS
Schedule of Assets and Liabilities measured at fair value on a recurring basis	Fair Value Measurement using: Quoted Prices in Active Significant Markets Other Significant Carrying For Identical Observable Unobservable Amount Assets (Level 1) Inputs (Level 2) Inputs (Level 3) At March 31, 2020 Residential mortgage securities $ 169,114 $ — $ 169,114 $ — Commercial mortgage securities 30,740 — 30,740 — CRA Mutual Fund 2,272 2,272 — — Interest rate cap derivative 1,892 — 1,892 — Fair Value Measurement using: Quoted Prices in Active Significant Markets Other Significant Carrying For Identical Observable Unobservable Amount Assets (Level 1) Inputs (Level 2) Inputs (Level 3) At December 31, 2019 Residential mortgage securities $ 177,263 $ — $ 177,263 $ — Commercial mortgage securities 32,472 — 32,472 — U.S. Government agency securities 25,207 — 25,207 — CRA Mutual Fund 2,224 2,224 — —
Schedule of carrying amount and estimated fair values of financial instruments	Carrying amount and estimated fair values of financial instruments at March 31, 2020 and December 31, 2019 were as follows (in thousands): Fair Value Measurement Using: Quoted Prices in Active Significant Markets Other Significant Carrying For Identical Observable Unobservable Total Fair At March 31, 2020 Amount Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Value Financial Assets: Cash and due from banks $ 12,501 $ 12,501 $ — $ — $ 12,501 Overnight deposits 569,927 569,927 — — 569,927 Securities available for sale 199,854 — 199,854 — 199,854 Securities held to maturity 3,520 — 3,588 — 3,588 Equity investments 2,272 2,272 — — 2,272 Loans, net 2,735,175 — — 2,732,185 2,732,185 Other investments — — — — — FRB Stock 7,335 N/A N/A N/A N/A FHLB Stock 8,122 N/A N/A N/A N/A SBA Loan Fund 5,000 N/A N/A N/A N/A Disability Fund 500 — 500 — 500 Time deposits at banks 498 498 — — 498 Interest rate cap derivative 1,892 — 1,892 — 1,892 Accrued interest receivable 9,108 — 503 8,605 9,108 Financial liabilities: Non-interest-bearing demand deposits $ 1,250,584 $ 1,250,584 $ — $ — $ 1,250,584 Money market and savings deposits 1,673,452 1,673,452 — — 1,673,452 Time deposits 97,656 — 98,846 — 98,846 Federal Home Loan Bank of New York advances 144,000 — 144,813 — 144,813 Trust preferred securities payable 20,620 — — 20,024 20,024 Subordinated debt, net of issuance cost 24,615 — 24,125 — 24,125 Accrued interest payable 1,146 9 941 196 1,146 Fair Value Measurement Using: Quoted Prices in Active Significant Markets Other Significant Carrying For Identical Observable Unobservable Total Fair At December 31, 2019 Amount Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Value Financial Assets: Cash and due from banks $ 9,619 $ 9,619 $ — $ — $ 9,619 Overnight deposits 381,104 381,104 — — 381,104 Securities available for sale 234,942 — 234,942 — 234,942 Securities held to maturity 3,722 — 3,712 — 3,712 Equity investments 2,224 2,224 — — 2,224 Loans, net 2,646,677 — — 2,609,233 2,609,233 Other investments FRB Stock 7,317 N/A N/A N/A N/A FHLB Stock 8,122 N/A N/A N/A N/A SBA Loan Fund 5,000 N/A N/A N/A N/A Disability Fund 500 — 500 — 500 Time deposits at banks 498 498 — — 498 Accrued interest receivable 8,862 — 544 8,318 8,862 Financial liabilities: Non-interest-bearing demand deposits $ 1,090,479 $ 1,090,479 $ — $ — $ 1,090,479 Money market and savings deposits 1,589,920 1,589,920 — — 1,589,920 Time deposits 110,375 — 110,800 — 110,800 Federal Home Loan Bank of New York advances 144,000 — 144,229 — 144,229 Trust preferred securities payable 20,620 — — 20,011 20,011 Subordinated debt, net of issuance cost 24,601 — 25,375 — 25,375 Accrued interest payable 1,229 14 1,009 206 1,229

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
	Mar. 31, 2020
ACCUMULATED OTHER COMPREHENSIVE LOSS
Summary of changes in Accumulated Other Comprehensive Income (Loss) balances, net of tax effects	Three months ended March 31, 2020 2019 Beginning balance $ 1,207 $ (473) Cumulative effect of adopting new accounting standard ASU 2016-01, net of taxes — 68 Balance net of cumulative effect of adopting ASU 2016-01 $ 1,207 $ (405) Other comprehensive income, net of tax: Unrealized gain (loss) on securities available for sale Unrealized holding gain (loss) arising during the period $ 6,539 $ 385 Reclassification adjustment for gain included in net income (975) — Tax effect (1,756) (127) Net of tax $ 3,808 $ 258 Unrealized gain (loss) on cash flow hedges Unrealized holding gain (loss) arising during the period $ (1,060) $ — Tax effect 334 — Net of tax $ (726) $ — Net current period other comprehensive income $ 3,082 $ 258 Ending balance $ 4,289 $ (147)
Schedule of reclassifications out of accumulated other comprehensive income (loss)	The following table shows the amounts reclassified out of each component of accumulated other comprehensive income for the gain on the sale of securities during the first quarter of 2020 (in thousands): March 31, 2020 2019 Affected line item in the Consolidated Statements of Operations Amounts reclassified from accumulated other comprehensive income $ 975 $ — Gain on sale of securities Income tax expense (387) — Income tax expense Total reclassifications, net of income tax $ 588 $ —

FINANCIAL INSTRUMENTS WITH OF_2

FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK (Tables)	3 Months Ended
	Mar. 31, 2020
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK
Schedule of off-balance-sheet financial instruments	At March 31, 2020 At December 31, 2019 Variable Variable Fixed Rate Rate Fixed Rate Rate Undrawn lines of credit $ 15,695 $ 191,563 $ 17,204 $ 193,767 Letters of credit 45,259 — 47,743 — Total $ 60,954 $ 191,563 $ 64,947 $ 193,767

REVENUE FROM CONTRACTS WITH C_2

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)	3 Months Ended
	Mar. 31, 2020
REVENUE FROM CONTRACTS WITH CUSTOMERS
Schedule of Company’s sources of non-interest income	The following table presents the Company’s sources of non-interest income, within the scope of the ASU, for the three and three months ended March 31, 2020 and March 31, 2019 (in thousands): Three months ended March 31, 2020 2019 Service charges on deposit accounts $ 1,081 $ 819 Prepaid third-party debit card income 1,621 1,257 Other service charges and fees 627 278 Total $ 3,329 $ 2,354

DERIVATIVES (Tables)

DERIVATIVES (Tables)	3 Months Ended
	Mar. 31, 2020
DERIVATIVES
Schedule of derivative position gross on the balance sheet	The following table reflects the derivatives recorded on the balance sheet at March 31, 2020 (in thousands): At March 31, 2020 Notional Amount Fair Value Derivatives designated as hedges: Interest rate caps related to customer deposits $ 300,000 $ 1,892 Total included in Other Assets $ 300,000 $ 1,892
Schedule of effect of cash flow hedge accounting on accumulated other comprehensive income	The effect of cash flow hedge accounting on accumulated other comprehensive income at March 31, 2020 is as follows (in thousands): At March 31, 2020 Amount of Loss Recognized in OCI, net of tax Location of Gain (Loss) Reclassified from OCI into Income Amount of Gain (Loss) Reclassified from OCI into Income Interest rate caps related to customer deposits $ (726) $ N/A $ —

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
BASIS OF PRESENTATION
Impairment of goodwill	$ 0

SUMMARY OF RECENT ACCOUNTING _3

SUMMARY OF RECENT ACCOUNTING PRONOUNCEMENTS (Details) - Restatement Adjustment	Jan. 31, 2019USD ($)
ASU 2014-09
Adjustment to opening retained earnings	$ 117,000
ASU 2016-01 and 2018-03
Adjustment to opening retained earnings	$ 68,000

INVESTMENT SECURITIES (Schedule

INVESTMENT SECURITIES (Schedule of amortized cost and fair value of securities available-for-sale) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Schedule of Available-for-sale Securities [Line Items]
Investment securities available for sale, at fair value	$ 199,854	$ 234,942
Available-for-sale Securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	192,534	233,186
Gross Unrealized/Unrecognized Gains	7,325	1,891
Gross Unrealized/Unrecognized Losses	(5)	(135)
Investment securities available for sale, at fair value	199,854	234,942
Available-for-sale Securities | Residential mortgage-backed securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	163,163	175,902
Gross Unrealized/Unrecognized Gains	5,951	1,478
Gross Unrealized/Unrecognized Losses		(117)
Investment securities available for sale, at fair value	169,114	177,263
Available-for-sale Securities | Commercial mortgage-backed securities issued by U.S. government sponsored entities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	29,371	32,284
Gross Unrealized/Unrecognized Gains	1,374	206
Gross Unrealized/Unrecognized Losses	(5)	(18)
Investment securities available for sale, at fair value	$ 30,740	32,472
Available-for-sale Securities | U.S. Government agency securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		25,000
Gross Unrealized/Unrecognized Gains		207
Gross Unrealized/Unrecognized Losses		0
Investment securities available for sale, at fair value		$ 25,207

INVESTMENT SECURITIES (Schedu_2

INVESTMENT SECURITIES (Schedule of amortized cost and fair value of securities held-to-maturity) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	$ 3,520	$ 3,722
Total Securities	3,588	3,712
Held-to-maturity Securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	3,520	3,722
Gross Unrealized/Unrecognized Gains	68	9
Gross Unrealized/Unrecognized Losses		(19)
Total Securities	3,588	3,712
Held-to-maturity Securities | Residential mortgage-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Amortized Cost	3,520	3,722
Gross Unrealized/Unrecognized Gains	68	9
Gross Unrealized/Unrecognized Losses		(19)
Total Securities	$ 3,588	$ 3,712

INVESTMENT SECURITIES (Schedu_3

INVESTMENT SECURITIES (Schedule of amortized cost and fair value of marketable equity securities) (Details) - Equity securities - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Marketable Securities [Line Items]
Amortized Cost - CRA Mutual Fund	$ 2,270	$ 2,258
Gross Unrealized/Unrecognized Gains	(2)	0
Gross Unrealized/Unrecognized Losses		(34)
Fair Value CRA Mutual Fund	2,272	2,224
CRA mutual fund
Marketable Securities [Line Items]
Amortized Cost - CRA Mutual Fund	2,270	2,258
Gross Unrealized/Unrecognized Gains	(2)	0
Gross Unrealized/Unrecognized Losses		(34)
Fair Value CRA Mutual Fund	$ 2,272	$ 2,224

INVESTMENT SECURITIES (Proceeds

INVESTMENT SECURITIES (Proceeds from sales and calls of securities and associated gains and losses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Schedule of Available-for-sale Securities [Line Items]
Proceeds from sales of securities available for sale	$ 20,975	$ 0
Proceeds from calls of securities available for sale	5,000
Gross gains	975
Tax impact	387
U.S. Government agency securities
Schedule of Available-for-sale Securities [Line Items]
Proceeds from sales of securities available for sale	21,000
Proceeds from calls of securities available for sale	$ 5,000

INVESTMENT SECURITIES (Schedu_4

INVESTMENT SECURITIES (Schedule of Amortized Cost and Fair Value of Securities Classified by Contractual Maturity) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Amortized Cost
Amortized Cost, Held to maturity	$ 3,520	$ 3,722
Fair Value
Fair Value, Held to maturity	3,588	3,712
Amortized Cost
Five to ten years		25,000
Amortized Cost, total		25,000
Amortized Cost, Available-for-sale Securities	192,534	233,186
Fair Value
Five to ten years		25,207
Fair Value, total		25,207
Fair Value, Available-for-sale Securities	199,854	234,942
AFS securities pledged to secure customer deposit	0	126,200
Residential mortgage-backed securities
Amortized Cost
Amortized Cost, Held to maturity	3,520	3,722
Fair Value
Fair Value, Held to maturity	3,588	3,712
Amortized Cost
Amortized Cost, Available-for-sale Securities	163,163	175,902
Fair Value
Fair Value, Available-for-sale Securities	169,114	177,263
Commercial mortgage-backed securities issued by U.S. government sponsored entities
Amortized Cost
Amortized Cost, Available-for-sale Securities	29,371	32,284
Fair Value
Fair Value, Available-for-sale Securities	$ 30,740	$ 32,472

INVESTMENT SECURITIES (Schedu_5

INVESTMENT SECURITIES (Schedule of Securities with Unrealized Losses) (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)item	Dec. 31, 2019USD ($)item
Held-to-maturity Securities
Number of securities of one issuer | item	0	0
Impairment loss	$ 0	$ 0
Equity securities
Held-to-maturity Securities
12 months or more, Estimated Fair Value		2,224
12 months or more, Unrealized/Unrecognized Losses		(34)
Total, Estimated Fair Value		2,224
Total, Unrealized Losses		(34)
Available-for-sale Securities
Available-for-sale Securities
Less than 12 Months, Estimated Fair Value	388	32,761
Less than 12 Months, Unrealized/Unrecognized Losses	(5)	(70)
12 months or more, Estimated Fair Value		6,728
12 months or more, Unrealized/Unrecognized Losses		(65)
Total, Estimated Fair Value	388	39,489
Total, Unrealized/Unrecognized Losses	(5)	(135)
Held-to-maturity Securities
Held-to-maturity Securities
12 months or more, Estimated Fair Value		1,470
12 months or more, Unrealized/Unrecognized Losses		(19)
Total, Estimated Fair Value		1,470
Total, Unrealized Losses		(19)
Residential mortgage-backed securities | Available-for-sale Securities
Available-for-sale Securities
Less than 12 Months, Estimated Fair Value		22,850
Less than 12 Months, Unrealized/Unrecognized Losses		(52)
12 months or more, Estimated Fair Value		6,728
12 months or more, Unrealized/Unrecognized Losses		(65)
Total, Estimated Fair Value		29,578
Total, Unrealized/Unrecognized Losses		(117)
Residential mortgage-backed securities | Held-to-maturity Securities
Held-to-maturity Securities
12 months or more, Estimated Fair Value		1,470
12 months or more, Unrealized/Unrecognized Losses		(19)
Total, Estimated Fair Value		1,470
Total, Unrealized Losses		(19)
Commercial mortgage-backed securities issued by U.S. government sponsored entities | Available-for-sale Securities
Available-for-sale Securities
Less than 12 Months, Estimated Fair Value		9,911
Less than 12 Months, Unrealized/Unrecognized Losses		(18)
Total, Estimated Fair Value		9,911
Total, Unrealized/Unrecognized Losses		(18)
Commercial collateralized mortgage obligations | Available-for-sale Securities
Available-for-sale Securities
Less than 12 Months, Estimated Fair Value	388
Less than 12 Months, Unrealized/Unrecognized Losses	(5)
Total, Estimated Fair Value	388
Total, Unrealized/Unrecognized Losses	$ (5)
CRA mutual fund | Equity securities
Held-to-maturity Securities
12 months or more, Estimated Fair Value		2,224
12 months or more, Unrealized/Unrecognized Losses		(34)
Total, Estimated Fair Value		2,224
Total, Unrealized Losses		$ (34)

LOANS AND ALLOWANCE FOR LOAN _3

LOANS AND ALLOWANCE FOR LOAN LOSSES (Schedule of Loan Receivables) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Loans and Leases Receivable Disclosure [Line Items]
Total loans	$ 2,770,799	$ 2,677,919
Deferred fees	(4,700)	(4,970)
Loans, net of deferred fees and unamortized costs	2,766,099	2,672,949
Allowance for loan losses	(30,924)	(26,272)	$ (20,834)	$ (18,942)
Net loans	2,735,175	2,646,677
Healthcare Sector [Member]
Loans and Leases Receivable Disclosure [Line Items]
Additional provision for loan losses	3,100
Real estate
Loans and Leases Receivable Disclosure [Line Items]
Total loans	2,225,500	2,157,344
Commercial and industrial
Loans and Leases Receivable Disclosure [Line Items]
Total loans	482,187	448,619
Allowance for loan losses	(8,213)	(7,070)	(6,177)	(6,257)
Consumer
Loans and Leases Receivable Disclosure [Line Items]
Total loans	63,112	71,956
Allowance for loan losses	(506)	(754)	(706)	(748)
Commercial | Real estate
Loans and Leases Receivable Disclosure [Line Items]
Total loans	1,729,386	1,668,236
Allowance for loan losses	(15,891)	(15,317)	(10,885)	(9,037)
Construction | Real estate
Loans and Leases Receivable Disclosure [Line Items]
Total loans	41,162	30,827
Allowance for loan losses	(549)	(411)	(647)	(625)
Multi-family | Real estate
Loans and Leases Receivable Disclosure [Line Items]
Total loans	379,342	375,611
Allowance for loan losses	(2,518)	(2,453)	(2,111)	(2,047)
One to four family | Real estate
Loans and Leases Receivable Disclosure [Line Items]
Total loans	75,610	82,670
Allowance for loan losses	$ (191)	$ (267)	$ (308)	$ (228)

LOANS AND ALLOWANCE FOR LOAN _4

LOANS AND ALLOWANCE FOR LOAN LOSSES (Schedule of Activity in the Allowance for Loan Losses by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	$ 26,272	$ 18,942
Provision (credit) for loan losses	4,790	(2,031)
Loans charged-off	(201)	(347)
Recoveries	63	4,270
Total ending allowance balance	30,924	20,834
Net charge-offs (recoveries)	138	(3,900)
Recovered charged-off in taxi medallion loans	4,200
COVID 19 - Impact
Allowance for Loan and Lease Losses [Roll Forward]
Provision (credit) for loan losses	3,056
Total ending allowance balance	3,056
Real estate | Commercial
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	15,317	9,037
Provision (credit) for loan losses	574	1,848
Total ending allowance balance	15,891	10,885
Real estate | Construction
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	411	625
Provision (credit) for loan losses	138	22
Total ending allowance balance	549	647
Real estate | Multi-family
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	2,453	2,047
Provision (credit) for loan losses	65	64
Total ending allowance balance	2,518	2,111
Real estate | One to four family
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	267	228
Provision (credit) for loan losses	(76)	80
Total ending allowance balance	191	308
Commercial and industrial
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	7,070	6,257
Provision (credit) for loan losses	1,098	(4,077)
Loans charged-off	(13)	(273)
Recoveries	58	4,270
Total ending allowance balance	8,213	6,177
Consumer
Allowance for Loan and Lease Losses [Roll Forward]
Beginning balance	754	748
Provision (credit) for loan losses	(65)	32
Loans charged-off	(188)	(74)
Recoveries	5
Total ending allowance balance	$ 506	$ 706

LOANS AND ALLOWANCE FOR LOAN _5

LOANS AND ALLOWANCE FOR LOAN LOSSES (Schedule of Loans by Impairment Method) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Loans and Leases Receivable Disclosure [Line Items]
Individually evaluated for impairment, Allowance for loan losses	$ 981	$ 1,180
Collectively evaluated for impairment, Allowance for loan losses	29,943	25,092
Total ending allowance balance	30,924	26,272	$ 20,834	$ 18,942
Individually evaluated for impairment, Loans	7,561	5,526
Collectively evaluated for impairment, Loans	2,763,238	2,672,393
Total ending loan balance	2,770,799	2,677,919
COVID 19 - Impact
Loans and Leases Receivable Disclosure [Line Items]
Collectively evaluated for impairment, Allowance for loan losses	3,056
Total ending allowance balance	3,056
Real estate
Loans and Leases Receivable Disclosure [Line Items]
Total ending loan balance	2,225,500	2,157,344
Real estate | Commercial
Loans and Leases Receivable Disclosure [Line Items]
Collectively evaluated for impairment, Allowance for loan losses	15,891	15,317
Total ending allowance balance	15,891	15,317	10,885	9,037
Individually evaluated for impairment, Loans	363	367
Collectively evaluated for impairment, Loans	1,729,023	1,667,869
Total ending loan balance	1,729,386	1,668,236
Real estate | Construction
Loans and Leases Receivable Disclosure [Line Items]
Collectively evaluated for impairment, Allowance for loan losses	549	411
Total ending allowance balance	549	411	647	625
Collectively evaluated for impairment, Loans	41,162	30,827
Total ending loan balance	41,162	30,827
Real estate | Multi-family
Loans and Leases Receivable Disclosure [Line Items]
Collectively evaluated for impairment, Allowance for loan losses	2,518	2,453
Total ending allowance balance	2,518	2,453	2,111	2,047
Collectively evaluated for impairment, Loans	379,342	375,611
Total ending loan balance	379,342	375,611
Real estate | One to four family
Loans and Leases Receivable Disclosure [Line Items]
Individually evaluated for impairment, Allowance for loan losses	60	64
Collectively evaluated for impairment, Allowance for loan losses	131	203
Total ending allowance balance	191	267	308	228
Individually evaluated for impairment, Loans	1,028	3,384
Collectively evaluated for impairment, Loans	74,582	79,286
Total ending loan balance	75,610	82,670
Commercial and industrial
Loans and Leases Receivable Disclosure [Line Items]
Individually evaluated for impairment, Allowance for loan losses	805	805
Collectively evaluated for impairment, Allowance for loan losses	7,408	6,265
Total ending allowance balance	8,213	7,070	6,177	6,257
Individually evaluated for impairment, Loans	5,801	1,047
Collectively evaluated for impairment, Loans	476,386	447,572
Total ending loan balance	482,187	448,619
Consumer
Loans and Leases Receivable Disclosure [Line Items]
Individually evaluated for impairment, Allowance for loan losses	116	311
Collectively evaluated for impairment, Allowance for loan losses	390	443
Total ending allowance balance	506	754	$ 706	$ 748
Individually evaluated for impairment, Loans	369	728
Collectively evaluated for impairment, Loans	62,743	71,228
Total ending loan balance	$ 63,112	$ 71,956

LOANS AND ALLOWANCE FOR LOAN _6

LOANS AND ALLOWANCE FOR LOAN LOSSES (Schedule of Impaired by Class of Loans) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
With an allowance recorded:
Unpaid Principal Balance	$ 2,046		$ 2,411
Recorded Investment	1,912		2,278
Allowance for Loan Losses Allocated	981		1,180
Average Recorded Investment	2,095	$ 360
Interest Income Recognized	10	5
Without an allowance recorded:
Unpaid Principal Balance	5,796		3,395
Recorded Investment	5,649		3,248
Average Recorded Investment	4,448	1,192
Interest Income Recognized	11	15
One to four family
With an allowance recorded:
Unpaid Principal Balance	626		633
Recorded Investment	496		503
Allowance for Loan Losses Allocated	60		64
Average Recorded Investment	500	263
Interest Income Recognized	5	3
Without an allowance recorded:
Unpaid Principal Balance	679		3,028
Recorded Investment	532		2,881
Average Recorded Investment	1,706	811
Interest Income Recognized	7	11
Real estate | Commercial
Without an allowance recorded:
Unpaid Principal Balance	363		367
Recorded Investment	363		367
Average Recorded Investment	365	381
Interest Income Recognized	4	4
Commercial and industrial
With an allowance recorded:
Unpaid Principal Balance	1,047		1,047
Recorded Investment	1,047		1,047
Allowance for Loan Losses Allocated	805		805
Average Recorded Investment	1,047
Without an allowance recorded:
Unpaid Principal Balance	4,754
Recorded Investment	4,754
Average Recorded Investment	2,377
Consumer
With an allowance recorded:
Unpaid Principal Balance	373		731
Recorded Investment	369		728
Allowance for Loan Losses Allocated	116		$ 311
Average Recorded Investment	548	97
Interest Income Recognized	$ 5	$ 2

LOANS AND ALLOWANCE FOR LOAN _7

LOANS AND ALLOWANCE FOR LOAN LOSSES (Schedule of Non-accrual Loans) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Loans and Leases Receivable Disclosure [Line Items]
Nonaccrual	$ 6,136	$ 4,085
Loans Past Due Over 90 Days Still Accruing	205	408
Loans modified in troubled debt restructurings	1,425	1,441
One to four family
Loans and Leases Receivable Disclosure [Line Items]
Nonaccrual	335	2,345
Loans Past Due Over 90 Days Still Accruing	0	0
Loans modified in troubled debt restructurings	1,028	1,039
Real estate | Commercial
Loans and Leases Receivable Disclosure [Line Items]
Loans modified in troubled debt restructurings	363	367
Commercial and industrial
Loans and Leases Receivable Disclosure [Line Items]
Nonaccrual	5,801	1,047
Loans Past Due Over 90 Days Still Accruing	205	408
Consumer
Loans and Leases Receivable Disclosure [Line Items]
Nonaccrual	0	693
Loans Past Due Over 90 Days Still Accruing	0	0
Loans modified in troubled debt restructurings	$ 34	$ 35

LOANS AND ALLOWANCE FOR LOAN _8

LOANS AND ALLOWANCE FOR LOAN LOSSES (Schedule of Past Due Loans) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	$ 6,984	$ 3,144
Loans not Past Due	2,763,815	2,674,775
Total loans	2,770,799	2,677,919
30 - 59 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	481	982
60 - 89 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	162	14
Greater than 90 days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	6,341	2,148
Real estate
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total loans	2,225,500	2,157,344
Real estate | Commercial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans not Past Due	1,729,386	1,668,236
Total loans	1,729,386	1,668,236
Real estate | Construction
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans not Past Due	41,162	30,827
Total loans	41,162	30,827
Real estate | Multi-family
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans not Past Due	379,342	375,611
Total loans	379,342	375,611
Real estate | One to four family
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans not Past Due	75,610	82,670
Total loans	75,610	82,670
Commercial and industrial
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	6,547	1,801
Loans not Past Due	475,640	446,818
Total loans	482,187	448,619
Commercial and industrial | 30 - 59 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	379	346
Commercial and industrial | 60 - 89 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	162
Commercial and industrial | Greater than 90 days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	6,006	1,455
Consumer
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	437	1,343
Loans not Past Due	62,675	70,613
Total loans	63,112	71,956
Consumer | 30 - 59 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	102	636
Consumer | 60 - 89 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due		14
Consumer | Greater than 90 days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	$ 335	$ 693

LOANS AND ALLOWANCE FOR LOAN _9

LOANS AND ALLOWANCE FOR LOAN LOSSES (Schedule of Loans by Risk Category) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	$ 2,770,799	$ 2,677,919
Commercial Construction and Multifamily Real Estate Loans [Member]
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	2,632,077	2,523,293
Commercial Construction and Multifamily Real Estate Loans [Member] | Pass
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	2,625,708	2,520,919
Commercial Construction and Multifamily Real Estate Loans [Member] | Special Mention
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	363	367
Commercial Construction and Multifamily Real Estate Loans [Member] | Substandard
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	4,959	960
Commercial Construction and Multifamily Real Estate Loans [Member] | Doubtful
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	1,047	1,047
Real estate
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	2,225,500	2,157,344
Real estate | Commercial
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	1,729,386	1,668,236
Real estate | Commercial | Pass
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	1,729,023	1,667,869
Real estate | Commercial | Special Mention
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	363	367
Real estate | Construction
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	41,162	30,827
Real estate | Construction | Pass
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	41,162	30,827
Real estate | Multi-family
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	379,342	375,611
Real estate | Multi-family | Pass
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	379,342	375,611
Real estate | One to four family
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	75,610	82,670
Commercial and industrial
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	482,187	448,619
Commercial and industrial | Pass
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	476,181	446,612
Commercial and industrial | Substandard
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	4,959	960
Commercial and industrial | Doubtful
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	1,047	1,047
Consumer
Loans and Leases Receivable Disclosure [Line Items]
Loans and Leases Receivable, Gross	$ 63,112	$ 71,956

LOANS AND ALLOWANCE FOR LOAN_10

LOANS AND ALLOWANCE FOR LOAN LOSSES (Troubled Debt Restructurings) (Details)	1 Months Ended	3 Months Ended		12 Months Ended
	Apr. 30, 2020USD ($)	Mar. 31, 2020USD ($)item	Mar. 31, 2019item	Dec. 31, 2019USD ($)
Loans and Leases Receivable Disclosure [Line Items]
Loans modified in troubled debt restructurings		$ 1,425,000		$ 1,441,000
Number of TDR loans during the period		0		0
Specific reserves modified as TDRs		$ 60,000		$ 80,000
Number of contracts financing receivable modifications | item		0	0
Subsequent Event [Member]
Loans and Leases Receivable Disclosure [Line Items]
Loans classified as TDRs due to COVID 19 and CARES ACT	$ 401,700,000

EARNINGS PER SHARE (Computation

EARNINGS PER SHARE (Computation of Basic and Diluted Earnings per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Basic
Net income per consolidated statements of income	$ 6,097	$ 8,531
Less: Earnings allocated to participating securities	(65)	(135)
Net income available to common stockholder	$ 6,032	$ 8,396
Weighted average common shares outstanding including participating securities	8,304,205	8,281,325
Less: Weighted average participating securities	(88,246)	(130,873)
Weighted average common shares outstanding	8,215,959	8,150,452
Basic earnings per common share (in dollars per share)	$ 0.73	$ 1.03
Diluted
Net income allocated to common shareholders	$ 6,032	$ 8,396
Weighted average common shares outstanding for basic earnings per common share	8,215,959	8,150,452
Average shares and dilutive potential common shares	8,412,782	8,285,220
Diluted earnings per common share (in dollars per share)	$ 0.72	$ 1.01
Stock Option
Diluted
Add: Dilutive effects of assumed exercise of stock options	131,159	114,740
Restricted stock
Diluted
Dilutive effects of assumed exercise of stock options/vesting of performance based restricted stock	65,664	20,028

STOCK COMPENSATION PLAN (Summar

STOCK COMPENSATION PLAN (Summary of the Status of the Stock Option Plan) (Details)	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Number of Options
Outstanding, beginning of period	231,000
Exercised	0
Outstanding, end of period	231,000
Options vested and exercisable at end of period	231,000
Weighted Average Exercise Price
Outstanding, beginning of period | $ / shares	$ 18
Outstanding, end of period | $ / shares	18
Options vested and exercisable at end of period | $ / shares	$ 18
Weighted average remaining contractual life (years)	4 years 1 month 17 days

STOCK COMPENSATION PLAN (Summ_2

STOCK COMPENSATION PLAN (Summary of Stock Options Outstanding) (Details)	3 Months Ended
	Mar. 31, 2020$ / sharesshares
$10 - 20
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Average Exercise Prices, Lower Limit	$ 10
Range of Average Exercise Prices, Upper Limit	$ 20
Number of Options Outstanding | shares	231,000
Weighted Average Remaining Contractual Life	4 years 1 month 17 days
Weighted Average Exercise Price	$ 18
Weighted Average Intrinsic Price	8.93
$21 - 30
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Average Exercise Prices, Lower Limit	21
Range of Average Exercise Prices, Upper Limit	30
$10 - 30
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Average Exercise Prices, Lower Limit	10
Range of Average Exercise Prices, Upper Limit	$ 30
Number of Options Outstanding | shares	231,000
Weighted Average Remaining Contractual Life	4 years 1 month 17 days
Weighted Average Exercise Price	$ 18
Weighted Average Intrinsic Price	$ 8.93

STOCK COMPENSATION PLAN (Summ_3

STOCK COMPENSATION PLAN (Summary of Non-Vested Restricted Stock Awards) (Details) - Restricted stock	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of shares, Outstanding, beginning of period | shares	104,838
Number of shares, Granted | shares	60,307
Number of shares, Forfeited | shares	(12,244)
Number of shares, Vested | shares	(19,541)
Number of shares, Outstanding at end of period | shares	133,360
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Date fair Value, beginning of period | $ / shares	$ 29.86
Weighted Average Grant Date fair Value, Granted | $ / shares	45.29
Weighted Average Grant Date fair Value, Forfeited | $ / shares	29.63
Weighted Average Grant Date fair Value, Vested | $ / shares	19.39
Weighted Average Grant Date fair Value, at end of period | $ / shares	$ 38.39
Vesting period	3 years

STOCK COMPENSATION PLAN (Summ_4

STOCK COMPENSATION PLAN (Summary of Performance Based Stock Awards) (Details)	3 Months Ended
	Mar. 31, 2020USD ($)shares
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate share payout	90,000
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate share payout	12,000
Performance Restricted Share Units ("Prsus")
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period (in years)	3 years
Weighted average service inception date fair value of award shares | $	$ 4,064,295
Likely aggregate share payout	90,000
Compensation expense recognized | $	$ 358,000

STOCK COMPENSATION PLAN (Detail

STOCK COMPENSATION PLAN (Details) - USD ($)	May 18, 2019	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	May 28, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding shares		231,000		231,000
Exercise of stock options (in shares)		0
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to non-vested stock options		$ 3,800,000
Compensation cost related to stock awards		$ 354,000	$ 229,000
Number of shares, Granted		60,307
Vesting period		3 years
Unrecognized compensation expense recognition period		2 years 4 months 24 days
Fair value of shares vested		$ 743,957
Restricted stock | Non-employee directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost related to stock awards		$ 100,000
Number of shares, Granted		38,900
Vesting percentage		33.00%
Service period (in years)		3 years
Vesting period		3 years
Performance Restricted Share Units ("Prsus")
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost related to stock awards		$ 358,000
Number of PRSUs awarded		90,000
Directors' fees | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to non-vested stock options		$ 700,000
Unrecognized compensation expense recognition period		1 year 9 months
Equity Incentive Plan 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, shares authorized, maximum					340,000
Equity Incentive Plan 2019 | Stock Option | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of exercise price to the fair market value		100.00%
Equity Incentive Plan 2019 | Incentive stock options granted to any 10% stockholder | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of the exercise price to the fair market value of the shares covered by the stock option on the date of grant in the case of an ISO granted to 10% stockholder		110.00%
Equity Incentive Plan 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding shares					468,382
Number of shares expired	628,719
Compensation cost related to stock awards		$ 0	$ 0
Equity Incentive Plan 2009 | Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to non-vested stock options		$ 0		$ 0
Equity Incentive Plan 2009 | Equity Incentive Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, exercise period from the grant date		10 years
Equity Incentive Plan 2009 | Incentive stock options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, exercise period from the grant date		5 years

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 205,646	$ 240,888
Amount of transfers of assets measured on a recurring basis out of Level 1 of the fair value hierarchy into Level 2	0		$ 0
Amount of transfers of assets measured on a recurring basis out of Level 2 of the fair value hierarchy into Level 1	0		$ 0
Fair value assets measured at fair value on a non-recurring basis	0	0
Carrying Amount | Residential mortgage-backed securities | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	169,114	177,263
Carrying Amount | Commercial mortgage-backed securities issued by U.S. government sponsored entities | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	30,740	32,472
Carrying Amount | Municipal bonds | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value		25,207
Carrying Amount | CRA mutual fund | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	2,272	2,224
Fair Value, Inputs, Level 1 | CRA mutual fund | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	2,272	2,224
Fair Value, Inputs, Level 2 | Residential mortgage-backed securities | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	169,114	177,263
Fair Value, Inputs, Level 2 | Commercial mortgage-backed securities issued by U.S. government sponsored entities | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	30,740	32,472
Fair Value, Inputs, Level 2 | Municipal bonds | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value		25,207
Fair Value, Inputs, Level 2 | CRA mutual fund | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	0	$ 0
Interest Rate Cap [Member] | Carrying Amount | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	1,892
Interest Rate Cap [Member] | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 1,892

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS (Carrying Amount and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Financial assets:
Debt securities available for sale	$ 199,854	$ 234,942
Securities held to maturity	3,588	3,712
Other investments
Other Investments	21,455	21,437
Financial liabilities:
Noninterest-bearing demand deposits	1,250,584	1,090,479
Federal Home Loan Bank of New York advances	144,000	144,000
Carrying Amount
Financial assets:
Cash and due from banks	12,501	9,619
Overnight deposits	569,927	381,104
Debt securities available for sale	199,854	234,942
Securities held to maturity	3,520	3,722
Equity investments	2,272	2,224
Loans, net	2,735,175	2,646,677
Other investments
FRB Stock	7,335	7,317
FHLB Stock	8,122	8,122
SBA Loan Fund	5,000	5,000
Disability Fund	500	500
Time deposits at banks	498	498
Interest rate cap derivative	1,892
Accrued interest receivable	9,108	8,862
Financial liabilities:
Noninterest-bearing demand deposits	1,250,584	1,090,479
Money market and savings deposits	1,673,452	1,589,920
Time deposits	97,656	110,375
Federal Home Loan Bank of New York advances	144,000	144,000
Trust preferred securities payable	20,620	20,620
Subordinated debt, net of issuance cost	24,615	24,601
Accrued interest payable	1,146	1,229
Total Fair Value
Financial assets:
Cash and due from banks	12,501	9,619
Overnight deposits	569,927	381,104
Debt securities available for sale	199,854	234,942
Securities held to maturity	3,588	3,712
Equity investments	2,272	2,224
Loans, net	2,732,185	2,609,233
Other investments
Disability Fund	500	500
Time deposits at banks	498	498
Interest rate cap derivative	1,892
Accrued interest receivable	9,108	8,862
Financial liabilities:
Noninterest-bearing demand deposits	1,250,584	1,090,479
Money market and savings deposits	1,673,452	1,589,920
Time deposits	98,846	110,800
Federal Home Loan Bank of New York advances	144,813	144,229
Trust preferred securities payable	20,024	20,011
Subordinated debt, net of issuance cost	24,125	25,375
Accrued interest payable	1,146	1,229
Fair Value, Inputs, Level 1
Financial assets:
Cash and due from banks	12,501	9,619
Overnight deposits	569,927	381,104
Equity investments	2,272	2,224
Other investments
Time deposits at banks	498	498
Financial liabilities:
Noninterest-bearing demand deposits	1,250,584	1,090,479
Money market and savings deposits	1,673,452	1,589,920
Accrued interest payable	9	14
Fair Value, Inputs, Level 2
Financial assets:
Debt securities available for sale	199,854	234,942
Securities held to maturity	3,588	3,712
Other investments
Disability Fund	500	500
Interest rate cap derivative	1,892
Accrued interest receivable	503	544
Financial liabilities:
Money market and savings deposits	0
Time deposits	98,846	110,800
Federal Home Loan Bank of New York advances	144,813	144,229
Subordinated debt, net of issuance cost	24,125	25,375
Accrued interest payable	941	1,009
Fair Value, Inputs, Level 3
Financial assets:
Loans, net	2,732,185	2,609,233
Other investments
Accrued interest receivable	8,605	8,318
Financial liabilities:
Money market and savings deposits	0
Trust preferred securities payable	20,024	20,011
Accrued interest payable	$ 196	$ 206

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,207
Beginning balance, as adjusted	4,289		$ 1,207
Unrealized holding gain (loss) arising during the period	6,539	$ 385
Reclassification adjustment for gain included in net income	(975)
Tax effect	(1,756)	(127)
Net of tax	3,808	258
Unrealized holding gain (loss) arising during the period	(1,060)
Tax effect	334
Net of tax	(726)
Net current period other comprehensive loss	3,082	258
Ending balance	4,289
AOCI (Loss), Net
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	1,207	(473)
Beginning balance, as adjusted	4,289	(147)	1,207	$ (473)
Net current period other comprehensive loss	3,082	258
Ending balance	4,289	(147)
AOCI (Loss), Net | ASU 2016-01
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	1,207	(405)
Cumulative effect of adopting new accounting standard ASU 2016-01, net of taxes			0	(68)
Beginning balance, as adjusted	$ 1,207	$ (405)	$ 1,207	$ (405)

ACCUMULATED OTHER COMPREHENSI_4

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Reclassifications Out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income tax expense	$ (2,906)	$ (3,777)
Reclassifications out of accumulated other comprehensive (loss) income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Realized gain on sale of available for sale securities	975
Income tax expense	(387)
Total reclassifications, net of income tax	$ 588

FINANCIAL INSTRUMENTS WITH OF_3

FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK (Outstanding following off-balance-sheet financial instruments) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fixed Rate	$ 60,954	$ 64,947
Variable Rate	191,563	193,767
Undrawn lines of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fixed Rate	15,695	17,204
Variable Rate	191,563	193,767
Letters of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fixed Rate	45,259	47,743
Variable Rate	$ 0	$ 0

FINANCIAL INSTRUMENTS WITH OF_4

FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Amount of off-balance-sheet financial instruments	$ 60,954	$ 64,947
Maturity of stand by letters of credit and time deposits	one year
Minimum
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fixed interest rate off-balance-sheet financial instruments	3.00%	3.00%
Variable interest rate off-balance-sheet financial instrument	2.00%	3.50%
Commitments term	1 year	1 year
Maximum
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fixed interest rate off-balance-sheet financial instruments	5.60%	5.60%
Variable interest rate off-balance-sheet financial instrument	8.30%	9.80%
Commitments term	2 years
Letters of credit
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Amount of off-balance-sheet financial instruments	$ 45,259	$ 47,743
Amount of off-balance-sheet financial instruments collateral received	$ 27,700	$ 29,800

REVENUE FROM CONTRACTS WITH C_3

REVENUE FROM CONTRACTS WITH CUSTOMERS (Schedule of non-interest income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Total non-interest income	$ 3,329	$ 2,354
Service charges on deposit accounts
Non-interest income	1,081	819
Prepaid third-party debit card incomes
Non-interest income	1,621	1,257
Other service charges and fees
Non-interest income	$ 627	$ 278

DERIVATIVES - Derivative positi

DERIVATIVES - Derivative position (Details) - Derivatives designated as hedging instruments $ in Thousands	Mar. 31, 2020USD ($)
Interest rate caps related to customer deposits
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount, derivative asset	$ 300,000
Fair value	1,892
Other assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount, derivative asset	300,000
Fair value	1,892
Deposit liability | Interest rate caps related to customer deposits
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount, derivative liability	$ 300,000

DERIVATIVES - Cash flow hedge a

DERIVATIVES - Cash flow hedge accounting (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Derivatives designated as hedging instruments | Interest rate caps related to customer deposits | Cash flow hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Loss Recognized in OCI on Derivative	$ (726)