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Fair Value of Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2021
Notes Tables  
Schedule of financial assets and financial liabilities

Fair Value

Fair Value

Changes in Fair Values For Items Measured at Fair Value

Measurements

Measurements

Pursuant to Election of the Fair Value Option

 

at December 31, 

 

at December 31, 

 

For the year ended December 31, 

Description

    

2021

    

2020

    

2021

    

2020

    

2019

(Dollars in thousands)

 

  

 

  

 

  

 

  

 

  

Mortgage-backed securities

$

388

$

505

$

(5)

$

3

$

3

Other securities

 

14,180

 

13,998

 

36

 

230

 

427

Borrowed funds

 

56,472

 

43,136

 

(14,004)

 

(50)

 

(2,802)

Net gain (loss) from fair value adjustments (1)

$

(13,973)

$

183

$

(2,372)

(1)The net gain (loss) from fair value adjustments presented in the above table does not include net gains (losses) of $1.0 million, ($2.3) million, and ($3.0) million from the change in fair value of derivative instruments during the years ended December 31, 2021, 2020, and 2019, respectively.
Schedule of assets and liabilities that are carried at fair value on recurring basis

Quoted Prices

in Active Markets

Significant Other

Significant Other

for Identical Assets

Observable Inputs

Unobservable Inputs

Total carried at fair value

(Level 1)

(Level 2)

(Level 3)

on a recurring basis

    

2021

    

2020

    

2021

    

2020

    

2021

    

2020

    

2021

    

2020

 

(In thousands)

Assets:

Securities available for sale

Mortgage-backed

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Securities

$

$

$

572,184

$

404,460

$

$

$

572,184

$

404,460

Other securities

 

12,485

 

12,703

 

190,872

 

229,516

 

1,695

 

1,295

 

205,052

 

243,514

Interest rate swaps

 

 

 

10,683

 

1,319

 

 

 

10,683

 

1,319

Total assets

$

12,485

$

12,703

$

773,739

$

635,295

$

1,695

$

1,295

$

787,919

$

649,293

Liabilities:

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Borrowings

$

$

$

$

$

56,472

$

43,136

$

56,472

$

43,136

Interest rate swaps

 

 

 

25,071

 

60,987

 

 

 

25,071

 

60,987

Total liabilities

$

$

$

25,071

$

60,987

$

56,472

$

43,136

$

81,543

$

104,123

Schedule of assets and liabilities that are carried at fair value on a recurring basis, classified within Level 3

    

For the year ended

December 31, 2021

December 31, 2020

Trust preferred

Junior subordinated

Trust preferred

Junior subordinated

    

securities

    

debentures

    

securities

    

debentures

 

(In thousands)

Beginning balance

$

1,295

$

43,136

$

1,332

$

44,384

Net (loss) gain from fair value adjustment of financial assets (1)

 

400

 

 

(34)

 

Net loss from fair value adjustment of financial liabilities (1)

 

 

14,004

 

 

50

Decrease in accrued interest

 

 

(4)

 

(3)

 

(103)

Change in unrealized losses included in other comprehensive loss

 

 

(664)

 

 

(1,195)

Ending balance

$

1,695

$

56,472

$

1,295

$

43,136

Changes in unrealized gains held at period end

$

$

3,334

$

$

2,670

(1)These totals in the table above are presented in the Consolidated Statement of Income under Net loss from fair value adjustments.
Schedule of assets and liabilities that are carried at fair value on non-recurring basis

Quoted Prices

    

    

    

    

    

in Active Markets

Significant Other

Significant Other

for Identical Assets

Observable Inputs

Unobservable Inputs

Total carried at fair value

(Level 1)

(Level 2)

(Level 3)

on a non-recurring basis

    

2021

    

2020

    

2021

    

2020

    

2021

    

2020

    

2021

    

2020

 

(In thousands)

Assets:

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Non-accrual loans

$

$

$

$

$

11,026

$

11,980

$

11,026

$

11,980

Other repossessed assets

 

 

 

 

 

 

 

 

Total assets

$

$

$

$

$

11,026

$

11,980

$

11,026

$

11,980

Schedule of carrying amounts and estimated fair values of selected financial instruments

    

December 31, 2021

Carrying

Fair

    

Amount

    

Value

    

Level 1

    

Level 2

    

Level 3

 

(In thousands)

Assets:

 

  

 

  

 

  

 

  

 

  

Cash and due from banks

$

81,723

$

81,723

$

81,723

$

$

-

Securities held-to-maturity

 

  

 

  

 

  

 

  

 

  

Mortgage-backed securities

 

7,894

 

8,667

 

 

8,667

 

-

Other securities

 

49,974

 

53,362

 

 

 

53,362

Securities available for sale

 

  

 

  

 

  

 

  

 

  

Mortgage-backed securities

 

572,184

 

572,184

 

 

572,184

 

-

Other securities

 

205,052

 

205,052

 

12,485

 

190,872

 

1,695

Loans

 

6,638,105

 

6,687,125

 

 

 

6,687,125

FHLB-NY stock

 

35,937

 

35,937

 

 

35,937

 

-

Accrued interest receivable

 

38,698

 

38,698

 

 

1,574

 

37,124

Interest rate swaps

 

10,683

 

10,683

 

 

10,683

 

Liabilities:

 

  

 

  

 

  

 

  

 

  

Deposits

$

6,385,445

$

6,385,276

$

5,438,870

$

946,406

$

Borrowings

 

815,544

 

816,012

 

 

759,540

 

56,472

Accrued interest payable

 

4,777

 

4,777

 

 

4,777

 

Interest rate swaps

 

25,071

 

25,071

 

 

25,071

 

    

December 31, 2020

Carrying

Fair

    

Amount

    

Value

    

Level 1

    

Level 2

    

Level 3

(In thousands)

Assets:

 

  

 

  

 

  

 

  

 

  

Cash and due from banks

$

157,388

$

157,388

$

157,388

$

$

Securities held-to-maturity

 

  

 

  

 

  

 

  

 

  

Mortgage-backed securities

 

7,914

 

8,991

 

 

8,991

 

Other securities

 

49,918

 

54,538

 

 

 

54,538

Securities available for sale

 

  

 

  

 

  

 

  

 

  

Mortgage-backed securities

 

404,460

 

404,460

 

 

404,460

 

Other securities

 

243,514

 

243,514

 

12,703

 

229,516

 

1,295

Loans

 

6,704,674

 

6,793,985

 

 

 

6,793,985

FHLB-NY stock

 

43,439

 

43,439

 

 

43,439

 

Accrued interest receivable

 

44,041

 

44,041

 

2

 

1,389

 

42,650

Interest rate swaps

 

1,319

 

1,319

 

 

1,319

 

Liabilities:

 

  

 

  

 

  

 

  

 

  

Deposits

$

6,136,355

$

6,141,775

$

4,997,994

$

1,143,781

$

Borrowings

 

1,020,895

 

1,017,573

 

 

974,437

 

43,136

Accrued interest payable

 

4,755

 

4,755

 

 

4,755

 

Interest rate swaps

 

60,987

 

60,987

 

 

60,987

 

Fair Value, Measurements, Nonrecurring [Member]  
Notes Tables  
Schedule of quantitative information about Level 3

    

At December 31, 2021

 

    

Fair Value

    

Valuation Technique

    

Unobservable Input

    

Range

    

Weighted Average

 

(Dollars in thousands)

 

Assets:

 

  

 

  

 

  

 

  

 

  

Non-accrual loans

$

10,579

 

Sales approach

 

Reduction for planned expedited disposal

8.0% to 15.0

%  

11.9

%

Non-accrual loans

$

447

 

Discounted Cashflow

 

Discount Rate

 

4.3

%  

4.3

%

Probability of Default

35.0

%  

35.0

%

    

At December 31, 2020

 

    

Fair Value

    

Valuation Technique

    

Unobservable Input

    

Range

    

Weighted Average

 

(Dollars in thousands)

 

Assets:

 

  

 

  

 

  

 

  

 

  

Non-accrual loans

$

10,690

 

Sales approach

 

Reduction for planned expedited disposal

-100.0% to 15.0

%  

6.8

%

Non-accrual loans

$

1,290

 

Discounted Cashflow

 

Discount Rate

 

4.3% to 5.5

%  

4.9

%

Probability of Default

20.0% to 35.0

%  

27.4

%

Fair Value, Measurements, Recurring [Member]  
Notes Tables  
Schedule of quantitative information about Level 3

December 31, 2021

 

    

Fair Value

    

Valuation Technique

    

Unobservable Input

    

Range

    

Weighted Average

 

(Dollars in thousands)

Assets:

Trust preferred securities

$

1,695

 

Discounted cash flows

 

Discount rate

 

n/a

 

2.2

%

Liabilities:

 

  

 

  

 

  

 

  

 

  

Junior subordinated debentures

$

56,472

 

Discounted cash flows

 

Discount rate

 

n/a

 

2.2

%

    

December 31, 2020

 

    

Fair Value

    

Valuation Technique

    

Unobservable Input

    

Range

    

Weighted Average

 

 

(Dollars in thousands)

Assets:

 

  

 

  

 

  

 

  

 

  

Trust preferred securities

$

1,295

 

Discounted cash flows

 

Discount rate

 

n/a

 

4.2

%

Liabilities:

 

  

 

  

 

  

 

  

 

  

Junior subordinated debentures

$

43,136

 

Discounted cash flows

 

Discount rate

 

n/a

 

4.2

%