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Fair Value of Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2022
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 March 31, 

 

at December 31,

 

For the three months ended March 31, 

Description

    

2022

    

2021

    

2022

    

2021

(In thousands)

 

  

 

  

 

  

 

  

Mortgage-backed securities

$

364

$

388

$

(4)

$

(1)

Other securities

 

13,676

 

14,180

 

(536)

 

(175)

Borrowed funds

 

57,955

 

56,472

 

(1,269)

 

(1,460)

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

$

(1,809)

$

(1,636)

(1)The net loss from fair value adjustments presented in the above table does not include net gains $2.6 million for the three months ended March 31, 2021, from the change in the fair value of interest rate swaps.
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

    

2022

    

2021

    

2022

    

2021

    

2022

    

2021

    

2022

    

2021

 

(In thousands)

Assets:

Securities available for sale

Mortgage-backed

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Securities

$

$

$

553,828

$

572,184

$

$

$

553,828

$

572,184

Other securities

 

11,937

 

12,485

 

272,364

 

190,872

 

1,740

 

1,695

 

286,041

 

205,052

Interest rate swaps

 

 

 

35,636

 

10,683

 

 

 

35,636

 

10,683

Total assets

$

11,937

$

12,485

$

861,828

$

773,739

$

1,740

$

1,695

$

875,505

$

787,919

Liabilities:

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Borrowings

$

$

$

$

$

57,955

$

56,472

$

57,955

$

56,472

Interest rate swaps

 

 

 

11,585

 

25,071

 

 

 

11,585

 

25,071

Total liabilities

$

$

$

11,585

$

25,071

$

57,955

$

56,472

$

69,540

$

81,543

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

    

For the three months ended

March 31, 2022

March 31, 2021

Trust preferred

Junior subordinated

Trust preferred

Junior subordinated

    

securities

    

debentures

    

securities

    

debentures

 

(In thousands)

Beginning balance

$

1,695

$

56,472

$

1,295

$

43,136

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

 

45

 

 

47

 

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

 

 

1,269

 

 

1,460

Increase (Decrease) in accrued interest

 

 

16

 

 

(4)

Change in unrealized gains included in other comprehensive loss

 

 

198

 

 

120

Ending balance

$

1,740

$

57,955

$

1,342

$

44,712

Changes in unrealized gains held at period end

$

$

3,136

$

$

2,551

(1)Totals in the table above are presented in the Consolidated Statements of Income under net gain (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

    

2022

    

2021

    

2022

    

2021

    

2022

    

2021

    

2022

    

2021

 

(In thousands)

Assets:

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Non-accrual loans

$

$

$

$

$

11,967

$

11,026

$

11,967

$

11,026

Other repossessed assets

 

 

 

 

 

 

 

 

Total assets

$

$

$

$

$

11,967

$

11,026

$

11,967

$

11,026

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

    

March 31, 2022

Carrying

Fair

    

Amount

    

Value

    

Level 1

    

Level 2

    

Level 3

 

(In thousands)

Assets:

 

  

 

  

 

  

 

  

 

  

Cash and due from banks

$

186,407

$

186,407

$

186,407

$

$

Securities held-to-maturity

 

  

 

  

 

  

 

  

 

  

Mortgage-backed securities

 

7,890

 

7,880

 

 

7,880

 

Other securities

 

67,313

 

61,839

 

 

 

61,839

Securities available for sale

 

  

 

  

 

  

 

  

 

  

Mortgage-backed securities

 

553,828

 

553,828

 

 

553,828

 

Other securities

 

286,041

 

286,041

 

11,937

 

272,364

 

1,740

Loans

 

6,607,264

 

6,610,591

 

 

 

6,610,591

FHLB-NY stock

 

33,891

 

33,891

 

 

33,891

 

-

Accrued interest receivable

 

37,308

 

37,308

 

8

 

1,760

 

35,540

Interest rate swaps

 

35,636

 

35,636

 

 

35,636

 

Liabilities:

 

  

 

  

 

  

 

  

 

  

Deposits

$

6,452,895

$

6,444,392

$

5,566,578

$

877,814

$

Borrowings

 

877,122

 

868,589

 

 

810,634

 

57,955

Accrued interest payable

 

5,740

 

5,740

 

 

5,740

 

Interest rate swaps

 

11,585

 

11,585

 

 

11,585

 

    

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

 

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

    

At March 31, 2022

 

    

Fair Value

    

Valuation Technique

    

Unobservable Input

    

Range

    

Weighted Average

 

(Dollars in thousands)

 

Assets:

 

  

 

  

 

  

 

  

 

  

Non-accrual loans

$

11,592

 

Sales approach

 

Reduction for planned expedited disposal

8.0% to 15.0

%  

12.6

%

Non-accrual loans

$

375

 

Discounted Cashflow

 

Discount Rate

 

4.3

%  

4.3

%

Probability of Default

35.0

%  

35.0

%

    

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

%

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

March 31, 2022

 

    

Fair Value

    

Valuation Technique

    

Unobservable Input

    

Range

    

Weighted Average

 

(Dollars in thousands)

Assets:

Trust preferred securities

$

1,740

 

Discounted cash flows

 

Discount rate

 

n/a

 

2.0

%

Liabilities:

 

  

 

  

 

  

 

  

 

  

Junior subordinated debentures

$

57,955

 

Discounted cash flows

 

Discount rate

 

n/a

 

2.0

%

    

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

%