XML 41 R31.htm IDEA: XBRL DOCUMENT v3.22.2
Fair Value of Financial Instruments (Tables)
6 Months Ended
Jun. 30, 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 June 30, 

 

at December 31,

Three Months Ended

Six Months Ended

Description

    

2022

    

2021

June 30, 2022

    

June 30, 2021

    

June 30, 2022

    

June 30, 2021

(In thousands)

 

  

 

  

  

 

  

 

  

 

  

Mortgage-backed securities

$

339

$

388

$

(8)

$

(1)

$

(12)

$

(2)

Other securities

 

13,235

 

14,180

 

(484)

 

176

 

(1,020)

 

1

Borrowed funds

 

55,352

 

56,472

 

3,025

 

(5,528)

 

1,756

 

(6,988)

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

$

2,533

$

(5,353)

$

724

$

(6,989)

(1)The net gain (loss) from fair value adjustments presented in the above table does not include net gains (losses) of ($1.2) million for the three months ended June 30, 2021 and $1.4 million for the six months ended June 30, 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

$

$

$

510,934

$

572,184

$

$

$

510,934

$

572,184

Other securities

 

11,573

 

12,485

 

333,485

 

190,872

 

1,662

 

1,695

 

346,720

 

205,052

Interest rate swaps

 

 

 

53,985

 

10,683

 

 

 

53,985

 

10,683

Total assets

$

11,573

$

12,485

$

898,404

$

773,739

$

1,662

$

1,695

$

911,639

$

787,919

Liabilities:

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Borrowings

$

$

$

$

$

55,352

$

56,472

$

55,352

$

56,472

Interest rate swaps

 

 

 

13,258

 

25,071

 

 

 

13,258

 

25,071

Total liabilities

$

$

$

13,258

$

25,071

$

55,352

$

56,472

$

68,610

$

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

June 30, 2022

June 30, 2021

Trust preferred

Junior subordinated

Trust preferred

Junior subordinated

    

securities

    

debentures

    

securities

    

debentures

 

(In thousands)

Beginning balance

$

1,740

$

57,955

$

1,342

$

44,712

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

 

(80)

 

 

153

 

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

 

 

(3,025)

 

 

5,528

Increase (Decrease) in accrued interest

 

2

 

61

 

 

(3)

Change in unrealized (gains) losses included in other comprehensive loss

 

 

361

 

 

(423)

Ending balance

$

1,662

$

55,352

$

1,495

$

49,814

Changes in unrealized gains held at period end

$

$

2,775

$

$

2,973

(1)Totals in the tables above are presented in the Consolidated Statements of Income under net gain (loss) from fair value adjustments.

    

For the six months ended

June 30, 2022

June 30, 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 (loss) gain from fair value adjustment of financial assets (1)

 

(35)

 

 

200

 

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

 

 

(1,757)

 

 

6,987

Decrease in accrued interest

 

2

 

78

 

 

(6)

Change in unrealized (gains) losses included in other comprehensive loss

 

 

559

 

 

(303)

Ending balance

$

1,662

$

55,352

$

1,495

$

49,814

Changes in unrealized gains held at period end

$

$

2,775

$

$

2,973

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

$

$

$

$

$

22,502

$

11,026

$

22,502

$

11,026

Total assets

$

$

$

$

$

22,502

$

11,026

$

22,502

$

11,026

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

    

June 30, 2022

Carrying

Fair

    

Amount

    

Value

    

Level 1

    

Level 2

    

Level 3

 

(In thousands)

Assets:

 

  

 

  

 

  

 

  

 

  

Cash and due from banks

$

137,026

$

137,026

$

137,026

$

$

Securities held-to-maturity

 

  

 

  

 

  

 

  

 

  

Mortgage-backed securities

 

7,885

 

7,496

 

 

7,496

 

Other securities

 

67,315

 

57,064

 

 

 

57,064

Securities available for sale

 

  

 

  

 

  

 

  

 

  

Mortgage-backed securities

 

510,934

 

510,934

 

 

510,934

 

Other securities

 

346,720

 

346,720

 

11,573

 

333,485

 

1,662

Loans

 

6,760,393

 

6,720,653

 

 

 

6,720,653

FHLB-NY stock

 

50,017

 

50,017

 

 

50,017

 

Accrued interest receivable

 

38,811

 

38,811

 

37

 

2,532

 

36,242

Interest rate swaps

 

53,985

 

53,985

 

 

53,985

 

Liabilities:

 

  

 

  

 

  

 

  

 

  

Deposits

$

6,407,577

$

6,392,190

$

5,500,634

$

891,556

$

Borrowed Funds

 

1,089,621

 

1,075,154

 

 

1,019,802

 

55,352

Accrued interest payable

 

5,637

 

5,637

 

 

5,637

 

Interest rate swaps

 

13,258

 

13,258

 

 

13,258

 

    

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

$

Borrowed Funds

 

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 June 30, 2022

 

    

Fair Value

    

Valuation Technique

    

Unobservable Input

    

Range

    

Weighted Average

 

(Dollars in thousands)

 

Assets:

 

  

 

  

 

  

 

  

 

  

Non-accrual loans

$

22,140

 

Sales approach

 

Reduction for planned expedited disposal

8.0% to 15.0

%  

12.0

%

Non-accrual loans

$

362

 

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

June 30, 2022

 

    

Fair Value

    

Valuation Technique

    

Unobservable Input

    

Range

    

Weighted Average

 

(Dollars in thousands)

Assets:

Trust preferred securities

$

1,662

 

Discounted cash flows

 

Discount rate

 

n/a

 

2.5

%

Liabilities:

 

  

 

  

 

  

 

  

 

  

Junior subordinated debentures

$

55,352

 

Discounted cash flows

 

Discount rate

 

n/a

 

2.5

%

    

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

%