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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of financial assets and financial liabilities


								Changes in Fair Values For Items Measured at Fair Value
		Fair Value			Fair Value			Pursuant to Election of the Fair Value Option
		Measurements at			Measurements at			For the three months ended September 30,						For the nine months ended September 30,
Description		September 30, 2024			December 31, 2023			2024			2023			2024			2023
(In thousands)
Mortgage-backed securities		$	244		$	262		$	6		$	1		$	7		$	3
Other securities			13,606			13,097			407			(338)			256			(422)
Borrowed funds			47,923			47,850			561			(909)			(66)			2,086
Net gain (loss) from fair value adjustments								$	974		$	(1,246)		$	197		$	1,667

Schedule of assets and liabilities that are carried at fair value on recurring basis

The following table sets forth the Company’s assets and liabilities that are carried at fair value on a recurring basis, including those reported at fair value under the fair value option, and the level that was used to determine their fair value, at September 30, 2024 and December 31, 2023:


		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
		2024			2023			2024			2023			2024			2023			2024			2023

Assets:		(In thousands)
Securities available for sale:
Mortgage-backed securities		$	—		$	—		$	926,731		$	354,344		$	—		$	—		$	926,731		$	354,344
Other securities			12,168			11,660			673,911			507,312			1,439			1,437			687,518			520,409
Interest rate swaps			—			—			50,303			69,013			—			—			50,303			69,013

Total assets		$	12,168		$	11,660		$	1,650,945		$	930,669		$	1,439		$	1,437		$	1,664,552		$	943,766

Liabilities:
Borrowings		$	—		$	—		$	—		$	—		$	47,923		$	47,850		$	47,923		$	47,850
Interest rate swaps			—			—			37,710			28,401			—			—			37,710			28,401

Total liabilities		$	—		$	—		$	37,710		$	28,401		$	47,923		$	47,850		$	85,633		$	76,251

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


		For the three months ended
		September 30, 2024						September 30, 2023
		Trust preferred			Junior subordinated			Trust preferred			Junior subordinated
		securities			debentures			securities			debentures

		(In thousands)
Beginning balance		$	1,457		$	48,541		$	1,434		$	47,777
Net gain (loss) from fair value adjustment of financial assets⁽¹⁾			(18)			—			16			—
Net (gain) loss from fair value adjustment of financial liabilities⁽¹⁾			—			(561)			—			909
Increase (decrease) in accrued interest			—			(3)			1			20
Change in unrealized (gains) losses included in other comprehensive loss			—			(54)			—			(377)
Ending balance		$	1,439		$	47,923		$	1,451		$	48,329
Changes in unrealized gains (losses) held at period end		$	—		$	2,384		$	—		$	2,338


		For the nine months ended
		September 30, 2024						September 30, 2023
		Trust preferred			Junior subordinated			Trust preferred			Junior subordinated
		securities			debentures			securities			debentures

		(In thousands)
Beginning balance		$	1,437		$	47,850		$	1,516		$	50,507
Net gain (loss) from fair value adjustment of financial assets⁽¹⁾			3			—			(67)			—
Net (gain) loss from fair value adjustment of financial liabilities⁽¹⁾			—			66			—			(2,086)
Increase (decrease) in accrued interest			(1)			(34)			2			60
Change in unrealized (gains) losses included in other comprehensive loss			—			41			—			(152)
Ending balance		$	1,439		$	47,923		$	1,451		$	48,329
Changes in unrealized gains (losses) held at period end		$	—		$	2,384		$	—		$	2,338

(1) Presented in the Consolidated Statements of Income under net (loss) gain from fair value adjustments.

Schedule of assets and liabilities that are carried at fair value on non-recurring basis

The following table sets forth the Company’s assets and liabilities that are carried at fair value on a non-recurring basis and the level that was used to determine their fair value at September 30, 2024 and December 31, 2023:


		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
		2024			2023			2024			2023			2024			2023			2024			2023

		(In thousands)
Assets:
Impaired loans		$	—		$	—		$	—		$	—		$	5,508		$	5,279		$	5,508		$	5,279

Total assets		$	—		$	—		$	—		$	—		$	5,508		$	5,279		$	5,508		$	5,279

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


		September 30, 2024
		Carrying			Fair
		Amount			Value			Level 1			Level 2			Level 3

		(In thousands)
Assets:

Cash and due from banks		$	267,643		$	267,643		$	267,643		$	—		$	—
Securities held-to-maturity
Mortgage-backed securities			7,841			7,243			—			7,243			—
Other securities			64,945			56,709			—			—			56,709
Securities available for sale
Mortgage-backed securities			926,731			926,731			—			926,731			—
Other securities			687,518			687,518			12,168			673,911			1,439
Loans			6,818,328			6,416,360			—			—			6,416,360
FHLB-NY stock			32,745			32,745			—			32,745			—
Accrued interest receivable			64,369			64,369			—			64,369			—
Interest rate swaps			50,303			50,303			—			50,303			—

Liabilities:

Deposits		$	7,572,395		$	7,553,063		$	4,696,909		$	2,856,154		$	—
Borrowed Funds			846,123			821,396			—			773,473			47,923
Accrued interest payable			16,805			16,805			—			16,805			—
Interest rate swaps			—			37,710			—			37,710			—


		December 31, 2023
		Carrying			Fair
		Amount			Value			Level 1			Level 2			Level 3

		(In thousands)
Assets:

Cash and due from banks		$	172,157		$	172,157		$	172,157		$	—		$	—
Securities held-to-maturity
Mortgage-backed securities			7,855			7,058			—			7,058			—
Other securities			66,155			58,697			—			—			58,697
Securities available for sale
Mortgage-backed securities			354,344			354,344			—			354,344			—
Other securities			520,409			520,409			11,660			507,312			1,437
Loans			6,906,950			6,512,841			—			—			6,512,841
FHLB-NY stock			31,066			31,066			—			31,066			—
Accrued interest receivable			59,018			59,018			—			59,018			—
Interest rate swaps			69,013			69,013			—			69,013			—

Liabilities:

Deposits		$	6,815,261		$	6,778,657		$	4,503,971		$	2,274,686		$	—
Borrowed Funds			841,281			801,156			—			753,306			47,850
Accrued interest payable			12,111			12,111			—			12,111			—
Interest rate swaps			28,401			28,401			—			28,401			—

Fair Value, Measurements, Nonrecurring [Member]

Notes Tables

Schedule of quantitative information about Level 3


		At September 30, 2024
		Fair Value			Valuation Technique		Unobservable Input		Range		Weighted Average

		(Dollars in thousands)
Assets:

Certain delinquent loans		$	2,489		Discounted Cashflow		Discount Rate		9.3% to 10.0	%	9.5	%
							Probability of Default		25.0% to 50.0	%	33.5	%

Certain delinquent loans		$	3,019		Income approach		Capitalization rate		7.0	%	7.0	%
							Reduction for planned expedited disposal		15.0	%	15.0	%


		At December 31, 2023
		Fair Value			Valuation Technique		Unobservable Input		Range		Weighted Average

		(Dollars in thousands)
Assets:

Certain delinquent loans		$	1,105		Sales approach		Adjustment to sales comparison value		-16.9% to -6.0	%	-11.5	%
							Reduction for planned expedited disposal		n/a		-15.0	%

Certain delinquent loans		$	4,174		Discounted Cashflow		Discount Rate		4.3% to 13.5	%	12.7	%
							Probability of Default		30.0% to 46.0	%	33.5	%

Fair Value, Measurements, Recurring [Member]

Notes Tables

Schedule of quantitative information about Level 3


		September 30, 2024
					Valuation		Input				Weighted
		Fair Value			Technique		Unobservable		Range		Average

		(Dollars in thousands)
Assets:
Trust preferred securities		$	1,439		Discounted cash flows		Spread over 3-month SOFR		4.4	%	n/a

Liabilities:
Junior subordinated debentures		$	47,923		Discounted cash flows		Spread over 3-month SOFR		4.4	%	n/a


		December 31, 2023
					Valuation		Input				Weighted
		Fair Value			Technique		Unobservable		Range		Average

		(Dollars in thousands)
Assets:
Trust preferred securities		$	1,437		Discounted cash flows		Spread over 3-month SOFR		4.4	%	n/a

Liabilities:
Junior subordinated debentures		$	47,850		Discounted cash flows		Spread over 3-month SOFR		4.4	%	n/a

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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