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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2022
FAIR VALUE OF FINANCIAL INSTRUMENTS |
Schedule of Assets and Liabilities measured at fair value on a recurring basis | Assets and liabilities 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 December 31, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Government agency securities | ​ | $ | 59,372 | ​ | $ | — | ​ | $ | 59,372 | ​ | $ | —
U.S. State and Municipal securities | ​ | ​ | 9,212 | ​ | ​ | — | ​ | ​ | 9,212 | ​ | ​ | —
Residential mortgage securities | ​ | ​ | 338,548 | ​ | ​ | — | ​ | ​ | 338,548 | ​ | ​ | —
Commercial mortgage securities | ​ | ​ | 34,850 | ​ | ​ | — | ​ | ​ | 34,850 | ​ | ​ | —
Asset-backed securities | ​ | ​ | 3,765 | ​ | ​ | — | ​ | ​ | 3,765 | ​ | ​ | —
CRA Mutual Fund | ​ | ​ | 2,048 | ​ | ​ | 2,048 | ​ | ​ | — | ​ | ​ | —
Derivative assets - interest rate cap | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Government agency securities | ​ | $ | 66,334 | ​ | $ | — | ​ | $ | 66,334 | ​ | $ | —
U.S. State and Municipal securities | ​ | ​ | 11,499 | ​ | ​ | — | ​ | ​ | 11,499 | ​ | ​ | —
Residential mortgage securities | ​ | ​ | 466,551 | ​ | ​ | — | ​ | ​ | 466,551 | ​ | ​ | —
Commercial mortgage securities | ​ | ​ | 17,627 | ​ | ​ | — | ​ | ​ | 17,627 | ​ | ​ | —
Asset-backed securities | ​ | ​ | 4,613 | ​ | ​ | — | ​ | ​ | 4,613 | ​ | ​ | —
CRA Mutual Fund | ​ | ​ | 2,273 | ​ | ​ | 2,273 | ​ | ​ | — | ​ | ​ | —
Derivative assets - interest rate cap | ​ | ​ | 3,385 | ​ | ​ | — | ​ | ​ | 3,385 | ​ | ​ | —
​
Schedule of assets and liabilities measured on a non-recurring basis | Carrying amount and estimated fair values of financial instruments not carried at fair value 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 December 31, 2022 |  | Amount |  | Assets (Level 1) |  | Inputs (Level 2) |  | Inputs (Level 3) |  | Value
Financial Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and due from banks | ​ | $ | 26,780 | ​ | $ | 26,780 | ​ | $ | — | ​ | $ | — | ​ | $ | 26,780
Overnight deposits | ​ | ​ | 230,638 | ​ | ​ | 230,638 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 230,638
Securities held-to-maturity | ​ | ​ | 510,425 | ​ | ​ | — | ​ | ​ | 437,290 | ​ | ​ | — | ​ | ​ | 437,290
Loans, net | ​ | ​ | 4,840,523 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,737,007 | ​ | ​ | 4,737,007
Other investments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FRB Stock | ​ | ​ | 11,421 | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A
FHLB Stock | ​ | ​ | 9,191 | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A
Disability Fund | ​ | ​ | 1,000 | ​ | ​ | — | ​ | ​ | 1,000 | ​ | ​ | — | ​ | ​ | 1,000
Time deposits at banks | ​ | ​ | 498 | ​ | ​ | 498 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 498
Receivable from prepaid card programs, net | ​ | ​ | 85,605 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 85,605 | ​ | ​ | 85,605
Accrued interest receivable | ​ | ​ | 24,107 | ​ | ​ | — | ​ | ​ | 964 | ​ | ​ | 23,143 | ​ | ​ | 24,107
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-interest-bearing demand deposits | ​ | $ | 2,422,151 | ​ | $ | 2,422,151 | ​ | $ | — | ​ | $ | — | ​ | $ | 2,422,151
Money market and savings deposits | ​ | ​ | 2,803,698 | ​ | ​ | 2,803,698 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,803,698
Time deposits | ​ | ​ | 52,063 | ​ | ​ | — | ​ | ​ | 51,058 | ​ | ​ | — | ​ | ​ | 51,058
Federal funds purchased | ​ | ​ | 150,000 | ​ | ​ | — | ​ | ​ | 150,000 | ​ | ​ | — | ​ | ​ | 150,000
Federal Home Loan Bank of New York advances | ​ | ​ | 100,000 | ​ | ​ | — | ​ | ​ | 100,000 | ​ | ​ | — | ​ | ​ | 100,000
Trust preferred securities payable | ​ | ​ | 20,620 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 19,953 | ​ | ​ | 19,953
Prepaid debit cardholder balances | ​ | ​ | 10,579 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 10,579 | ​ | ​ | 10,579
Accrued interest payable | ​ | ​ | 728 | ​ | ​ | 112 | ​ | ​ | 293 | ​ | ​ | 323 | ​ | ​ | 728
Secured borrowings | ​ | ​ | 7,725 | ​ | ​ | — | ​ | ​ | 7,725 | ​ | ​ | — | ​ | ​ | 7,725
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Fair Value Measurement Using: | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Quoted Prices | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | in Active | ​ | Significant | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Markets | ​ | Other | ​ | Significant | ​ | ​ | ​
​ | ​ | Carrying | ​ | For Identical | ​ | Observable | ​ | Unobservable | ​ | Total Fair
At December 31, 2021 |  | Amount |  | Assets (Level 1) |  | Inputs (Level 2) |  | Inputs (Level 3) |  | Value
Financial Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and due from banks | ​ | $ | 28,864 | ​ | $ | 28,864 | ​ | $ | — | ​ | $ | — | ​ | $ | 28,864
Overnight deposits | ​ | ​ | 2,330,486 | ​ | ​ | 2,330,486 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,330,486
Securities held-to-maturity | ​ | ​ | 382,099 | ​ | ​ | — | ​ | ​ | 380,108 | ​ | ​ | — | ​ | ​ | 380,108
Loans, net | ​ | ​ | 3,697,200 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,721,619 | ​ | ​ | 3,721,619
Other investments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FRB Stock | ​ | ​ | 7,430 | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A
FHLB Stock | ​ | ​ | 3,070 | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A
Disability Fund | ​ | ​ | 1,000 | ​ | ​ | — | ​ | ​ | 1,000 | ​ | ​ | — | ​ | ​ | 1,000
CRA - CD | ​ | ​ | 498 | ​ | ​ | 498 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 498
Receivable from prepaid card programs, net | ​ | ​ | 39,864 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 39,864 | ​ | ​ | 39,864
Accrued interest receivable | ​ | ​ | 15,195 | ​ | ​ | — | ​ | ​ | 892 | ​ | ​ | 14,303 | ​ | ​ | 15,195
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-interest-bearing demand deposits | ​ | $ | 3,668,673 | ​ | $ | 3,668,673 | ​ | $ | — | ​ | $ | — | ​ | $ | 3,668,673
Money market and savings deposits | ​ | ​ | 2,687,913 | ​ | ​ | 2,687,913 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,687,913
Time deposits | ​ | ​ | 78,986 | ​ | ​ | — | ​ | ​ | 79,187 | ​ | ​ | — | ​ | ​ | 79,187
Trust preferred securities payable | ​ | ​ | 20,620 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 19,997 | ​ | ​ | 19,997
Subordinated debt, net of issuance cost | ​ | ​ | 24,712 | ​ | ​ | — | ​ | ​ | 25,125 | ​ | ​ | — | ​ | ​ | 25,125
Prepaid debit cardholder balances | ​ | ​ | 8,847 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 8,847 | ​ | ​ | 8,847
Accrued interest payable | ​ | ​ | 746 | ​ | ​ | 5 | ​ | ​ | 633 | ​ | ​ | 108 | ​ | ​ | 746
Secured borrowings | ​ | ​ | 32,461 | ​ | ​ | — | ​ | ​ | 32,507 | ​ | ​ | — | ​ | ​ | 32,507

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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