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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 30, 2023
FAIR VALUE OF FINANCIAL INSTRUMENTS |
Schedule of Assets and Liabilities measured at fair value on a recurring basis | Assets 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 September 30, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Government agency securities | ​ | $ | 59,672 | ​ | $ | — | ​ | $ | 59,672 | ​ | $ | —
U.S. State and Municipal securities | ​ | ​ | 8,958 | ​ | ​ | — | ​ | ​ | 8,958 | ​ | ​ | —
Residential mortgage securities | ​ | ​ | 324,862 | ​ | ​ | — | ​ | ​ | 324,862 | ​ | ​ | —
Commercial mortgage securities | ​ | ​ | 33,080 | ​ | ​ | — | ​ | ​ | 33,080 | ​ | ​ | —
Asset-backed securities | ​ | ​ | 3,278 | ​ | ​ | — | ​ | ​ | 3,278 | ​ | ​ | —
CRA Mutual Fund | ​ | ​ | 2,015 | ​ | ​ | 2,015 | ​ | ​ | — | ​ | ​ | —
Derivative assets | ​ | ​ | 6,560 | ​ | ​ | — | ​ | ​ | 6,560 | ​ | ​ | —
Derivative liabilities | ​ | ​ | 55 | ​ | ​ | — | ​ | ​ | 55 | ​ | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 | ​ | ​ | — | ​ | ​ | —
Derivatives | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
​
Schedule of carrying amount and estimated fair values of financial instruments | Carrying amounts and estimated fair values of financial instruments carried at amortized cost 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 September 30, 2023 |  | Amount |  | Assets (Level 1) |  | Inputs (Level 2) |  | Inputs (Level 3) |  | Value
Financial Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and due from banks | ​ | $ | 36,438 | ​ | $ | 36,438 | ​ | $ | — | ​ | $ | — | ​ | $ | 36,438
Overnight deposits | ​ | ​ | 140,929 | ​ | ​ | 140,929 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 140,929
Securities held-to-maturity | ​ | ​ | 478,886 | ​ | ​ | — | ​ | ​ | 396,258 | ​ | ​ | — | ​ | ​ | 396,258
Loans, net | ​ | ​ | 5,302,189 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5,178,993 | ​ | ​ | 5,178,993
Other investments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FRB Stock | ​ | ​ | 11,410 | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A
FHLB Stock | ​ | ​ | 21,607 | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A
Disability Fund | ​ | ​ | 1,500 | ​ | ​ | — | ​ | ​ | 1,500 | ​ | ​ | — | ​ | ​ | 1,500
Time deposits at banks | ​ | ​ | 498 | ​ | ​ | 498 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 498
Receivable from global payments business, net | ​ | ​ | 79,892 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 79,892 | ​ | ​ | 79,892
Accrued interest receivable | ​ | ​ | 28,460 | ​ | ​ | — | ​ | ​ | 922 | ​ | ​ | 27,538 | ​ | ​ | 28,460
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-interest-bearing demand deposits | ​ | $ | 1,746,626 | ​ | $ | 1,746,626 | ​ | $ | — | ​ | $ | — | ​ | $ | 1,746,626
Money market and savings deposits | ​ | ​ | 3,739,265 | ​ | ​ | 3,739,265 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,739,265
Time deposits | ​ | ​ | 35,698 | ​ | ​ | — | ​ | ​ | 35,115 | ​ | ​ | — | ​ | ​ | 35,115
Federal funds purchased | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Federal Home Loan Bank of New York advances | ​ | ​ | 355,000 | ​ | ​ | — | ​ | ​ | 355,000 | ​ | ​ | — | ​ | ​ | 355,000
Trust preferred securities payable | ​ | ​ | 20,620 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 19,999 | ​ | ​ | 19,999
Prepaid debit cardholder balances | ​ | ​ | 10,297 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 10,297 | ​ | ​ | 10,297
Accrued interest payable | ​ | ​ | 1,211 | ​ | ​ | 166 | ​ | ​ | 637 | ​ | ​ | 408 | ​ | ​ | 1,211
Secured borrowings | ​ | ​ | 7,621 | ​ | ​ | — | ​ | ​ | 7,621 | ​ | ​ | — | ​ | ​ | 7,621
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | 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 | ​ | ​ | 4,795,647 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 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 global payments business, 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
​

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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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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