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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

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