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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023
U.S. Government agency securities		$	61,775		$	—		$	61,775		$	—
U.S. State and Municipal securities			9,699			—			9,699			—
Residential mortgage securities			351,920			—			351,920			—
Commercial mortgage securities			34,584			—			34,584			—
Asset-backed securities			3,229			—			3,229			—
CRA Mutual Fund			2,123			2,123			—			—
Derivative assets			2,687			—			2,687			—
Derivative liabilities			6,037			—			6,037			—


		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 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, 2023		Amount			Assets (Level 1)			Inputs (Level 2)			Inputs (Level 3)			Value
Financial Assets:
Cash and due from banks		$	31,973		$	31,973		$	—		$	—		$	31,973
Overnight deposits			237,492			237,492			—			—			237,492
Securities held-to-maturity			468,860			—			404,252			—			404,252
Loans, net			5,566,832			—			—			5,474,238			5,474,238
Other investments
FRB Stock			11,410			N/A			N/A			N/A			N/A
FHLB Stock			25,558			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			87,648			—			—			87,648			87,648
Accrued interest receivable			31,948			—			2,007			29,941			31,948

Financial Liabilities:
Non-interest-bearing demand deposits		$	1,837,874		$	1,837,874		$	—		$	—		$	1,837,874
Money market and savings deposits			3,864,018			3,864,018			—			—			3,864,018
Time deposits			35,400			—			35,011			—			35,011
Federal funds purchased			99,000			—			99,000			—			99,000
Federal Home Loan Bank of New York advances			440,000			—			440,000			—			440,000
Trust preferred securities payable			20,620			—			—			20,007			20,007
Prepaid debit cardholder balances			10,178			—			—			10,178			10,178
Accrued interest payable			1,894			1,028			475			391			1,894
Secured borrowings			7,585			—			7,585			—			7,585


					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