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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Jun. 30, 2024
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 June 30, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Government agency securities | ​ | $ | 62,161 | ​ | $ | — | ​ | $ | 62,161 | ​ | $ | —
U.S. State and Municipal securities | ​ | ​ | 9,490 | ​ | ​ | — | ​ | ​ | 9,490 | ​ | ​ | —
Residential mortgage securities | ​ | ​ | 386,775 | ​ | ​ | — | ​ | ​ | 386,775 | ​ | ​ | —
Commercial mortgage securities | ​ | ​ | 43,338 | ​ | ​ | — | ​ | ​ | 43,338 | ​ | ​ | —
Asset-backed securities | ​ | ​ | 2,984 | ​ | ​ | — | ​ | ​ | 2,984 | ​ | ​ | —
CRA Mutual Fund | ​ | ​ | 2,122 | ​ | ​ | 2,122 | ​ | ​ | — | ​ | ​ | —
Derivative assets | ​ | ​ | 4,266 | ​ | ​ | — | ​ | ​ | 4,266 | ​ | ​ | —
Derivative liabilities | ​ | ​ | 596 | ​ | ​ | — | ​ | ​ | 596 | ​ | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 | ​ | ​ | —
Schedule of assets and liabilities measured on a non-recurring basis | There were no material assets measured at fair value on a non-recurring basis at June 30, 2024 and December 31, 2023. Carrying amounts 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 June 30, 2024 |  | Amount |  | Assets (Level 1) |  | Inputs (Level 2) |  | Inputs (Level 3) |  | Value
Financial Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and due from banks | ​ | $ | 18,152 | ​ | $ | 18,152 | ​ | $ | — | ​ | $ | — | ​ | $ | 18,152
Overnight deposits | ​ | ​ | 226,510 | ​ | ​ | 226,510 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 226,510
Securities held-to-maturity | ​ | ​ | 449,368 | ​ | ​ | — | ​ | ​ | 382,590 | ​ | ​ | — | ​ | ​ | 382,590
Loans, net | ​ | ​ | 5,778,884 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5,666,246 | ​ | ​ | 5,666,246
Other investments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FRB Stock | ​ | ​ | 11,410 | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A
FHLB Stock | ​ | ​ | 13,176 | ​ | ​ | 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 | ​ | ​ | 90,626 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 90,626 | ​ | ​ | 90,626
Accrued interest receivable | ​ | ​ | 30,303 | ​ | ​ | — | ​ | ​ | 2,205 | ​ | ​ | 28,098 | ​ | ​ | 30,303
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-interest-bearing demand deposits | ​ | $ | 1,883,176 | ​ | $ | 1,883,176 | ​ | $ | — | ​ | $ | — | ​ | $ | 1,883,176
Money market and savings deposits | ​ | ​ | 4,255,989 | ​ | ​ | 4,255,989 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,255,989
Time deposits | ​ | ​ | 30,497 | ​ | ​ | — | ​ | ​ | 29,819 | ​ | ​ | — | ​ | ​ | 29,819
Federal funds purchased | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Federal Home Loan Bank of New York advances | ​ | ​ | 150,000 | ​ | ​ | — | ​ | ​ | 150,000 | ​ | ​ | — | ​ | ​ | 150,000
Trust preferred securities payable | ​ | ​ | 20,620 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 20,003 | ​ | ​ | 20,003
Prepaid debit cardholder balances | ​ | ​ | 22,631 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 22,631 | ​ | ​ | 22,631
Accrued interest payable | ​ | ​ | 3,876 | ​ | ​ | 699 | ​ | ​ | 2,785 | ​ | ​ | 392 | ​ | ​ | 3,876
Secured and other borrowings | ​ | ​ | 107,514 | ​ | ​ | — | ​ | ​ | 7,514 | ​ | ​ | 99,869 | ​ | ​ | 107,383
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | 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 and other borrowings | ​ | ​ | 7,585 | ​ | ​ | — | ​ | ​ | 7,585 | ​ | ​ | — | ​ | ​ | 7,585

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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://www.xbrl.org/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + 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/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
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