XML 40 R29.htm IDEA: XBRL DOCUMENT

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

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