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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024
U.S. Government agency securities		$	63,752		$	—		$	63,752		$	—
U.S. State and Municipal securities			9,500			—			9,500			—
Residential mortgage securities			363,068			—			363,068			—
Commercial mortgage securities			43,128			—			43,128			—
Asset-backed securities			2,637			—			2,637			—
CRA Mutual Fund			5,109			5,109			—			—
Derivative assets			919			—			919			—
Derivative liabilities			1,539			—			1,539			—


		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

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, 2024		Amount			Assets (Level 1)			Inputs (Level 2)			Inputs (Level 3)			Value
Financial Assets:
Cash and due from banks		$	13,078		$	13,078		$	—		$	—		$	13,078
Overnight deposits			187,190			187,190			—			—			187,190
Securities held-to-maturity			428,557			—			366,719			—			366,719
Loans, net			5,970,803			—			—			5,878,582			5,878,582
Other investments
FRB Stock			11,410			N/A			N/A			N/A			N/A
FHLB Stock			17,228			N/A			N/A			N/A			N/A
Disability Fund			1,500			—			1,500			—			1,500
Time deposits at banks			498			498			—			—			498
Accrued interest receivable			33,209			—			2,105			31,104			33,209

Financial Liabilities:
Non-interest-bearing demand deposits		$	1,334,054		$	1,334,054		$	—		$	—		$	1,334,054
Money market and savings deposits			4,523,522			4,523,522			—			—			4,523,522
Time deposits			125,397			—			125,288			—			125,288
Federal funds purchased			210,000			—			210,000			—			210,000
Federal Home Loan Bank of New York advances			240,000			—			240,000			—			240,000
Trust preferred securities payable			20,620			—			—			20,024			20,024
Accrued interest payable			1,809			12			1,436			361			1,809
Secured and other borrowings			7,441			—			7,441			—			7,441


					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