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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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Mar. 31, 2025
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 March 31, 2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Government agency securities | ​ | $ | 64,604 | ​ | $ | — | ​ | $ | 64,604 | ​ | $ | —
U.S. State and Municipal securities | ​ | ​ | 9,557 | ​ | ​ | — | ​ | ​ | 9,557 | ​ | ​ | —
Residential mortgage securities | ​ | ​ | 403,112 | ​ | ​ | — | ​ | ​ | 403,112 | ​ | ​ | —
Commercial mortgage securities | ​ | ​ | 43,708 | ​ | ​ | — | ​ | ​ | 43,708 | ​ | ​ | —
Asset-backed securities | ​ | ​ | 2,561 | ​ | ​ | — | ​ | ​ | 2,561 | ​ | ​ | —
CRA Mutual Fund | ​ | ​ | 5,221 | ​ | ​ | 5,221 | ​ | ​ | — | ​ | ​ | —
Derivative assets | ​ | ​ | 1,140 | ​ | ​ | — | ​ | ​ | 1,140 | ​ | ​ | —
Derivative liabilities | ​ | ​ | 2,324 | ​ | ​ | — | ​ | ​ | 2,324 | ​ | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 | ​ | ​ | —
Schedule of assets and liabilities measured on a non-recurring basis | 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 March 31, 2025 |  | Amount |  | Assets (Level 1) |  | Inputs (Level 2) |  | Inputs (Level 3) |  | Value
Financial Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and due from banks | ​ | $ | 18,572 | ​ | $ | 18,572 | ​ | $ | — | ​ | $ | — | ​ | $ | 18,572
Overnight deposits | ​ | ​ | 177,891 | ​ | ​ | 177,891 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 177,891
Securities held-to-maturity | ​ | ​ | 398,973 | ​ | ​ | — | ​ | ​ | 343,834 | ​ | ​ | — | ​ | ​ | 343,834
Loans, net | ​ | ​ | 6,274,319 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6,324,657 | ​ | ​ | 6,324,657
Other investments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FRB Stock | ​ | ​ | 11,410 | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A
FHLB Stock | ​ | ​ | 13,654 | ​ | ​ | 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 | ​ | ​ | 34,757 | ​ | ​ | — | ​ | ​ | 1,961 | ​ | ​ | 32,796 | ​ | ​ | 34,757
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-interest-bearing demand deposits | ​ | $ | 1,384,524 | ​ | $ | 1,384,524 | ​ | $ | — | ​ | $ | — | ​ | $ | 1,384,524
Money market and savings deposits | ​ | ​ | 4,930,910 | ​ | ​ | 4,930,910 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,930,910
Time deposits | ​ | ​ | 133,858 | ​ | ​ | — | ​ | ​ | 133,771 | ​ | ​ | — | ​ | ​ | 133,771
Federal funds purchased | ​ | ​ | 125,000 | ​ | ​ | — | ​ | ​ | 125,000 | ​ | ​ | — | ​ | ​ | 125,000
Federal Home Loan Bank of New York advances | ​ | ​ | 160,000 | ​ | ​ | — | ​ | ​ | 160,082 | ​ | ​ | — | ​ | ​ | 160,082
Trust preferred securities payable | ​ | ​ | 20,620 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 20,024 | ​ | ​ | 20,024
Accrued interest payable | ​ | ​ | 3,075 | ​ | ​ | 1,029 | ​ | ​ | 1,712 | ​ | ​ | 334 | ​ | ​ | 3,075
Secured and other borrowings | ​ | ​ | 17,403 | ​ | ​ | — | ​ | ​ | 17,403 | ​ | ​ | — | ​ | ​ | 17,403
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | 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

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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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