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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

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