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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Jun. 30, 2025
FAIR VALUE OF FINANCIAL INSTRUMENTS |
Schedule of assets and liabilities measured at fair value on a recurring and non-recurring basis | Assets and liabilities measured at fair value on a recurring and non-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, 2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Recurring Fair Value Measurements: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Government agency securities | ​ | $ | 65,103 | ​ | $ | — | ​ | $ | 65,103 | ​ | $ | —
U.S. State and Municipal securities | ​ | ​ | 9,443 | ​ | ​ | — | ​ | ​ | 9,443 | ​ | ​ | —
Residential mortgage securities | ​ | ​ | 430,377 | ​ | ​ | — | ​ | ​ | 430,377 | ​ | ​ | —
Commercial mortgage securities | ​ | ​ | 43,641 | ​ | ​ | — | ​ | ​ | 43,641 | ​ | ​ | —
Asset-backed securities | ​ | ​ | 2,465 | ​ | ​ | — | ​ | ​ | 2,465 | ​ | ​ | —
CRA Mutual Fund | ​ | ​ | 5,276 | ​ | ​ | 5,276 | ​ | ​ | — | ​ | ​ | —
Derivative assets | ​ | ​ | 1,094 | ​ | ​ | — | ​ | ​ | 1,094 | ​ | ​ | —
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative liabilities | ​ | ​ | 4,215 | ​ | ​ | — | ​ | ​ | 4,215 | ​ | ​ | —
Non-Recurring Fair Value Measurements: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Collateral dependent loans | ​ | ​ | 21,600 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 21,600
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Recurring Fair Value Measurements: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 | ​ | ​ | —
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative liabilities | ​ | ​ | 1,539 | ​ | ​ | — | ​ | ​ | 1,539 | ​ | ​ | —
Schedule of assets and liabilities not measured at fair value | 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, 2025 |  | Amount |  | Assets (Level 1) |  | Inputs (Level 2) |  | Inputs (Level 3) |  | Value
Financial Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and due from banks | ​ | $ | 13,577 | ​ | $ | 13,577 | ​ | $ | — | ​ | $ | — | ​ | $ | 13,577
Overnight deposits | ​ | ​ | 138,876 | ​ | ​ | 138,876 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 138,876
Securities held-to-maturity | ​ | ​ | 387,901 | ​ | ​ | — | ​ | ​ | 336,694 | ​ | ​ | — | ​ | ​ | 336,694
Loans, net | ​ | ​ | 6,538,718 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6,605,670 | ​ | ​ | 6,605,670
Other investments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
FRB Stock | ​ | ​ | 11,410 | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A | ​ | ​ | N/A
FHLB Stock | ​ | ​ | 13,889 | ​ | ​ | 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 | ​ | ​ | 33,948 | ​ | ​ | — | ​ | ​ | 2,258 | ​ | ​ | 31,690 | ​ | ​ | 33,948
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-interest-bearing demand deposits | ​ | $ | 1,427,439 | ​ | $ | 1,427,439 | ​ | $ | — | ​ | $ | — | ​ | $ | 1,427,439
Money market and savings deposits | ​ | ​ | 5,240,511 | ​ | ​ | 5,240,511 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5,240,511
Time deposits | ​ | ​ | 123,356 | ​ | ​ | — | ​ | ​ | 123,118 | ​ | ​ | — | ​ | ​ | 123,118
Federal funds purchased | ​ | ​ | 50,000 | ​ | ​ | — | ​ | ​ | 50,000 | ​ | ​ | — | ​ | ​ | 50,000
Federal Home Loan Bank of New York advances | ​ | ​ | 150,000 | ​ | ​ | — | ​ | ​ | 150,063 | ​ | ​ | — | ​ | ​ | 150,063
Trust preferred securities | ​ | ​ | 20,620 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 20,001 | ​ | ​ | 20,001
Accrued interest payable | ​ | ​ | 3,335 | ​ | ​ | 941 | ​ | ​ | 2,058 | ​ | ​ | 336 | ​ | ​ | 3,335
Secured and other borrowings | ​ | ​ | 17,366 | ​ | ​ | — | ​ | ​ | 17,366 | ​ | ​ | — | ​ | ​ | 17,366
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | 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 | ​ | ​ | 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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