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FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis

The following tables summarize, at the dates indicated, assets measured at fair value on a recurring basis, including financial assets for which the Company has elected the fair value option:

Assets Measured on a Recurring Basis

						Fair Value Measurements Using
						Quoted
						Prices in
						Active				Significant
						Markets For				Other				Significant
						Identical				Observable				Unobservable
		March 31,				Assets				Inputs				Inputs
(In thousands)		2024				(Level 1)				(Level 2)				(Level 3)
Assets:
Available for sale:
U.S. government-sponsored agencies		$	195,017			$	—			$	195,017			$	—
Mortgage-backed securities-residential			325,136				—				325,136				—
SBA pool securities			22,294				—				22,294				—
Corporate bond			8,423				—				8,423				—
CRA investment fund			13,055				13,055				—				—
Derivatives:
Cash flow hedges			9,686				—				9,686				—
Loan level swaps			29,188				—				29,188				—
Total		$	602,799			$	13,055			$	589,744			$	—
Liabilities:
Derivatives:
Loan level swaps			29,188				—				29,188				—
Total		$	29,188			$	—			$	29,188			$	—

Assets Measured on a Recurring Basis

						Fair Value Measurements Using
						Quoted
						Prices in
						Active				Significant
						Markets For				Other				Significant
						Identical				Observable				Unobservable
		December 31,				Assets				Inputs				Inputs
(In thousands)		2023				(Level 1)				(Level 2)				(Level 3)
Assets:
Securities available for sale:
U.S. government-sponsored agencies		$	197,691			$	—			$	197,691			$	—
Mortgage-backed securities-residential			320,796				—				320,796				—
SBA pool securities			23,404				—				23,404				—
Corporate bond			8,726				—				8,726				—
CRA investment fund			13,166				13,166				—				—
Derivatives:
Cash flow hedges			6,814				—				6,814				—
Loan level swaps			23,826				—				23,826				—
Total		$	594,423			$	13,166			$	581,257			$	—
Liabilities:
Derivatives:
Loan level swaps		$	23,826			$	—			$	23,826			$	—
Total		$	23,826			$	—			$	23,826			$	—

Schedule of Residential Loans Held for Sale

The following table presents residential loans held for sale, at fair value, at the dates indicated:

(In thousands)		March 31, 2024				December 31, 2023
Residential loans contractual balance		$	2,020			$	98
Fair value adjustment			25				2
Total fair value of residential loans held for sale		$	2,045			$	100

Schedule of Assets Measured at Fair Value on Non-Recurring Basis

The following tables summarize, at the dates indicated, assets measured at fair value on a non-recurring basis:

						Fair Value Measurements Using
						Quoted
						Prices in
						Active				Significant
						Markets For				Other				Significant
						Identical				Observable				Unobservable
		March 31,				Assets				Inputs				Inputs
(In thousands)		2024				(Level 1)				(Level 2)				(Level 3)
Assets:
Individually evaluated loans:
Primary residential mortgage		$	574			$	—			$	—			$	574
Multifamily property			2,975				—				—				2,975
Investment commercial real estate			9,775				—				—				9,775
Commercial and industrial			22,547				—				—				22,547

Fair Value Measurements Using

Quoted

Prices in

Active

Significant

Markets For

Other

Significant

Identical

Observable

Unobservable

December 31,

Assets

Inputs

Inputs

(In thousands)

2023

(Level 1)

(Level 2)

(Level 3)

Assets:

Individually evaluated loans:

Commercial and industrial

$

22,947

$

—

$

—

$

22,947

Lease financing

1,035

—

—

1,035

Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of financial instruments at March 31, 2024 are as follows:

						Fair Value Measurements at March 31, 2024 using
		Carrying
(In thousands)		Amount				Level 1				Level 2				Level 3				Total
Financial assets
Cash and cash equivalents		$	194,838			$	194,838			$	—			$	—			$	194,838
Securities available for sale			550,870				—				550,870				—				550,870
Securities held to maturity			106,498				—				92,343				—				92,343
CRA investment fund			13,055				13,055				—				—				13,055
FHLB and FRB stock			18,079				—				—				—			N/A
Loans held for sale, at fair value			2,045				—				2,045				—				2,045
Loans held for sale, at lower of cost or fair value			4,020				—				4,413				—				4,413
Loans, net of allowance for credit losses			5,290,134				—				—				5,102,750				5,102,750
Accrued interest receivable			32,672				—				2,515				30,157				32,672
Accrued interest receivable loan level swaps (A)			1,258				—				1,258				—				1,258
Cash flow hedges			9,686				—				9,686				—				9,686
Loan level swaps			29,188				—				29,188				—				29,188
Financial liabilities
Deposits		$	5,476,712			$	4,837,449			$	635,322			$	—			$	5,472,771
Short-term borrowings			119,490				—				119,490				—				119,490
Subordinated debt			133,346				—				—				117,739				117,739
Accrued interest payable			9,673				6,082				2,545				1,046				9,673
Accrued interest payable loan level swaps (B)			1,258				—				1,258				—				1,258
Loan level swap			29,188				—				29,188				—				29,188

(A)Included in other assets in the Consolidated Statement of Condition.

(B)Included in accrued expenses and other liabilities in the Consolidated Statement of Condition.

The carrying amounts and estimated fair values of financial instruments at December 31, 2023 are as follows:

						Fair Value Measurements at December 31, 2023 using
		Carrying
(In thousands)		Amount				Level 1				Level 2				Level 3				Total
Financial assets
Cash and cash equivalents		$	187,671			$	187,671			$	—			$	—			$	187,671
Securities available for sale			550,617				—				550,617				—				550,617
Securities held to maturity			107,755				—				94,415				—				94,415
CRA investment fund			13,166				13,166				—				—				13,166
FHLB and FRB stock			31,044				—				—				—			N/A
Loans held for sale, at fair value			100				—				100				—				100
Loans held for sale, at lower of cost or fair value			6,695				—				7,201				—				7,201
Loans, net of allowance for loan and lease losses			5,363,437				—				—				5,294,942				5,294,942
Accrued interest receivable			30,676				—				2,868				27,808				30,676
Accrued interest receivable loan level swaps (A)			1,373				—				1,373				—				1,373
Cash flow hedges			6,814				—				6,814				—				6,814
Loan level swaps			23,826				—				23,826				—				23,826
Financial liabilities
Deposits		$	5,274,114			$	4,702,012			$	567,696			$	—			$	5,269,708
Short-term borrowings			403,814				—				403,814				—				403,814
Subordinated debt			133,274				—				—				111,924				111,924
Accrued interest payable			7,115				4,989				1,968				158				7,115
Accrued interest payable loan level swaps (B)			1,373				—				1,373				—				1,373
Loan level swaps			23,826				—				23,826				—				23,826

(A)Included in other assets in the Consolidated Statement of Condition.

(B)Included in accrued expenses and other liabilities in the Consolidated Statement of Condition.

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Tabular disclosure of residential loans held for sale.

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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://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
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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/2003/role/disclosureRef
-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

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-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

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