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FAIR VALUE (Tables) | 6 Months Ended
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Jun. 30, 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 |
|  | June 30, |  |  | Assets |  |  | Inputs |  |  | Inputs |
(In thousands) |  | 2024 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government-sponsored agencies |  | $ | 195,002 |  |  | $ | — |  |  | $ | 195,002 |  |  | $ | — |
Mortgage-backed securities-residential |  |  | 363,032 |  |  |  | — |  |  |  | 363,032 |  |  |  | — |
SBA pool securities |  |  | 21,683 |  |  |  | — |  |  |  | 21,683 |  |  |  | — |
Corporate bond |  |  | 12,167 |  |  |  | — |  |  |  | 12,167 |  |  |  | — |
CRA investment fund |  |  | 12,971 |  |  |  | 12,971 |  |  |  | — |  |  |  | — |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |
Cash flow hedges |  |  | 9,461 |  |  |  | — |  |  |  | 9,461 |  |  |  | — |
Loan level swaps |  |  | 27,633 |  |  |  | — |  |  |  | 27,633 |  |  |  | — |
Total |  | $ | 641,949 |  |  | $ | 12,971 |  |  | $ | 628,978 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |
Loan level swaps |  |  | 27,633 |  |  |  | — |  |  |  | 27,633 |  |  |  | — |
Total |  | $ | 27,633 |  |  | $ | — |  |  | $ | 27,633 |  |  | $ | — |
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) |  | June 30, 2024 |  |  | December 31, 2023 |
Residential loans contractual balance |  | $ | 225 |  |  | $ | 98 |
Fair value adjustment |  |  | 3 |  |  |  | 2 |
Total fair value of residential loans held for sale |  | $ | 228 |  |  | $ | 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 |
|  | June 30, |  |  | Assets |  |  | Inputs |  |  | Inputs |
(In thousands) |  | 2024 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated loans: |  |  |  |  |  |  |  |  |  |  |  |
Primary residential mortgage |  | $ | 544 |  |  | $ | — |  |  | $ | — |  |  | $ | 544 |
Multifamily property |  |  | 11,049 |  |  |  | — |  |  |  | — |  |  |  | 11,049 |
Investment commercial real estate |  |  | 11,219 |  |  |  | — |  |  |  | — |  |  |  | 11,219 |
Commercial and industrial |  |  | 20,753 |  |  |  | — |  |  |  | — |  |  |  | 20,753 |
Lease financing |  |  | 604 |  |  |  | — |  |  |  | — |  |  |  | 604 |
|  |  |  |  | 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 |  |  | 1,036 |  |  |  | — |  |  |  | — |  |  |  | 1,036 |
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments | The carrying amounts and estimated fair values of financial instruments at June 30, 2024 are as follows:
|  |  |  |  | Fair Value Measurements at June 30, 2024 using |
|  | Carrying |  |  |  |  |  |  |  |  |  |  |  |  |
(In thousands) |  | Amount |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 315,729 |  |  | $ | 315,729 |  |  | $ | — |  |  | $ | — |  |  | $ | 315,729 |
Securities available for sale |  |  | 591,884 |  |  |  | — |  |  |  | 591,884 |  |  |  | — |  |  |  | 591,884 |
Securities held to maturity |  |  | 105,013 |  |  |  | — |  |  |  | 90,863 |  |  |  | — |  |  |  | 90,863 |
CRA investment fund |  |  | 12,971 |  |  |  | 12,971 |  |  |  | — |  |  |  | — |  |  |  | 12,971 |
FHLB and FRB stock |  |  | 12,478 |  |  |  | — |  |  |  | — |  |  |  | — |  |  | N/A |
Loans held for sale, at fair value |  |  | 228 |  |  |  | — |  |  |  | 228 |  |  |  | — |  |  |  | 228 |
Loans held for sale, at lower of cost or fair value |  |  | 8,076 |  |  |  | — |  |  |  | 8,321 |  |  |  | — |  |  |  | 8,321 |
Loans, net of allowance for credit losses |  |  | 5,193,010 |  |  |  | — |  |  |  | — |  |  |  | 4,965,858 |  |  |  | 4,965,858 |
Accrued interest receivable |  |  | 33,534 |  |  |  | — |  |  |  | 3,086 |  |  |  | 30,448 |  |  |  | 33,534 |
Accrued interest receivable loan level swaps (A) |  |  | 1,207 |  |  |  | — |  |  |  | 1,207 |  |  |  | — |  |  |  | 1,207 |
Cash flow hedges |  |  | 9,461 |  |  |  | — |  |  |  | 9,461 |  |  |  | — |  |  |  | 9,461 |
Loan level swaps |  |  | 27,633 |  |  |  | — |  |  |  | 27,633 |  |  |  | — |  |  |  | 27,633 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 5,656,206 |  |  | $ | 5,119,942 |  |  | $ | 533,134 |  |  | $ | — |  |  | $ | 5,653,076 |
Subordinated debt |  |  | 133,417 |  |  |  | — |  |  |  | — |  |  |  | 115,757 |  |  |  | 115,757 |
Accrued interest payable |  |  | 8,915 |  |  |  | 6,205 |  |  |  | 2,529 |  |  |  | 181 |  |  |  | 8,915 |
Accrued interest payable loan level swaps (B) |  |  | 1,207 |  |  |  | — |  |  |  | 1,207 |  |  |  | — |  |  |  | 1,207 |
Loan level swap |  |  | 27,633 |  |  |  | — |  |  |  | 27,633 |  |  |  | — |  |  |  | 27,633 |
(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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- 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 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 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + 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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