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FAIR VALUE (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands):

									Fair Value Measurement at September 30, 2022 Using
Financial Assets:			Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
U.S. Treasury notes and bonds			$	55,050					$	55,050					$	—					$	—
Mortgage-backed securities, residential			440,634						—						440,634						—
Obligations of states and political subdivisions			36,880						—						36,880						—
Corporate bonds and notes			24,237						—						24,237						—
SBA loan pools			83,551						—						83,551						—
Total available for sale securities			$	640,352					$	55,050					$	585,302					$	—
Equity investments, at fair value			$	2,184					$	2,184					$	—					$	—
Derivative assets			28,600						—						28,600						—
Financial Liabilities:
Derivative liabilities			$	28,603					$	—					$	28,603					$	—

There were no transfers between Level 1 and Level 2 during the three and nine month periods ended September 30, 2022.

									Fair Value Measurement at December 31, 2021 Using
Financial Assets:			Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
U.S. Treasury notes and bonds			$	60,431					$	60,431					$	—					$	—
Mortgage-backed securities, residential			577,361						—						577,361						—
Obligations of states and political subdivisions			42,303						—						42,303						—
Corporate bonds and notes			22,848						—						22,848						—
SBA loan pools			89,083						—						89,083						—
Total available for sale securities			$	792,026					$	60,431					$	731,595					$	—
Equity investments, at fair value			$	2,404					$	2,404					$	—					$	—
Derivative assets			9,498						—						9,498						—
Financial Liabilities:
Derivative liabilities			$	9,726					$	—					$	9,726					$	—

Information Related To Level 3 Non-Recurring Fair Value Measurement

Assets and liabilities measured at fair value on a non-recurring basis are summarized below (in thousands):

									Fair Value Measurement at September 30, 2022 Using
Financial Assets:			Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total Gains (Losses)
Other real estate owned:
Residential mortgages			$	124					$	—					$	—					$	124					$	—
Consumer loans:
Home equity lines and loans			60						—						—						60						—
Total other real estate owned, net			$	184					$	—					$	—					$	184					$	—

									Fair Value Measurement at December 31, 2021 Using
Financial Assets:			Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total Gains (Losses)
Other real estate owned:
Residential mortgages			$	143					$	—					$	—					$	143					$	—
Total other real estate owned, net			$	143					$	—					$	—					$	143					$	—

The following tables present information related to Level 3 non-recurring fair value measurement at September 30, 2022 and December 31, 2021 (in thousands):

Description

Fair Value at September 30, 2022

Valuation Technique

Unobservable Inputs

Range [Weighted Average] at September 30, 2022

OREO:

Residential mortgages

$

124

Sales comparison

Discount to appraised value

20.80% - 20.80% [20.80%]

Consumer loans:

Home equity lines and loans

60

Sales comparison

Discount to appraised value

20.80% - 20.80% [20.80%]

$

184

Description

Fair Value at December 31, 2021

Valuation Technique

Unobservable Inputs

Range [Weighted Average] at December 31, 2021

OREO:

Residential mortgages

$

143

Sales comparison

Discount to appraised value

20.80% - 20.80% [20.80%]

$

143

Schedule of Carrying Value and Estimated Fair Value of Financial Instruments

The carrying amounts and estimated fair values of other financial instruments, at September 30, 2022 and December 31, 2021, are as follows (in thousands):

			September 30, 2022
Financial assets:			Carrying Amount						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Estimated Fair Value (1)
Cash and due from financial institutions			$	32,262					$	32,262					$	—					$	—					$	32,262
Interest-earning deposits in other financial institutions			10,161						10,161						—						—						10,161
Equity investments			2,677						2,677						—						—						2,677
Securities available for sale			640,352						55,050						585,302						—						640,352
Securities held to maturity			3,210						—						957						1,981						2,938
FHLBNY and FRBNY stock			3,872						—						—						—						N/A
Loans, net and loans held for sale			1,724,124						—						—						1,697,283						1,697,283
Accrued interest receivable			7,112						142						1,842						5,128						7,112
Derivative Assets			28,600						—						28,600						—						28,600
Financial liabilities:
Deposits:
Demand, savings, and insured money market accounts			$	1,982,676					$	1,982,676					$	—					$	—					$	1,982,676
Time deposits			349,864						—						348,585						—						348,585
Accrued interest payable			343						28						315						—						343
Derivative Liabilities			28,603						—						28,603						—						28,603

(1) Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument.  These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision.  Changes in assumptions could significantly affect the estimates.

			December 31, 2021
Financial assets:			Carrying Amount						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Estimated Fair Value (1)
Cash and due from financial institutions			$	17,365					$	17,365					$	—					$	—					$	17,365
Interest-earning deposits in other financial institutions			9,616						9,616						—						—						9,616
Equity investments			2,964						2,964						—						—						2,964
Securities available for sale			792,026						60,431						731,595						—						792,026
Securities held to maturity			3,790						—						1,639						2,157						3,796
FHLBNY and FRBNY stock			4,218						—						—						—						N/A
Loans, net and loans held for sale			1,497,620						—						—						1,480,967						1,480,967
Accrued interest receivable			5,985						106						1,746						4,133						5,985
Derivative Asset			9,498						—						9,498						—						9,498
Financial liabilities:
Deposits:
Demand, savings, and insured money market accounts			$	1,959,076					$	1,959,076					$	—					$	—					$	1,959,076
Time deposits			196,357						—						197,658						—						197,658
Accrued interest payable			210						10						200						—						210
Derivative Liabilities			9,726						—						9,726						—						9,726

(1) Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument.  These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision.  Changes in assumptions could significantly affect the estimates.

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI https://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611

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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 2
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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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